- Titan Minerals (TTM) has begun receiving results from the first 18 holes drilled at its Cerro Verde Prospect in Ecuador
- The prospect lies within TTM’s Dynasty Gold Project and the company is carrying out drilling to update its geological modelling
- The materials stock says initial results support previous modelling and show an increase in vein density with over 140 veins delineated
- Best results include 1.54 metres at 13.5 grams of gold per tonne (g/t) from 131.15 metres, within 5.68 metres at 4.63 g/t gold
- Company shares closed flat at 12.5 cents each
Titan Minerals (TTM) has begun receiving results from the first 18 holes drilled at its Cerro Verde Prospect in Ecuador.
Cerro Verde lies within Titan’s Dynasty Gold Project and the company has completed 54 holes for 3390 metres, with drilling ongoing.
The materials stock is hoping to update its geological modelling by providing more oriented core data.
TTM said initial results from the drilling supported previous modelling and showed an increase in vein density with over 140 veins delineated.
Best results from the first 18 holes include 1.54 metres at 13.5 grams of gold per tonne (g/t) from 131.15 metres, within 5.68 metres at 4.63 g/t gold.
Titan said the results and overall increased vein density showed the project could potentially support open-pit mining.
Managing Director Laurence Marsland explained the company had gone through a recent refresh and was ready to act on the results.
“Exploration and project development continues to accelerate following the process of building our social licence to operate in the region and having resolved many of the legacy issues associated with the takeover of Core Gold. It has been pleasing for Titan to refocus on its key objectives,” Mr Marsland said.
“Achievement of key objectives should also be significantly enhanced by the appointment of highly experienced key executives Peter Cook as Titan’s Chairman and Michael Skead as Executive Vice President of Exploration, to help guide the company through the next phase of its development and towards production.
“Restructuring of the business, the continued progress developing working relationships with local communities and the substantive size of the mineralised system at Dynasty will afford Titan the opportunity to advance the project’s true potential as the foundation for a major gold mining centre.”
Six rigs remain operating at Dyansty, while assays are pending on another 36 holes drilled at Cerro Verde.
Company shares closed flat at 12.5 cents each.