Titan Mining Corporation (TSX:TI) provides an update on dividend and exploration programs at the Company’s 100% owned Empire State Mine in upstate New York. Drilling has focused on discovering, expanding, and delineating near mine mineralization within proximity to active and planned operational areas at ESM. Both surface and underground programs have been successful in intercepting significant zinc mineralization that will be accretive to the overall mineral resource.

Quarterly Dividend Update

Titan announces that it has temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflects the Company’s focus on strengthening its balance sheet as it navigates the downturn in zinc prices.

“Titan remains confident in its business as operations continue to meet and exceed production goals, reduce costs and enjoy higher zinc prices through forward sales of 30% of the production forecast at $1.55/lb through to the end of 2023”, said Don Taylor.

The Company’s Board of Directors will re-evaluate the payment of quarterly dividends as zinc prices improve.

Surface and Underground Exploration Update

The surface drilling program included a total of 16,240 ft targeting modeled extents of near mine, near surface mineralization at the planned Turnpike (formerly Sphaleros) expansion project.

Significant mineralized intercepts from surface include:

• 49.5 feet assaying 9.3% zinc, 3.2% lead, and 24.3 g/t silver
  • Including 15.1 feet assaying 16.1% zinc, 5.2% lead, and 37.8 g/t silver
• 27 feet assaying 13.2% zinc, 3.6% lead, and 30.6 g/t silver
  • Including 12.6 feet assaying 19.8% zinc, 5.6% lead, and 49.4 g/t silver
• 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver
• 23.9 feet assaying 14% zinc, 3.7% lead, and 33.4 g/t silver
• 15.5 feet assaying 14.9% zinc, 0.6% lead, and 6.9 g/t silver

Surface drilling was successful in intercepting extensions of historically mined areas, and in testing and validating the modeled extent and scale of historic mining activity. Drilling will continue with a full mineral resource estimate update planned for Q1 2024.

Donald Taylor, President and CEO of the Company commented, “The surface drilling completed thus far has been very beneficial in improving our understanding of the extent of previous mining as well as providing vital geologic and assay data to more accurately plan and evaluate the Turnpike expansion project. Turnpike is fully permitted and will be important to the future of ESM: Once completed, Turnpike is expected to supply additional ore feed to the under-utilized mill, increase our revenue, and lower our average cost per payable pound of zinc. Additionally, the project will add to the overall life of the mine.”

Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas, first announced in the company’s press release dated January 31, 2023 (Titan Mining Announces Discovery of New Zone of Near-Mine Mineralization Including 48.7 ft at 23.91% Zinc). Assays from drill holes completed to date continue to support the robust nature of the zone (Table 2).

The mineralization intercepted in the initial four holes of the program (reported January 31, 2023) has been successfully tested along a modeled structural horizon between the Mahler and New Fold ore bodies. Five of the subsequent holes intercepted this mineralized horizon along strike as well as up and down dip. Drilling will continue to target this mineralized zone to further understand its relationship to the neighboring ore bodies.

Table 1. Mineralized intercepts from the surface exploration program at
Turnpike (formerly Sphaleros)

Note: True width of the mineralized zone is not known at this time. No significant results in holes SX22-2639, SX22-2642-SX22-2644, SX22-2653, SX22-2656, SX22-2663- SX22-2664, SX22-2668, SX22-2670- SX22-2674, SX22-2680- SX22-2681 and SX22-2651 was abandoned due to drilling conditions.

Table 2. Mineralized intercepts from Mahler-New Fold exploration area underground

Note: True width of the mineralized zone is not known at this time. No significant results in hole UX22-028

Figure 1. Location of Drilling area relative to ESM #4 and
Turnpike (formerly Sphaleros). With the location of Figures 2 and 3 highlighted.

Figure 2. Plan view of drilling showing the location of surface holes
at Turnpike (formerly Sphaleros).

Figure 3. Plan view of drilling showing the location of holes UX22-023 – UX23-028

Table 3. Surface exploration program collars

*Holes SX22-2651 and SX22-2652 were abandoned due to drilling conditions, no survey was taken, provided are the planned azimuth and dip.

Table 4. Underground exploration program collar

Qualified Person

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

Assays and Quality Assurance/Quality Control

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at ALS Geochemistry (“ALS”), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release.

About Titan Mining Corporation

Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence.