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Titan Updates Exploration including, 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver; Provides Dividend Update

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Titan Updates Exploration including, 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver; Provides Dividend Update

 

 

 

 

 

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)

 

Turnpike                  
Hole ID From
(ft)
To
(ft)
Interval
(ft)
From
(m)
To
(m)
Interval
(m)
Zn
%
Pb
%
Ag
g/t
N2 Pit                  
SX22-2640 30.6 80.1 49.5 9.3 24.4 15.1 9.3 3.2 24.3
including 57.2 72.3 15.1 17.4 22.0 4.6 16.1 5.2 37.8
SX22-2641 87.1 114.1 27 26.5 34.7 8.2 13.2 3.6 30.6
including 101.5 114.1 12.6 30.9 34.7 3.8 19.8 5.6 49.4
  160.7 187 26.3 48.9 56.9 8.0 14.9 3.9 34.9
SX22-2645 92.1 94.4 2.3 28.0 28.7 0.7 34.5 8.72 29
  172.3 177.5 5.2 52.4 54.0 1.6 18.7 5.16 57.9
SX22-2646 82.2 94.8 12.6 25.0 28.8 3.8 8.09 2.52 25.58
  111.6 129.1 17.5 33.9 39.3 5.3 7.1 1.7 15.5
  172.7 196.6 23.9 52.5 59.8 7.3 14 3.7 33.4
  243.4 261.8 18.4 74.0 79.6 5.6 6.2 0.7 11.7
  287.8 296.9 7.3 87.5 90.3 2.2 8.2 1.7 16
SX22-2647 0 8.5 8.5 0.0 2.6 2.6 11.1 0.2 7.6
SX22-2648 2.8 7.2 4.4 0.9 2.2 1.3 5.1 0.3 4.9
SX22-2649 0 35.4 35.4 0.0 10.8 10.8 3.1 0.3 3.8
SX22-2650 0 60.4 60.4 0.0 18.4 18.4 3.6 0.5 6.1
SX22-2652 30.3 60.9 30.6 9.2 18.5 9.3 1.15 0.25 31.08
SX22-2654 80.4 90.8 10.4 24.5 27.6 3.2 6.7 0.2 6.2
  134.1 153.9 19.8 40.8 46.8 6.0 9.9 2.9 23.9
Streeter                  
Hole ID From
(ft)
To
(ft)
Interval
(ft)
From
(m)
To
(m)
Interval
(m)
Zn
%
Pb
%
Ag
g/t
SX22-2655 246.5 252.8 6.3 75.0 76.9 1.9 14.7 3.1 21.2
  281.7 283.3 1.6 85.7 86.2 0.5 16.4 0.1 6.5
SX22-2657 198 210.5 12.5 60.2 64.0 3.8 8.6 0.1 5.9
SX22-2658 121.5 136.5 15 37.0 41.5 4.6 5.6 0.1 17.5
SX22-2659 144.1 165.9 21.8 43.8 50.5 6.6 2.5 0.1 10.2
  179.9 198.5 18.6 54.7 60.4 5.7 7.5 0.1 10.8
SX22-2660 185.5 195.2 9.7 56.4 59.4 3.0 4 0.2 29.1
SX22-2661 207.4 215.3 7.9 63.1 65.5 2.4 10.1 0.3 11.4
SX22-2662 199.7 212 12.3 60.7 64.5 3.7 5 0.1 11.5
SX22-2665 55.3 62.5 7.2 16.8 19.0 2.2 6.4 0.3 31.1
SX22-2666 151.7 158 6.3 46.1 48.1 1.9 11.7 0.2 24.4
  243.8 253.7 9.9 74.2 77.2 3.0 6.1 0.2 10.1
SX22-2667 137.4 155 17.6 41.8 47.2 5.4 0.0 0.5 40.0
SX22-2669 213.8 222.5 8.7 65.0 67.7 2.6 0 0.4 45.9
SX22-2675 236.9 239.7 2.8 72.1 72.9 0.9 5.9 0.1 3.4
SX22-2676 236.1 251.6 15.5 71.8 76.5 4.7 14.9 0.6 6.9
SX22-2677 141.9 152.7 10.8 43.2 46.5 3.3 17.6 0.3 8.8

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

 

               
Hole ID From (ft) To (ft) Interval (ft) From (m) To (m) Interval (m) Zn% Pb% Ag g/t
UX22-023 481.4 492.8 11.4 146.4 149.9 3.5 6.2
UX22-024 425.6 432.2 6.6 129.5 131.5 2.0 13.3
UX22-025 350.7 354.3 3.6 106.7 107.8 1.1 11.2
UX22-026 394.7 400.3 5.6 120.1 121.8 1.7 10.5
UX22-027 781.2 786.9 5.7 237.6 239.4 1.7 11.3
  829.9 830.6 0.7 252.5 252.7 0.2 33.63

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

 

Collars            
Hole ID Length (ft) Easting (m) Northing (m) Elevation (m) Azimuth Dip
SX22-2639 132 467874.8973 4899760.313 210.076 126.5 -45
SX22-2640 83 467910.1893 4899751.301 209.811 120 -45
SX22-2641 230 467866.7734 4899727.77 210.748 120 -45
SX22-2642 241 467865.7528 4899728.33 210.736 120 -70
SX22-2643 207 467854.7917 4899687.777 212.171 120 -45
SX22-2644 161 467854.1961 4899687.954 212.291 120 -70
SX22-2645 304 467854.8756 4899688.15 216.245 120 -25
SX22-2646 376 467878.9739 4899735.792 212.405 120 -45
SX22-2647 58.5 467971.9565 4899727.037 199.188 105 -5
SX22-2648 68 467971.2124 4899727.244 198.637 105 -30
SX22-2649 149 467970.6471 4899727.373 198.432 105 -60
SX22-2650 200 467970.3822 4899727.448 198.219 289 -88
SX22-2651* 110 468130.636 4899940.389 211.155 130 -45
SX22-2652* 69 468129.7776 4899941.114 211.243 130 -60
SX22-2653 459 468129.1062 4899941.659 211.240 130 -75
SX22-2654 216 467905.7439 4899779.513 210.025 125 -45
SX22-2655 346 468269.4251 4900170.831 205.946 135 -45
SX22-2656 346 468261.345 4900139.755 208.793 135 -45
SX22-2657 407 468261.1313 4900139.944 208.735 135 -65
SX22-2658 456 468184.4842 4900039.617 211.604 137 -45
SX22-2659 397 468183.7945 4900040.53 211.555 137 -60
SX22-2660 507 468183.4755 4900041.005 211.620 140 -75
SX23-2661 506 468137.0553 4900016.747 213.105 135 -45
SX23-2662 446 468136.465 4900017.246 213.094 135 -60
SX23-2663 336 468180.1365 4899971.361 212.346 135 -45
SX23-2664 466 468130.1888 4899940.847 211.422 120 -45
SX23-2665 446 468129.4381 4899941.436 211.475 120 -60
SX23-2666 356 468107.5976 4899976.468 212.518 135 -65
SX23-2667 347 468107.0091 4899977.422 212.476 135 -90
SX23-2668 266 468039.105 4899994.179 212.677 135 -45
SX23-2669 466 468038.0545 4899995.259 212.571 128 -71
SX23-2670 86 468243.8687 4900073.874 211.439 135 -45
SX23-2671 287 468242.0497 4900075.776 211.459 135 -60
SX23-2672 281 468242.5319 4900075.28 211.395 135 -75
SX23-2673 306 468243.3337 4900074.562 211.418 135 -90
SX23-2674 376 468396.1506 4900282.794 220.684 105 -45
SX23-2675 346 468397.062 4900281.49 220.456 130 -45
SX23-2676 266 468395.1597 4900280.936 220.506 157 -43
SX23-2677 506 468444.7545 4900268.24 219.355 140 -45
SX23-2680 586 468151.7639 4900115.189 194.980 130 -45
SX23-2681 422 468150.9959 4900115.77 195.020 130 -60

*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

 

Collars            
Hole ID Length (ft) Easting (m) Northing (m) Elevation (m) Azimuth Dip
UX22-023 618 468748 4903735 -953 142 -50
UX22-024 480 468748 4903735 -954 142 -70
UX22-025 498 468744 4903738 -954 322 -70
UX23-026 693 468748 4903739 -954 50 -70
UX23-027 919 468749 4903738 -953 70 -45
UX23-028 677 468750 4903738 -953 86 -64

 

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.

 

Posted June 14, 2023

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