Titan Mining Corporation
(TSX:TI)
(“
Titan” or the “
Company”)
provides an update on dividend and exploration programs at the
Company’s 100% owned Empire State Mine (“
ESM”) 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 atTurnpike (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. For more information on the Company,
please visit our website at www.titanminingcorp.com.
Contact
For further information, please contact: Investor
Relations: Email:
info@titanminingcorp.comCautionary Note Regarding
Forward-Looking Information
Certain statements and information contained in
this new release constitute "forward-looking statements", and
"forward-looking information" within the meaning of applicable
securities laws (collectively, "forward-looking statements"). These
statements appear in a number of places in this news release and
include statements regarding our intent, or the beliefs or current
expectations of our officers and directors, including that both
surface and underground programs have been successful in
intercepting significant zinc mineralization that will be accretive
to the overall mineral resource; future drilling plans; that a new
mineral resource estimate will be prepared and timing for issuance
of such mineral resource estimate; that once completed, the
Turnpike Mine (formerly Sphaleros) 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; that Turnpike is
also anticipated to will add to the overall life of the mine; that
the Company’s Board of Directors will re-evaluate the payment of
quarterly dividends as zinc prices improve. When used in this news
release words such as “to be”, "will", "planned", "expected",
"potential", “anticipated” and similar expressions are intended to
identify these forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements and/or information are reasonable, undue reliance should
not be placed on forward-looking statements since the Company can
give no assurance that such expectations will prove to be correct.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to vary
materially from those anticipated in such forward-looking
statements, including the risks, uncertainties and other factors
identified in the Company's periodic filings with Canadian
securities regulators. Such forward-looking statements are based on
various assumptions, including assumptions made with regard to the
ability to advance exploration efforts at ESM; the results of such
exploration efforts; that the Company will build the Turnpike Mine
(formerly Sphaleros); results at Turnpike (formerly Sphaleros); the
ability to secure adequate financing (as needed); the Company
maintaining its current strategy and objectives; and the Company’s
ability to achieve its growth objectives. While the Company
considers these assumptions to be reasonable, based on information
currently available, they may prove to be incorrect. Except as
required by applicable law, we assume no obligation to update or to
publicly announce the results of any change to any forward-looking
statement contained herein to reflect actual results, future events
or developments, changes in assumptions or changes in other factors
affecting the forward-looking statements. If we update any one or
more forward-looking statements, no inference should be drawn that
we will make additional updates with respect to those or other
forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these
statements as of any other date. All forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fc30feb6-9f91-411f-8541-34b51203181a
https://www.globenewswire.com/NewsRoom/AttachmentNg/6b9f9252-eb0f-4444-8dfc-bfbf37948613
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