High Grade Gold at-Surface Mineralization Discovery

Project Overview

The Lineros project is located 20km southwest of the Company’s flagship Dynasty Gold Project where drilling for resource estimation update is underway, and is comprised of four contiguous concessions totalling over 143km2 located near the Peruvian border in southern Ecuador’s Loja Province (refer to Figure 1 and Figure 2).

Geological Setting

Located in a major flexure of the Andean Terrane, the Linderos Project is situated within a corridor of mineralisation extending from Peru through northern Ecuador that is associated with early to late Miocene aged intrusions. The majority of porphyry copper and epithermal gold deposits in southern Ecuador are associated with magmatism in this age range, with a number of these younger intrusions located along the margin of the extensive Cretaceous aged Tangula Batholith forming a favourable structural and metallogenic corridor for intrusion activity where Titan minerals holds a significant land position in southern Ecuador (Refer to Figure 1).

Exploration Plan

The Company has recently commenced an exploration campaign at Linderos comprised of surface geochemistry, with planned heli-borne geophysics, and ground IP geophysical surveys.

The Copper Ridge and Meseta prospects are the key area of focus in the current exploration campaign, with previous work highlighting the potential for high-grade gold mineralisation near surface ready for immediate drill targeting within the Meseta gold camp. Broad alteration and extensive lower grade gold mineralisation associated with the high-grade gold intercepts at Meseta demonstrate that further drilling of gold targets in the near term will also provide strong support to concurrently assess the scale of potential for the Copper Ridge porphyry target. Longer term exploration plans will be defined as exploration progresses where a tier 1 target could emerge from the associated Cu-Mo system and epithermal gold mineralisation in the telescoping Miocene aged porphyry system (refer to Figure 3).

Copper Ridge Prospect

Copper Ridge is an advanced stage exploration target featuring outcropping copper and molybdenum anomalism with subsurface mineralisation confirmed in historical reconnaissance drilling. The Cu-Mo mineralised zone mapped in soil geochemistry (refer to Figure 4) is centered on dacite porphyry intrusions that are approximately 1km in diameter. The porphyry stock is haloed by a significant footprint of quartz stockworks and porphyry related alteration covering a >3km2 area. At the northern and eastern margins of the porphyry, sizable argillic to advanced argillic alteration zones associated with extensive gold anomalism overprinted by multiple zones of high-grade epithermal related gold mineralization have been mapped.

Historical diamond drilling totals 2,061m drilled in 16 holes on the Copper Ridge prospect that occurred in 3 campaigns between 1974 and 2005 with better results including;

  • 99.75m @ 0.26% copper from 255m drilled depth – ERIKA01
  • 84.85m @ 0.32% copper (from surface to end of hole) – ERIKA02
  • 20m @ 0.21% copper from 181m to EOH (open at depth) – ERIKA02A
  • 77.05m @ 0.19% copper (from surface to end of hole) – DHW05
  • 50.25m @ 0.33% copper (from surface to end of hole) – DHW06

Meseta Gold Camp

To the immediate north and east of the Copper Ridge Prospect, gold mineralization across the Meseta gold camp is hosted in steep to sub-vertical fault structures at the margins of the porphyry stock and is associated with strong silicification and oxidation of the sulphides. Several features suggesting the presence of an intermediate to high-sulphidation gold system at these areas have been observed.

Meseta Gold Camp high grade epithermal gold mineralisation was initially identified in 2017 sampling of artisanal working on a break-away slope. The slope exposes a stockwork of oxidised veinlets capped by transported boulders forming a plateau of perched alluvial sediments. The alluvial cap covers mineralisation and alteration in the area forming a geochemically blind target beneath only a few meters of transported cover material.

In 2017, a channel sampling program was completed totalling 29 trenches for over 1,160m of excavation with 2,033 samples taken over artisanal workings. Trenches for sampling were excavated on 3m to 10m line spacing covering an approximately 100m x 150m area. The sampling returned significant (>0.5g/t gold) assays for over 100m strike extent along a northwest trend from assays submitted to the previous operator’s in-house production lab. Previous assay results were not analysed to a standard to be included in quantifying mineral resource estimations; however, the tenor of the results underpin plans for follow-up sampling work. Peak assay results of individual samples include up to 326g/t gold with 141 g/t silver, and up to 161g/t gold with 87g/t silver within the better composited channel samples including;

  • 21m @18.5g/t gold in trench Linderos-13
  • 19.95m @ 14.3g/t gold in trench Linderos-16
  • 18.2m @ 14.74g/t gold in trench Linderos-14

In 2018, diamond drilling totalling over 1,926m from 11 holes was completed in follow-up to 2017 trench results outlined above. Drilling confirmed higher grade mineralisation in fresh rock below trenches and tested for extensions of mineralisation under very thin transported cover for up to 1km projected trend to the east. All holes in that programme intersected extensive hydrothermal related alteration and localised gold mineralisation.

Figure 1: Location of Titan Minerals Projects in Southern Ecuador with outlines of major metallogenic belts

Figure 2: Regional scale geology of the Linderos Project Area and prospect location map

Figure 3: Gold in rock chips at the Copper Ridge and Meseta Camp areas with historical drill locations over generalised geology

Figure 4: Copper results from historical soil and rock sampling campaigns across the Copper Ridge Prospect and Meseta Gold Camp

Better intercepts reported include;

  • 5.94m @ 10.8 g/t gold from 36.4m drill depth– LDH004
  • 8.88m @ 4.70 g/t gold from 40.65m drill depth – LDH004A
  • 14.32m @ 1.43g/t gold from 45.44m drill depth – LDH003

The high-grade epithermal gold at Meseta Gold Camp most likely represents a telescoped porphyry copper system where the hydrothermal system is cooling over time and gold mineralisation is overprinting the footprint of the porphyry systems. The reported high grade gold intercepts are associated with elevated Zn-Pb base metal anomalism, and are hosted within broad zones of elevated gold anomalism in a mineralised silica cap.

From Titan’s re-logging of historical core, recent petrology and preliminary gold deportment study work, it is apparent that the higher grade gold values returned in assay results are associated with massive-sulphide polymetallic veins, while the extensive haloes of lower grade gold mineralisation intersected in all 11 Meseta holes drilled to date are consistently related with free gold occurring in the intensely altered wallrock hosting extensive quartz stockworks of varying intensity. At a lower gold grade cut-off of 0.1g/t Au, the eleven holes drilled at Meseta deliver more extensive zones of gold anomalism, demonstrating an association with the larger metallogenic system, with results from several holes averaging:

  • 61.55m @ 1.41 g/t gold from surface in LDH004, including the 5.94m @ 10.8g/t gold intercept reported at a 0.5g/t Au cut-off
  • 84.1m @ 0.67 g/t from 2.2m depth in LDH004A at 0.1g/t Au cut-off, including the 8.88m @ 4.70 g/t gold intercept from 40.65m drill depth reported at a 0.5g/t Au cutoff
  • 109.8m @ 0.29 g/t gold from 3.2 m depth in hole LDH005, followed by
  • 55.35m @ 0.37 g/t gold from 158.6m in LDH005 at 0.1g/t Au cut-off, including the 6m @ 0.6 g/t gold intercept from 191.5m drill depth reported at a 0.5g/t Au cut-off
  • 86.2m @ 0.54 g/t gold from 12.4m in LDH003A
  • 68m @ 0.60 g/t gold from surface; and 25m @ 0.41 g/t gold from 172.85m in LDH003

This interpreted overlap of metal deposition over time at the interface of the overlapping Meseta Gold Camp and Copper Ridge porphyry targets have a potential economic impact on development of a larger mineralised system. The associated mineralisation types define potential for discovery of higher – grade Cu-Mo mineralization at depth beneath both the Copper Ridge and Meseta Gold areas suggesting significant size potential in un-tested extensions to the Copper Ridge porphyry system.