Dynasty Mineral Resource

Significant high-grade component of 17Mt @ 3.8 g/t Au, 24g/t Ag for a contained 2.1 Moz gold and 13 Moz silver

Key Highlights

  • Indicated and Inferred Mineral Resource Estimate of 54 Mt at 2.23 g/t Au & 15.7 g/t Ag for a contained 3.12 million ounces of gold and 21.98 million ounces of silver (reported > 0.5 g/t Au)
  • Mineral Resources reported by area:
    • Cerro Verde: 28.8Mt @ 2.08 g/t Au, 13.00 g/t Ag for 1.9 Moz Au, 12 Moz Ag
    • Iguana: 10.9Mt @ 2.02 g/t Au, 13.68 g/t Ag for 0.7 Moz Au, 4.8 Moz Ag
    • Trapichillo: 2.9Mt @ 3.80 g/t Au, 39.31 g/t Ag for 0.4 Moz Au, 3.7 Moz Ag
    • Papayal: 0.9Mt @ 4.54 g/t Au, 50.85 g/t Ag for 0.1 Moz Au, 1.4 Moz Ag
  • Significant high-grade component of 17.3Mt @ 3.77 g/t Au, 24.0g/t Ag for a contained 2.1 million ounces of gold and 13.3 million ounces of silver (reported > 2 g/t Au)
  • Over half of Mineral Resources contained within 100 metres from surface
  • 39% Indicated and 61% Inferred Resources, with majority of Indicated resources at Cerro Verde, which is largely credited to the additional drilling and QAQC work completed by Titan over this area and gives confidence that the same classification can be achieved through moderate drilling and geological workstreams at other resource areas.
  • Papayal and Trapichillo vein systems exhibit extremely high gold and silver grades, albeit relatively low tonnes, which is largely a function of sparse drilling. These areas will be a focus for resource growth, with drilling set to commence in the coming months.
  • Dynasty Gold Project significantly derisked with completion of JORC compliant Mineral Resource, providing a robust 3D model for targeting resource growth and initiating future mine development studies.
  • Substantial depth extensions to the epithermal Au-Ag vein system confirmed to 350m in latest drill results at Brecha-Comanche (Cerro Verde), providing the confidence to test, and potentially add substantial resources through delineating depth extensions across the project.
  • Several high conviction areas for resource additions identified with minimal drilling required. Several significant drill intercepts were excluded from the resource due to uncertainty in geological interpretation in some areas. Minimal drilling required to improve geological understanding in these areas, representing potential near-term future resource additions.

The 3.12 million ounce gold and 21.98 million ounce silver Mineral Resource is hosted within a 9 kilometre long by 2 kilometre wide corridor of epithermal gold and silver vein hosted mineralisation, of intermediate sulphidation type.

Interpretation and estimation of the Mineral Resource is based on data from 394 diamond drill holes (63,342.54 metres), 85 channels (2,089.02 metres) and 1,599 trenches (6,743.54 metres). Drilling and trenching campaigns were completed by Titan Minerals Ltd in 2021 and 2023 and in several phases of drilling by previous project operators from 2007 to 2019.

An assay cut-off date of 7 June was used, meaning that recent drill results from the Cerro Verde prospect were included in the MRE. This drilling was successful in confirming strong mineralisation continuity to 350 metres depth- more than 100 metres below previously drill defined mineralisation (refer to ASX Release dated 3 July 2023). These new drill results are very significant, as they demonstrate that the epithermal gold-silver system extends at depth, presenting a very real option for the Company in its strategy to target mineralisation extensions and further add resources.

The Dynasty MRE includes the Cerro Verde, Iguana, Papayal and Trapichillo prospects (refer to Figure 1), with clear potential for the resource to grow significantly, with the majority of resource remaining open, and in many areas only sparsely drilled. The epithermal gold-silver system remains largely untested below a depth of approximately 200 metres.

Completion of the JORC (2012) MRE represents a fantastic milestone for the Company and a significant derisking for the Dynasty project, with preliminary optimisation studies indicating robust economics, and the resource having potential to underpin an open pit followed by underground mining scenario.

The MRE provides a solid foundation for future resource growth and feasibility studies, in what Titan believes is a natural progression for the Dynasty Project, which has considerable exploration upside that remains to be tested.

It is evident that the Cerro Verde prospect not only contains the bulk of the resource, but also has the highest component of Indicated resources. The larger resource and higher classification at Cerro Verde is largely due to Titan’s resource development work programs dedicated to this part of the project, including infill and validation drilling, surface mapping, relogging of historical drill core and QAQC workstreams.

Approximately 84% of Indicated and 64% of Inferred Mineral Resources reported ≥0.5 g/t Au are within 160m from surface.