Titan Minerals Limited (ASX: TTM) has reported high-grade assay results from the diamond drilling at the Iguana Prospect within its Dynasty Gold Project in Ecuador. The company said that the diamond drilling has confirmed widths and grades of the Iguana vein sets reported under the Canadian NI 43-101 resource estimate.
Significant drill results included 4.94m @ 6.28 g/t gold and 16 g/t silver from 82.22m; 2.28m @ 6.82g/t gold and 88g/t silver from 24.52m; and 8.46m @ 2.23g/t gold and 11g/t silver from 83.60m.
TTM said that the structural analyses of oriented diamond core are progressing and 3D modelling for both Iguana and Papayal Prospects is underway.
The company said that the work on the planned JORC resource estimate for Dynasty is well advanced and the trench sampling is in progress at both Iguana and Papayal Prospects.
Drilling at Iguana prospect
The Iguana Prospect is a 2.5km long structural corridor hosting multiple gold silver veins that trend northeast from the highly prospective Cerro Verde Prospect area.
Historical drilling at the Iguana Prospect had included intercepts of 6.75m @ 4.14g/t gold and 43g/ silver from 81.4m – DDH069; 3.8m @ 9.55g/t gold and 23g/t silver from 76.8m – DDH073; 8.5m @ 13.9g/t gold and 55g/t silver from 97.3m – DDH103; and 4.82m @ 7.59g/t gold and 22g/t silver from 111.18m – DDH116.
The company had commenced a drill program at Iguana prospect focusing on complementing historical drilling by generating the first oriented core at the Dynasty Gold Project.
TTM has now reported results for assayed intervals from the first 20 holes (IGD001-IGD016, IGD018- IGD021), totalling 4,550 metres drilled, of the current 12,000m diamond drilling campaign.
High-grade DD results
Titan Minerals announced that 19 of the 20 drill holes reported significant intercepts across multiple vein structures. The company noted that recent drilling has returned results similar in tenor and extent to historical drill results.
Important results include 4.94m @ 6.28 g/t gold and 16 g/t silver from 82.22m – IGD007; 2.28m @ 6.82g/t gold and 88g/t silver from 24.52m – IGD010; 2.69m @ 7.54 g/t gold and 38 g/t silver from 125.76m – IGD013; 3.80m @ 6.92 g/t gold and 30 g/t silver from 117.20m – IGD015; and 8.46m @ 2.23g/t gold and 11g/t silver from 83.60m – IGD016.
Titan said that additional detailed structural analysis that will increase confidence in linking recent drilling results to historical results is in progress.
Results confirm width and grades
TTM said that the diamond drilling results support the interpreted widths and extent of the Iguana vein corridor, hosting approximately 375,000 ounces of the existing 2.1Moz gold foreign resource estimation (Canadian NI 43-101 compliant) for the Dynasty Gold Project.
Updates and further work
The company said that additional drilling is planned to better define structural controls on mineralisation and assess open ended mineralisation on multiple mineralised corridors within the project area.
TTM said that further mapping and sampling would be conducted along strike of reported work to refine and prioritise targets for drill testing.
The company said that the sampling of drill core from drilling carried out over Cerro Verde during 2019 and 2020, was completed in December and final assays are expected in the coming weeks.
TTM said that at the Papayal Prospect, maiden drilling of outcropping high grade quartz vein zones continues, while logging and sampling of drill core are ongoing.
Titan said that trench sampling and mapping are ongoing at the Iguana and Papayal Prospects concurrent with drilling at Papayal. The company noted that structural analyses of oriented diamond core are in progress and 3D modelling for both Iguana and Papayal Prospects is well advanced.
The company announced that further scope of work for the Iguana Prospect area will be defined following the current drilling campaign and completion of modelling and resource estimate updates. TTM said that updated modelling will further inform drilling priorities for resource growth across the Dynasty Gold Project.
Titan Minerals Managing Director, Laurie Marsland said: “Drilling at Dynasty is progressing well and despite some delays, is moving ahead across each of the prospects. Importantly, we are pleased to see assay results for Iguana confirm the grade, previous interpreted widths and extent of the Iguana vein corridor.
Modelling work in support of the planned JORC compliant update to the resource estimate for Dynasty is well advanced. The team is looking forward to drilling activity progressing onto our priority target, the Cerro Verde Prospect area. Re-sampling at Cerro Verde has demonstrated the potential for a significant increase in the volume of material that will define the JORC resource at Dynasty”.