Doubles The Size Of Ecuador Drill Programme
Titan Minerals Limited (ASX: TTM) is making good progress with its ongoing diamond drill programme in exploration activities in Ecuador, which is focused on defining a higher resolution geologic model to support 3D modelling and geostatistical estimation of resources in accordance with principals of the JORC Code.
Managing Director, Laurie Marsland, said Titan’s drill programme has been increased from 6,000m to 12,000m to accommodate for additional deeper drilling on mineralisation confirmed with depth in drilling results announced to date at Cerro Verde. Additional drill holes are also being allocated for initial
“We appreciate our team’s dedication and hard work, and having completed approximately 5,000m of drilling to date, are pleased with the progress they have made,” Mr Marsland said.
“The campaign started at the Iguana prospect, where drilling to date has delivered high confidence oriented core associated with mineralised intercepts within the footprint of the existing foreign resource area. Also, potential extension of mineralisation at both depth and along strike has been identified.
“Since commencement of the drill campaign, the turn-around of assay results has been slower than normal, due to a combination of COVID-19 related issues, combined with an industry wide escalation of assay work.
“ As a result, we have extended the diamond drill programme through the first quarter of 2021. The additional information collected while awaiting assay results will bolster our strategy to confirm and expand Dynasty’s current foreign resource estimate of 2.1M oz at 4.5g/tonne.”
The company continues to progress with its confirmatory drilling at the Dynasty Gold Project in southern Ecuador and has completed over 5,200m of drilling at the Iguana and Papayal Prospects, with 80% of holes drilled now submitted for analyses.
To date, all drilling at Iguana has consistently intersected multiple fault structures with quartz vein fill associated with favourable alteration and sulphide mineralisation, and oriented core is successful in confirming interpreted geometry of the mineralized structures. Confirmatory drilling has been completed over 700m of strike within the 2km long outcropping vein corridor at Iguana, which is situated in the central portion of the 9km long mineralized corridor of the Dynasty Gold Project.
Geological modelling of the vein zones is progressing in anticipation of assay results being received over the coming month. The combination of the COVID-19 crisis and the workload currently being experienced at the laboratory has extended the turnaround time for results. Drill results from Iguana are pending and will be released to the market once received.
Independent consulting group, Mining Plus, has been engaged to deliver the Dynasty JORC Compliant Resource. Mining Plus is a global mining services provider specialising in geology, mining engineering and geotechnical engineering across open pit and underground projects.
Having already completed a site visit and review of historical datasets, this quarter Mining Plus has commenced an intermediate scope of work to review current datasets confirming that ongoing data acquisition is to a JORC standard. The review and compilation of information required for JORC Table 1 reporting requirements will help to expedite the reporting of resource estimation results in the next quarter for the conversion of the existing foreign mineral resources estimate to a JORC compliant standard.
As a result of the late start-up to the field season, extended laboratory turn-around times and various delays to drilling resulting from the National Emergency in Ecuador declared in response to the COVID-19 pandemic, the planned JORC compliant resource estimate is currently anticipated to be completed by the end of Q1 2021 and will incorporate results from the expanded confirmation drilling programme.
Meanwhile, systematic exploration at Copper Duke has continued with field sampling and road cut channel sampling activity at the El Huato Prospect. The channel sampling is follow-up to the ongoing iterative geophysics interpretation work at Copper Duke and is planned to continue. Over 120 samples currently pending analysis and additional field sampling is underway.
Reviewing the geophysics in conjunction with surface exploration completed to date will enable prioritisation of follow- up exploration of the highly prospective geochemical anomalies across the 130 sq km Copper Duke concession area.
The data gathered from both surveys will be used to complete various geophysical interpretations, all of which will broaden our understanding of Copper Duke and assist in developing drill targets and designing drill holes for the drill programme planned for H2 2021. Including follow up drilling for the two diamond drill holes that were partially assayed by the United Nations in 1978. The historical drilling returned results of 33.1m @ 2.5g/t gold from 9m drill depth, and 45.4m @ 1.9g/t gold from surface
