Titan Mining Corporation (TSX:TI) (“
Titan” or the
“
Company”) is pleased to announce a new production
record and that it is on track to exceed 2023 production guidance.
In addition, new exploration results include 41ft at 37.6% zinc at
its 100% owned Empire State Mines (“ESM”) located in upstate New
York.
Highlights
- Best year to
date safety performance with total recordable injury frequency at
one-half of the national average
- A monthly
production record of 7.2 million payable pounds of zinc in August
2023 (57% above the average monthly production from June 30, 2022
to June 30, 2023)
- 13.2 million
payable pounds of zinc through the first two months of Q3 2023 (Q3
2023 tracking to exceed average quarterly production from June 30,
2022 to June 30, 2023 of 13.7 million payable pounds of zinc)
- On track to
exceed annual production guidance of 54-58 million payable pounds
of zinc
- Exploration
results including 41.0 feet (12.5 meters) assaying 37.6% zinc
Including 25.8 feet (7.9 meters) assaying 52.9% zinc
CEO Don Taylor commented, “Operationally, ESM is
enjoying its best four quarters since the mine restart in 2017.
Fortunately, the #4 ore body provides ample flexibility, which
allows the mining and milling operations to deal with lower price
environments, and as such our management team has done an
outstanding job of cutting unit costs while continuing to increase
output. In addition, during this period our near-mine and
underground exploration programs have been successful in
identifying new mineralized zones as well as extending known zones
of mineralization that will translate into a longer mine life and
add additional flexibility to future production schedules. It would
be remiss to not mention that while production is up and site costs
are down, this has all occurred with the management and workforce
achieving the best year-to-date safety performance in the last six
years of operation.”
Production and Operational
Update
Building off a strong second quarter, ESM has
continued to gain momentum producing 13.2 million payable pounds of
zinc through the first two months of the quarter. Production
included a record 7.2 million payable pounds of zinc in the month
of August. Production has been better than expected due to mining
of higher-grade areas in Mahler and Mud Pond and strong equipment
availability. The record operational performance was achieved with
no reportable injuries since March and only one in all of 2023. At
the end of August, ESM’s Total Recordable Injury Frequency Rate was
at 1.3, which is one-half of the national average for underground
mines in the United States.
Given the strong performance of the mine
year-to-date, the Company expects to exceed its production guidance
of 54-58 million payable pounds in FY 2023. While concentrate
smelting and refining costs remain elevated as a result of higher
than usual benchmark treatment charges, the Company’s site
operation costs have trended down throughout the third quarter.
Exploration Update
Underground exploration has focused on extending
near mine mineralization along strike from the active Lower Mahler
and New Fold ore bodies. To date assays have been returned on
twenty-two holes from the Lower Mahler program. The program has
successfully identified high grade extensions of mineralization
that will be included in the Company’s updated mine plan, and have
generated additional exploration targets. MA23-022 has successfully
extended mineralization roughly 1,000 feet from the previously
known mineralized extent.
Key Lower Mahler Intercepts
Include
- 41.0 feet (12.5
meters) assaying 37.6% zinc
- Including 25.8
feet (7.9 meters) assaying 52.9% zinc
- 20.9 feet (6.4
meters) assaying 34.0% zinc
- 23.4 feet (7.1
meters) assaying 29.3% zinc
- 16.6 feet (5.1
meters) assaying 37.7% zinc
- 32.5 feet (9.9
meters) assaying 15.4% zinc
- 42.0 feet (12.8
meters) assaying 11.2% zinc
- Including 11.2
feet (3.4 meters) assaying 21.1% zinc
- 39.2 feet (11.9
meters) assaying 11.3% zinc
- 18.6 feet (5.7
meters) assaying 23.4% zinc
- 31.0 feet (9.4
meters) assaying 14.0% zinc
- 21.8 feet (6.6
meters) assaying 15.8% zinc
- 37.5 feet (11.4
meters) assaying 8.1% zinc
- 54.8 feet (16.7
meters) assaying 5.3% zinc
- 36.2 feet (11
meters) assaying 7.3% zinc
- 30.5 feet (9.3
meters) assaying 7.4% zinc
- 18.7 feet (5.7
meters) assaying 11.1% zinc
- 11.8 feet (3.6
meters) assaying 14.5% zinc
- 22.9 feet (7.0
meters) assaying 6.2% zinc
Note: True widths of the mineralized zone are
not known at this time
The drilling at Lower Mahler is part of an
ongoing program to identify near mine exploration and development
targets. The Company previously announced the identification of a
zone of mineralization between the Lower Mahler and New Fold ore
bodies (press releases dated January 31, 2023, “Titan Mining
Announces Discovery of New Zone of Near-Mine Mineralization
Including 48.7 ft at 23.91% Zinc”; and June 14, 2023, “Titan
Updates Exploration including, 26.3 feet assaying 14.9% zinc, 3.9%
lead, and 34.9 g/t silver; Provides Dividend Update”). Exploration
drilling in this area of the mine is planned through the end of
2023.
Figure 1: Location map showing the relative
position of the Lower Mahler drilling to ESM's #4 shaft.
Figure 2: View of the Lower Mahler Drilling from
above.
2023 - Mahler Exploration Drilling |
|
|
|
|
Hole ID |
From (ft) |
To (ft) |
Interval (ft) |
From (m) |
To (m) |
Interval (m) |
Zn% |
MA23-001 |
235.2 |
271.4 |
36.2 |
71.7 |
82.7 |
11.0 |
7.3 |
MA23-002 |
No Significant Intercepts |
MA23-003 |
209.2 |
239.7 |
30.5 |
63.8 |
73.1 |
9.3 |
7.4 |
MA23-004 |
247.7 |
263.2 |
15.5 |
75.5 |
80.2 |
4.7 |
5.6 |
MA23-005 |
220.5 |
243.4 |
22.9 |
67.2 |
74.2 |
7.0 |
6.2 |
MA23-006 |
276.1 |
287.9 |
11.8 |
84.2 |
87.8 |
3.6 |
14.5 |
MA23-007 |
No Significant Intercepts |
MA23-008 |
316.6 |
371.4 |
54.8 |
96.5 |
113.2 |
16.7 |
5.3 |
MA23-009 |
No Significant Intercepts |
MA23-010 |
257.3 |
299.3 |
42.0 |
78.4 |
91.2 |
12.8 |
11.2 |
including |
288.1 |
299.3 |
11.2 |
87.8 |
91.2 |
3.4 |
21.1 |
MA23-011 |
246.0 |
287.0 |
41.0 |
75.0 |
87.5 |
12.5 |
37.6 |
including |
249.7 |
275.5 |
25.8 |
76.1 |
84.0 |
7.9 |
52.9 |
|
378.8 |
396.3 |
17.5 |
115.5 |
120.8 |
5.3 |
5.7 |
MA23-012 |
297.4 |
336.6 |
39.2 |
90.6 |
102.6 |
11.9 |
11.3 |
MA23-013 |
313.3 |
332.0 |
18.7 |
95.5 |
101.2 |
5.7 |
11.1 |
MA23-014 |
257.7 |
295.2 |
37.5 |
78.5 |
90.0 |
11.4 |
8.1 |
|
321.8 |
343.6 |
21.8 |
98.1 |
104.7 |
6.6 |
15.8 |
|
425.6 |
442.2 |
16.6 |
129.7 |
134.8 |
5.1 |
37.7 |
MA23-015 |
291.7 |
312.6 |
20.9 |
88.9 |
95.3 |
6.4 |
34.0 |
|
347.7 |
366.3 |
18.6 |
106.0 |
111.6 |
5.7 |
23.4 |
MA23-016 |
317.8 |
348.8 |
31.0 |
96.9 |
106.3 |
9.4 |
14.0 |
MA23-017 |
No Significant Intercepts |
MA23-018 |
No Significant Intercepts |
MA23-019 |
380.3 |
403.7 |
23.4 |
115.9 |
123.0 |
7.1 |
29.3 |
|
451.4 |
455.8 |
4.4 |
137.6 |
138.9 |
1.3 |
21.3 |
|
469.0 |
481.3 |
12.3 |
143.0 |
146.7 |
3.7 |
9.2 |
MA23-020 |
333.1 |
338.9 |
5.8 |
101.5 |
103.3 |
1.8 |
14.3 |
|
355.3 |
362.5 |
7.2 |
108.3 |
110.5 |
2.2 |
12.3 |
|
377.0 |
390.8 |
13.8 |
114.9 |
119.1 |
4.2 |
7.2 |
MA23-021 |
361.6 |
372.9 |
11.3 |
110.2 |
113.7 |
3.4 |
7.2 |
|
381.4 |
413.9 |
32.5 |
116.3 |
126.2 |
9.9 |
15.4 |
|
426.8 |
437.3 |
10.5 |
130.1 |
133.3 |
3.2 |
8.0 |
|
467.4 |
481.7 |
14.3 |
142.5 |
146.8 |
4.4 |
16.1 |
MA23-022 |
1,235.8 |
1,245.0 |
9.2 |
376.7 |
379.5 |
2.8 |
3.8 |
|
|
|
|
|
|
|
|
Table 1: Drill intercepts from the 2023 Mahler
exploration program. Note: drilled intercepts do not reflect true
width of mineralized zone.
Collars |
|
|
|
|
|
|
Hole ID |
Length (ft) |
Easting (m) |
Northing (m) |
Elevation (m) |
Azimuth |
Dip |
MA23-001 |
525 |
468394 |
4903742 |
-986.1 |
129 |
-28 |
MA23-002 |
162 |
468393 |
4903742 |
-985.6 |
149 |
-22 |
MA23-003 |
396 |
468393 |
4903742 |
-985.6 |
149 |
-22 |
MA23-004 |
382 |
468393 |
4903741 |
-985.8 |
149 |
-29 |
MA23-005 |
361 |
468392 |
4903741 |
-985.5 |
159 |
-21 |
MA23-006 |
457 |
468611 |
4903809 |
-964.0 |
50 |
-71 |
MA23-007 |
418 |
468612 |
4903808 |
-964.0 |
100 |
-65 |
MA23-008 |
425 |
468611 |
4903808 |
-964.1 |
80 |
-70 |
MA23-009 |
167 |
468610 |
4903810 |
-964.1 |
15 |
-65 |
MA23-010 |
364 |
468610 |
4903810 |
-964.1 |
15 |
-65 |
MA23-011 |
519 |
468609 |
4903811 |
-964.0 |
2 |
-57 |
MA23-012 |
465 |
468611 |
4903810 |
-963.9 |
45 |
-57 |
MA23-013 |
435 |
468611 |
4903810 |
-963.9 |
31 |
-54 |
MA23-014 |
485 |
468610 |
4903810 |
-963.9 |
21 |
-50 |
MA23-015 |
505 |
468610 |
4903811 |
-963.8 |
15 |
-46 |
MA23-016 |
474 |
468612 |
4903809 |
-964.0 |
62 |
-58 |
MA23-017 |
515.7 |
468612 |
4903808 |
-964.1 |
62 |
-58 |
MA23-018 |
222 |
468611 |
4903810 |
-963.4 |
37 |
-42 |
MA23-019 |
832 |
468610 |
4903810 |
-963.3 |
27 |
-39 |
MA23-020 |
565 |
468611 |
4903809 |
-963.5 |
56 |
-45 |
MA23-021 |
554 |
468611 |
4903810 |
-963.3 |
37 |
-42 |
MA23-022 |
1338 |
468611 |
4903810 |
-962.8 |
45 |
-22 |
|
|
|
|
|
|
|
Table 2: Collar locations of the 2023 Mahler exploration
program.
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). Graphite values are
determined by leach and induction furnace/IR (C-IR18).
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.com
Cautionary 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 it is on
track to exceed 2023 production guidance; that the exploration
program has successfully identified high grade extensions of
mineralization that will be included in the Company’s updated mine
plan, and have generated additional exploration targets; and that
exploration drilling in this area of the mine is planned through
the end of 2023. When used in this news release words such as
“could”, “to be”, "will", "planned", "expected", "potential", 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 future production at ESM;
the ability to advance exploration efforts at ESM; the results of
such exploration efforts; 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
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/6dd265e8-ee8b-4045-b442-dd42eb20fb8ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/5511d48b-7d43-4653-9ed1-b785483a19d0
Titan Mining (TSX:TI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Titan Mining (TSX:TI)
Historical Stock Chart
From Jul 2023 to Jul 2024