Vancouver, B.C., June 14, 2023 – Titan Mining Corporation (TSX:TI) ("Titan" or the "Company") provides an update on dividend and exploration programs at the Company's 100% owned Empire State Mine ("ESM") in upstate New York. Drilling has focused on discovering, expanding, and delineating near mine mineralization within proximity to active and planned operational areas at ESM. Both surface and underground programs have been successful in intercepting significant zinc mineralization that will be accretive to the overall mineral resource.
Quarterly Dividend Update
Titan announces that it has temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflects the Company's focus on strengthening its balance sheet as it navigates the downturn in zinc prices.
"Titan remains confident in its business as operations continue to meet and exceed production goals, reduce costs and enjoy higher zinc prices through forward sales of 30% of the production forecast at $1.55/lb through to the end of 2023", said Don Taylor.
The Company's Board of Directors will re-evaluate the payment of quarterly dividends as zinc prices improve.
Surface and Underground Exploration Update
The surface drilling program included a total of 16,240 ft targeting modeled extents of near mine, near surface mineralization at the planned Turnpike (formerly Sphaleros) expansion project.
Significant mineralized intercepts from surface include:
- 49.5 feet assaying 9.3% zinc, 3.2% lead, and 24.3 g/t silver
- Including 15.1 feet assaying 16.1% zinc, 5.2% lead, and 37.8 g/t silver
- 27 feet assaying 13.2% zinc, 3.6% lead, and 30.6 g/t silver
- Including 12.6 feet assaying 19.8% zinc, 5.6% lead, and 49.4 g/t silver
- 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver
- 23.9 feet assaying 14% zinc, 3.7% lead, and 33.4 g/t silver
- 15.5 feet assaying 14.9% zinc, 0.6% lead, and 6.9 g/t silver
Surface drilling was successful in intercepting extensions of historically mined areas, and in testing and validating the modeled extent and scale of historic mining activity. Drilling will continue with a full mineral resource estimate update planned for Q1 2024.
Donald Taylor, President and CEO of the Company commented, "The surface drilling completed thus far has been very beneficial in improving our understanding of the extent of previous mining as well as providing vital geologic and assay data to more accurately plan and evaluate the Turnpike expansion project. Turnpike is fully permitted and will be important to the future of ESM: Once completed, Turnpike is expected to supply additional ore feed to the under-utilized mill, increase our revenue, and lower our average cost per payable pound of zinc. Additionally, the project will add to the overall life of the mine."
Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas, first announced in the company's press release dated January 31, 2023 (Titan Mining Announces Discovery of New Zone of Near-Mine Mineralization Including 48.7 ft at 23.91% Zinc). Assays from drill holes completed to date continue to support the robust nature of the zone (Table 2).
The mineralization intercepted in the initial four holes of the program (reported January 31, 2023) has been successfully tested along a modeled structural horizon between the Mahler and New Fold ore bodies. Five of the subsequent holes intercepted this mineralized horizon along strike as well as up and down dip. Drilling will continue to target this mineralized zone to further understand its relationship to the neighboring ore bodies.
Figure 1. Location of Drilling area relative to ESM #4 and Turnpike (formerly Sphaleros). With the location of Figures 2 and 3 highlighted.
Figure 2. Plan view of drilling showing the location of surface holes at Turnpike (formerly Sphaleros).
Figure 3. Plan view of drilling showing the location of holes UX22-023 – UX23-028
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).
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.
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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 both surface and underground programs have been successful in intercepting significant zinc mineralization that will be accretive to the overall mineral resource; future drilling plans; that a new mineral resource estimate will be prepared and timing for issuance of such mineral resource estimate; that once completed, the Turnpike Mine (formerly Sphaleros) is expected to supply additional ore feed to the under-utilized mill, increase our revenue, and lower our average cost per payable pound of zinc; that Turnpike is also anticipated to will add to the overall life of the mine; that the Company's Board of Directors will re-evaluate the payment of quarterly dividends as zinc prices improve. When used in this news release words such as "to be", "will", "planned", "expected", "potential", "anticipated" 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; that the Company will build the Turnpike Mine (formerly Sphaleros); results at Turnpike (formerly Sphaleros); 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.