Titan Minerals Ltd has reported a productive March quarter, with drilling success at its flagship Dynasty Gold Project in southern Ecuador and continued progress at its Linderos Copper Project through a joint venture and earn-in agreement with Hanrine.
Multiple significant finds
CEO Melanie Leighton said: "The March quarter has been a busy one, with the delivery of multiple significant drilling intercepts at Dynasty, highlighting potential for substantial growth to the already established 3.1Moz gold and 22Moz silver resource.
“In addition, we were pleased to announce preliminary metallurgical testwork results, confirming Dynasty ores as suitable for processing via conventional techniques with >90% overall gold recoveries achieved, with opportunities to improve recoveries identified and set to be pursued in future testwork.
“The delivery of metallurgical results proving high overall recoveries is considered a key derisking milestone for the Dynasty Gold Project which we were very happy to deliver.
“The joint venture agreement with Hancock Prospecting Pty Ltd (HPPL) represents another horizon of growth and exposure to what could become a globally significant porphyry copper discovery at the Linderos Copper Project.
“HPPL are wasting no time in getting on with their drilling commitment as part of the JV and earn-in agreement, with good progress made on the 10,000-metre drill campaign during the quarter. Following completion of the 10,000-metre drill campaign, HPPL will have earned a cumulative 30% interest in the Linderos Project.
“The gold price continues to surge, with new record all-time highs in excess of US$3,200 per ounce. Coupled with our quality portfolio of advanced gold and copper projects and strong balance sheet, Titan is poised to deliver substantial gold growth and copper discovery through its exploration programs.”
At Dynasty, Titan completed 10 diamond holes for 3,220 metres at the Cerro Verde prospect, targeting lateral and depth extensions.
Extensions beyond resource
The results confirmed there is substantial resource growth potential, including 17.5 metres at 2.5 g/t gold and 8.6 g/t silver from 374 metres depth, as well as a shallow intercept of 2.9 metres at 21.9 g/t gold and 10.4 g/t silver from 17 metres.
These results highlight extensions beyond the current 3.1 million ounce gold and 22 million ounce silver resource base.
At the Iguana prospect, drilling also delivered promising results, with intercepts such as 15.5 metres at 3.0 g/t gold and 22.8 g/t silver from 89.1 metres, supporting further resource expansion and geological confidence.
Preliminary metallurgical testwork at Dynasty confirmed high recoveries using conventional processing techniques.
Oxide ore achieved gold recoveries of 85–88% using a cyanide-in-leach circuit, while sulphide ore achieved 91% gold recovery using flotation followed by cyanidation of the concentrate.
The results demonstrate strong processing potential and indicate further opportunities for optimisation.
At the Linderos Copper Project, joint venture partner Hanrine completed an additional four diamond holes totalling 4,083 metres during the quarter, bringing the cumulative total to 7,105 metres since drilling commenced in late 2024.
Titan expects the 10,000-metre milestone to be achieved during the second quarter of 2025, enabling Hanrine to earn a 25% interest in Linderos under the second earn-in milestone, with a third 15,000-metre drilling campaign anticipated to commence in the third quarter.
Corporate activities
Corporate activities included the successful conversion of 16.27 million options, raising A$5.7 million, and the complete repayment of the company’s remaining debt.
Titan closed the quarter with a strong cash balance of A$17.2 million (US$10.8 million), positioning it well for continued project development.
Looking ahead, Titan plans to recommence Dynasty resource drilling in late April 2025, complete an updated Mineral Resource Estimate by mid-2025, and initiate Scoping Study workstreams in parallel.
Exploration drilling to test new porphyry gold and copper targets is also planned to begin in early Q2 2025.