Titan Mining Identifies a Third Zone of Near-Surface Mineralization, Including 53 Feet of 6.5% Zinc, 0.5% Lead and 7.8 g/t Silver
VANCOUVER, British Columbia, March 03, 2020 (GLOBE NEWSWIRE) — Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) is pleased to announce the delineation of a third zone of near-surface mineralization at its 100%-owned Empire State Mine (“ESM”) in upstate New York. Drilling has successfully delineated three significant zones of mineralization that can potentially be mined by lower cost open-pit mining methods and milled at ESM’s milling complex located one mile to the north under ESM’s current mining permit, subject to an update of the Mined Land Use Plan. This could allow for near-term development of the mineralization.
Highlights from the Recent Drilling Program:All zones are located within an approximate 1-mile distance from the ESM mill. Please refer to Figure 1. Highlights from the recent drilling include:- Pumphouse Zone: Drilling has defined a zone of mineralization 25 feet thick over a strike length of 300 feet extending to a depth of at least 150 feet with hole SX20-2554 returning 53.0 feet assaying 6.5% zinc, 0.5% lead and 7.8 g/t silver, including 7.6 feet assaying 20.7% zinc, 1.6% lead and 17.1 g/t silver.- Hoist House Zone: Strike length extends to 750 feet with hole SX20-2557 returning 19.5 feet assaying 11.0% zinc, 1.7% lead and 19.5 g/t silver.- Turnpike Zone: Step out and infill drilling continue to confirm mineralization continuity along strike and down-dip with hole SX20-2561 returning 82.4 feet assaying 6.5% zinc, 2.1% lead and 14.7 g/t silver, including 33.5 feet assaying 12.8% zinc, 4.6% lead and 29.4 g/t silver.Preliminary metallurgy on the three near surface mineralized zones (Hoist House, Turnpike and Pumphouse), indicate similar recoveries for zinc (94-96%) as being achieved from mineralized material currently being mined from the #4 mining operations. Additionally, historic milling of mineralization containing galena (lead) and silver have produced high concentrate grades but at lower recoveries. A full array of testing is underway at Resource Development Inc (RDi) of Wheat Ridge, Colorado to determine expected ranges for the recoveries.Key mineralized intervals from the Pumphouse Zone include:53.0 feet assaying 6.5% zinc, 0.5% lead and 7.8 g/t silverIncluding 7.6 feet assaying 20.7% zinc, 1.6% lead and 17.1 g/t silver41.5 feet assaying 5.6% zinc, 0.4% lead and 9.8 g/t silverIncluding 8.8 feet assaying 16.8% zinc, 0.3% lead and 14.5 g/t silver16.5 feet assaying 12.2% zinc, 0.5% lead and 11.3 g/t silverIncluding 5.3 feet assaying 29.4% zinc, 0.7% lead and 23.4 g/t silver12.4 feet assaying 6.1% zinc, 1.1% lead and 9.1 g/t silverIncluding 1.7 feet assaying 16.6% zinc, 3.2% lead and 19.7 g/t silver22.6 feet assaying 6.4% zinc, 1.0% lead and 8.0 g/t silverIncluding 2.1 feet assaying 16.1% zinc, 0.2% lead and 7.5 g/t silverKey mineralized intervals from the Hoist House Zone include:80.0 feet assaying 4.6% zinc, 0.3% lead and 4.3 g/t silver (FW)Including 15.0 feet assaying 13.6% zinc, 0.5% lead and 10.8 g/t silver122.2 feet assaying 5.4% zinc, 0.3% lead and 7.4 g/t silver (FW)Including 45.8 feet assaying 10.4% zinc, 0.4% lead and 8.1 g/t silver19.5 feet assaying 11.0% zinc, 1.7% lead and 19.4 g/t silver (FW)Key mineralized intervals from the Turnpike Zone include:82.4 feet assaying 6.5% zinc, 2.1% lead and 14.7 g/t silverIncluding 33.5 feet assaying 12.8% zinc, 4.6% lead and 29.4 g/t silver100.0 feet assaying 2.6% zinc, 0.8% lead and 8.0 g/t silverIncluding 10 feet assaying 7.9% zinc, 1.8% lead and 10.7 g/t silver135.3 feet assaying 3.7% zinc, 0.5% lead and 6.1 g/t silverIncluding 7.7 feet assaying 10.9% zinc, 1.5% lead and 11.2 g/t silverScott Burkett, Vice President, Exploration, commented, “Drilling on Pumphouse, Hoist House and Turnpike Zones is complete and has confirmed the continuity and tenor of mineralization, along strike and down-dip for all three zones. Based on the drill hole results, ESM anticipates that the near surface mineralization will support open pit mining and provide incremental feed to the under-utilized mill at ESM.”Due to the encouraging drill results from the three near surface mineralized zones, ESM has contracted industry experts to further evaluate the open-pit potential. Results will be incorporated into the updated Mined Land Use Plan (“MLUP”) and updated Preliminary Economic Assessment (“PEA”) scheduled for completion in the first half of 2020. The following contractors will be working on the open-pit project and updated MLUP and PEA:Knight Piesold – Geotechnical evaluation to determine pit slope stability and pit wall anglesAMC Consultants – Pit optimization, design and scheduling as well as providing cost estimatesSRK – Resource estimationRDi – Metallurgical studies to optimize lead and silver recoveriesJohnny Pappas – Environmental and permittingIASL Lynda Bloom – QAQCThe Pumphouse Zone (Figures 1-2) is located 500 feet to the southwest of the Hoist House zone and is interpreted as being an unmined lens of mineralization adjacent to the historic #2 zone. Mineralization outcrops on surface and drilling has confirmed a 25-foot-wide zone of mineralization with a strike length of 300 feet extending to at least 150 feet deep. Drill hole results are listed in Table 1.The Hoist House Zone, located one mile south of the ESM #4 mine and milling complex, is interpreted to be the unmined extension of the historic #2 zone. Historic drilling indicates that the Hoist House zone extends to a depth of at least 300 feet over a strike length of 750 feet. The most recent drilling at Hoist House confirms footwall (“FW”) mineralization extends an additional 150 feet to the south (Figures 1-2). Significant intercepts are listed in Table 2.The Turnpike Zone (Figures 1-2), located 600 feet to the southeast of the Hoist House zone, is interpreted to be the unmined extension of the historic #1 zone. Historic mapping identified outcropping mineralization with a strike length of 450 feet, and drilling has confirmed the presence of near-surface mineralization between 50 and 100 feet thick. Significant intercepts are listed in Table 3.Don Taylor, Chief Executive Officer, said, “The highly successful drill results on the near surface mineralized material has generated a lot of optimism as a low-cost way to increase our throughput at ESM with low capital requirements. Once in production, this project has the potential to add a combination of ESM and contractor employees totaling 24 jobs to our current workforce of approximately 110 employees.”Figure 1 – Location of Near-Surface Drill Targets at ESMhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d3baf05d-0f3f-4e1e-abbc-4ca3d55dee15Figure 2 – Plan View of Pumphouse, Hoist House and Turnpike Zones Showing Drill Hole Locationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/f7dae3a3-3bf2-4c0b-8993-35a4e382d0f0Pumphouse Zone Drill ResultsTable 1 – Exploration Drill Results from Pumphousehttps://www.globenewswire.com/NewsRoom/AttachmentNg/aa5d74ab-813d-45f4-b4ba-3343d5623ed6* Based on observed geologic contacts, no representation is made here regarding the true width.Hoist House Zone Drill ResultsTable 2 – Exploration Drill Results from Hoist Househttps://www.globenewswire.com/NewsRoom/AttachmentNg/2044fd8f-c443-4480-a801-d06d202657c8* Based on observed geologic contacts, no representation is made here regarding the true width.Table 2 Continued – Exploration Drill Results from Hoist Househttps://www.globenewswire.com/NewsRoom/AttachmentNg/ec292352-f2f8-4de5-a50b-1811fdd9e843* Based on observed geologic contacts, no representation is made here regarding the true width.Table 2 Continued – Exploration Drill Results from Hoist Househttps://www.globenewswire.com/NewsRoom/AttachmentNg/c2578559-9aa9-4699-9ad2-d547233ecac1* Based on observed geologic contacts, no representation is made here regarding the true width.Table 3 – Exploration Drill Results from Turnpikehttps://www.globenewswire.com/NewsRoom/AttachmentNg/1069957a-da90-4fdd-be85-19e91108a43d* Based on observed geologic contacts, no representation is made here regarding the true width.Table 3 Continued – Exploration Drill Results from Turnpikehttps://www.globenewswire.com/NewsRoom/AttachmentNg/57e4c840-45cf-45fc-acec-31bccb92f962* Based on observed geologic contacts, no representation is made here regarding the true width.Table 3 Continued – Exploration Drill Results from Turnpikehttps://www.globenewswire.com/NewsRoom/AttachmentNg/49ca852c-6e09-4b74-873b-9142a7f5a086* Based on observed geologic contacts, no representation is made here regarding the true width.Qualified PersonThe results of the Titan drilling have been reviewed, verified and compiled by Scott Burkett, Vice President of Exploration for Titan, a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Burkett has over 12 years of mineral exploration experience and is a Registered Member through the SME (registered member # 4229765).Assays and Quality Assurance/Quality ControlTo 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, an ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS Minerals Laboratories 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).About Titan Mining CorporationTitan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine (“ESM”) located in New York State. ESM is a group of zinc mines which started production in the early 1900s. Titan is built for growth, focused on value and committed to excellence. The Company’s shares are listed under the symbol “TI” on the Toronto Stock Exchange. For more information on the Company, please visit our website at www.titanminingcorp.com.ContactFor further information, please contact:Investor Relations:
Telephone: 416-366-5678 Ext. 203 | Email: email@example.comCautionary Note Regarding Forward-Looking InformationThis press release contains certain forward-looking statements. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance of current and additional drilling, or timing of events to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the Company’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2018, available at www.sedar.com. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Titan undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.