Titan Mining Updates Reporting at Mineral Ridge
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Titan Mining Updates Reporting at Mineral Ridge
Vancouver, B.C., February 26, 2021 – Titan Mining Corporation (TSX: TI) (“Titan” or the “Company”)
announces that in satisfying the reporting requirements of the British Columbia Securities
Commission Titan commissioned an independent consultant to prepare a technical report on the
Mineral Ridge Project.
The technical report for Titan was based on a technical report with an effective date of January 2,
2018, summarizing a feasibility study that was prepared for Scorpio Gold Corporation (“ Scorpio
Gold”) on Mineral Ridge. The technical report prepared for Titan differs in some respects to that
prepared for Scorpio Gold given the more recent effective date of the report of December 1, 2020,
and includes the reclassification of the Measured Mineral Resources within the existing heap
leach pad to Indicated Mineral Resources, an addition of a surge pile to accommodate the crusher
which modified the capital cost estimate, changes to the power costs that modified the operating
cost estimate, review of commodity prices, and review of inputs to the economic analysis including
changes to the gold price used in the analysis.
The results of the study indicated that approximately 14,000 ounces of gold had been recovered
from continued leaching from the existing leach pad since the 2018 technical report. While the
independent consultant has confirmed that the volume of material on the leach pad is generally
unchanged (outside of the 14,000 ounces of gold recovered from continued leaching), the
extraction has made it unclear where the reported Measured Mineral Resources estimated for
Scorpio Gold are precisely located on the leach pad. As a result, the independent consultant
revised the Measured classification to Indicated. The below updated estimate of Mineral
Resources and Mineral Reserves reflects the foregoing revisions.
Table 1: Mineral Resources Summary
Mineral Resource Estimate for Mineralization Contained within the Heap Leach Pad
Classification Tons
('000)
Gold
(opt)
Silver
(opt)
Contained Gold
('000 oz)
Contained Silver
('000 oz)
Indicated 7,290 0.015 0.015 107.7 109.3
Inferred 78 0.014 0.023 1.1 1.8
Notes:
1. The effective date of the Mineral Resource estimate is December 1, 2020. The QP for the estimate is Mr. Ian Crundwell,
P.Geo.
2. Mineral Resources are quoted inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
3. Mineral Resources are contained within the Mineral Ridge leach pad facility with the following assumptions: a long-term
gold price of $1,216/oz; assumed process costs of $11/t; and metallurgical recovery for gold of 91%.
4. Silver was not used in the consideration of reasonable prospects for eventual economic extraction. Silver recoveries from
heap leach pad material are projected to be 24%.
5. Rounding may result in apparent differences when summing tons, grade and contained metal content. Tonnage and grade
measurements are in Imperial units. Grades are reported in ounces per ton.
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Measured and Indicated Mineral Resource Estimate for Run of Mine Remnant Areas
Area Classification Tons
('000)
Gold Grade
(opt)
Contained Gold
('000 oz)
Brodie
Measured 455.7 0.063 28.6
Indicated 237.9 0.056 13.4
Subtotal Measured and Indicated 693.6 0.060 41.9
Custer
Measured 147.8 0.083 12.3
Indicated 75.4 0.088 6.6
Subtotal Measured and Indicated 223.2 0.085 18.9
Drinkwater HW
Measured 527.3 0.046 24.3
Indicated 209.2 0.049 10.3
Subtotal Measured and Indicated 736.6 0.047 34.6
Mary LC & Bunkhouse
Measured 721.4 0.072 51.7
Indicated 403.3 0.074 29.8
Subtotal Measured and Indicated 1,124.7 0.072 81.5
Oromonte
Measured 235.8 0.162 38.3
Indicated 169.0 0.074 12.6
Subtotal Measured and Indicated 404.8 0.126 50.9
Combined
Measured 2,088.0 0.074 155.2
Indicated 1,094.8 0.066 72.6
Total Measured and Indicated 3,182.8 0.072 227.8
Inferred Mineral Resource Estimate for Run of Mine Remnant Areas
Area Classification Tons
('000)
Gold Grade
(opt)
Contained Gold
('000 oz)
Brodie Inferred 2.4 0.034 0.08
Custer Inferred — — —
Drinkwater HW Inferred 180.1 0.059 10.61
Mary LC & Bunkhouse Inferred 0.1 0.061 0.01
Oromonte Inferred 0.4 0.092 0.03
Combined Total Inferred 182.9 0.059 10.73
Notes:
1. The effective date of the Mineral Resource estimate is December 1, 2020. The QP for the estimate is Mr. Ian Crundwell,
P.Geo.
2. Mineral Resources are reported inclusive of Mineral Reserves at a gold cut-off grade of 0.01 opt. Mineral Resources that
are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resources are constrained to the area within the grade-shell wireframes. The areas outside of these grade shells
are assumed to be at zero grade.
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4. These Mineral Resource are considered to be amenable to open-pit mining. Conceptual Whittle pit shells used the following
assumptions: a long-term gold price of $1,350/oz; assumed combined operating costs of $12.36/t (mining, process, general
and administrative); metallurgical recovery for gold of 95%, and variable pit slope angles that ranged from 38–42º.
5. Rounding may result in apparent differences between when summing tons, grade and contained metal content. Tonnage
and grade measurements are in Imperial units. Grades are reported in ounces per ton.
Table 2: Mineral Reserves Summary
Mineral Reserve Estimate for the Heap Leach Pad
Mineral Reserve
Classification
Tons
('000)
Gold
(opt)
Silver
(opt)
Contained Gold
('000 oz)
Contained Silver
('000 oz)
Probable 7,290 0.015 0.015 107.7 109.3
Less material remaining in place due
to facility designs (260) 0.015 0.015 (3.8) (3.9)
Total Probable 7,030 0.015 0.015 103.9 105.4
Notes:
1. The Mineral Reserves have an effective date of December 1, 2020. The QP for the estimate is Mr. Jeffery Choquette P.E.
2. Mineral Reserves are contained within the Project leach pad facility with the following assumptions: long-term gold price of
$1,300/oz; assumed total ore process costs of $10.59/t; metallurgical recovery for gold of 91%, and 24% for silver, refining
and smelting cost of $28.39/oz of gold. Allowance has been made for the facility location which excludes 260,000 t; this
material must remain in-place, based on the heap material mining and tailings placement design.
3. Rounding as required by reporting guidelines may result in summation differences.
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Mineral Reserve Estimate for the Run of Mine Remnant Areas
Pit Area Mineral Reserve
Classification
Tons
('000)
Gold
(opt)
Contained Gold
('000 oz)
Brodie
Proven 51 0.042 2.1
Probable 12 0.027 0.3
Subtotal Proven and Probable 63 0.039 2.5
Custer
Proven 314 0.047 14.8
Probable 144 0.032 4.6
Subtotal Proven and Probable 459 0.042 19.4
Drinkwater
Proven 836 0.038 32.1
Probable 352 0.033 11.7
Subtotal Proven and Probable 1,189 0.037 43.7
Mary LC
Proven 470 0.035 16.3
Probable 276 0.035 9.7
Subtotal Proven and Probable 746 0.035 26.0
Bunkhouse
Proven 239 0.047 11.1
Probable 4 0.021 0.1
Subtotal Proven and Probable 243 0.046 11.2
Oromonte
Proven 563 0.071 39.8
Probable 449 0.030 13.7
Subtotal Proven and Probable 1,012 0.053 53.5
Total Combined
Proven 2,474 0.047 116.2
Probable 1,239 0.032 40.1
Total Proven and Probable 3,713 0.042 156.3
Notes:
1. The Mineral Reserves have an effective date of December 1, 2020. The Qualified Person for the estimate is Mr. Jeffery
Choquette P.E.
2. Mineral Reserves are reported within the pit designs at a 0.01 opt gold cut-off grade. Pit designs incorporate the following
considerations: base case gold price of $1,300/oz; pit slope angles that range from 38–47º; average life- of-mine
metallurgical recovery assumption of 93%; crushing costs of $1.81/t, process cost of $5.79/t, general and administrative
and tax costs of $2.90/t; and average mining costs of $1.42/t mined.
3. Rounding as required by reporting guidelines may result in summation differences.
A technical report in support of the Mineral Resources and Mineral Reserves in this news release,
prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) titled “Mineral Ridge Project, Esmeralda County, Nevada, USA” with an
effective date of December 22, 2020, has been filed on SEDAR concurrently with the issuance of
this news release. Readers are encouraged to review the final technical report in its entirety.
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Data Verification
Data verification performed in support of the Mineral Resource and Mineral Reserve estimates
for Mineral Ridge included in the technical report prepared for Titan included site visits; review of
QA/QC data, sampling analytical data and programs from Scorpio Gold and predecessor
company drill campaigns; database verification; review of metallurgical data and metallurgical
recovery assumptions including leach pad performance; review of mine and recovery plan
assumptions; and review of commodity price, capital and operating cost assumptions.
Drilling performed by Scorpio Gold primarily in the period 2014–2017 supports the Mineral
Resource and Mineral Reserve estimates. Scorpio Gold employed a QA/QC program of certified
reference materials (CRMs), blanks, and field duplicates inserted in the sample stream at the rate
of approximately one control for every 20 samples. The same QA/QC program was generally
employed for all samples submitted to each laboratory and the Scorpio Gold on-site assay
laboratory. QA/QC procedures implemented during the 2014–2017 drill programs are generally
acceptable to support the analytical precision and repeatability. The nature, extent, and results
of the sample preparation, security, and analytical procedures, and the quality control procedures
employed, and quality assurance actions taken by Scorpio Gold provide acceptable confidence
in the drill hole data collection and processing to support Mineral Resource and Mineral Reserve
estimation, and mine planning. Gold and silver assays can be used to estimate Mineral
Resources and Mineral Reserves for the heap leach pad. Silver was not routinely assayed for in
the remnant area drill programs. As a result, only gold estimation can currently be supported for
these areas.
Qualified Person
The Qualified Persons who co-authored the technical report include Mr Todd Wakefield, RM SME,
Mr Bruce Genereaux, RM SME, Mr Jeffrey Choquette, P.E., Mr Brian Arthur, RM SME, Mr Ian
Crundwell, P.Geo., and Mr Kevin Lutes, P.E. The Qualified Persons supervised the preparation
of the information that forms the basis for this news release.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire
State Mine (“ESM”) located in New York state. In addition, Titan has an option to earn a 100%
interest in the Mineral Ridge gold property in Esmeralda County, Nevada. 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:
Email: [email protected]