Highlights:
- Discovery of
Little York - drilling included 11 ft of 18.4% zinc within 20 ft of 11% zinc; 4 ft of 25% zinc within 7.6 ft of 15.4% zinc - ESM H2/21 production forecasted at 26M payable lbs at AISC of
US$0.88 /lb - Plans to retire a portion of debt
- Plans to initiate a dividend to shareholders in H2/21 with the first to be declared in Q3 2021
Little York Discovery
Surface drilling has discovered
Additional detail on the
ESM Production Update
Mining and milling operations at ESM continue to improve in both production and safety. Production highlights comparing Q1 2021 to Q1 2019 (since the restructuring) from Table 1 below are as follows:
- Tons mined are up 93%
- Tons milled are up 86%
- Ore grade milled is down 3.5%
- Concentrate produced up 80%
- Payable zinc lbs. sold were up 64%
- Realized price per lb. of zinc sold up 2%
- C1 cash cost per payable zinc lb. sold down 8.4% (when retrospectively applying updated 2021 smelting and refining charges) compared to the first quarter of 2020 when commercial production was achieved.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6bf094a6-5eb5-4f33-9856-7b345fc9dd1d
The following figure depicts the improvement in recovered production, payable production and tons milled since the 2019 restructuring:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4149e029-8c16-49fe-83a3-44195cfe64c4
During the second half of 2021, the bulk of production at ESM will continue to come from the New Fold, Mahler, and
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f3de158f-ad6f-4d83-ac5e-dc832a9d4f23
(1) C1 cash cost per payable pound sold is a non-GAAP measure. All-in sustaining cost per payable pound sold (“AISC”) is calculated as C1 cash cost plus sustaining capital to maintain the mine and mill per pound sold. All-In Sustaining Cost per pound of zinc payable produced does not include depreciation, depletion, and amortization, reclamation and exploration expenses. See the Company’s Q1 2021 MD&A for discussion of non-GAAP measures.
CEO,
Drilling at
The
Surface exploration drilling consisting of three holes intercepted high-grade zinc mineralization along a flat lying structural zone. The three holes were designed to test the presence of mineralization over a 500-foot-wide corridor. All three drill holes intercepted high-grade mineralization with the second hole intercepting the thickest interval of mineralization potentially representing the core of the mineralized trend. The mineralization remains open along strike to the south and north. Follow up drilling will consist of multiple step-out holes to test the continuity of mineralization along strike to the south in an area that has not been drill tested.
Table 3 - Little York Exploration Drill Results
Drillhole | From (ft) | To (ft) | Interval (ft) | From (m) | To (m) | Interval (m) | Zn % | Zone |
SX21-2587 | 1833.9 | 1835.8 | 1.9 | 559.0 | 559.6 | 0.6 | 17.4 | |
SX21-2587 | 1965.6 | 1966.4 | 0.8 | 599.1 | 599.4 | 0.2 | 15.4 | Lower |
SX21-2587 | 1977.2 | 1978.1 | 0.9 | 602.7 | 602.9 | 0.3 | 5.6 | Lower |
SX21-2587 | 1984.7 | 1986.3 | 1.6 | 604.9 | 605.4 | 0.5 | 7.4 | Lower |
SX21-2587 | 2029.5 | 2030.0 | 0.5 | 618.6 | 618.7 | 0.2 | 6.5 | Lower |
SX21-2587 | 2042.9 | 2045.6 | 2.7 | 622.7 | 623.5 | 0.8 | 6.6 | Lower |
SX21-2588 | 1728.2 | 1728.8 | 0.6 | 526.7 | 526.9 | 0.2 | 7.3 | Upper |
SX21-2588 | 1849.0 | 1869.6 | 20.6 | 563.6 | 569.9 | 6.3 | 11.0 | |
including | 1851.2 | 1862.3 | 11.1 | 564.2 | 567.6 | 3.4 | 18.4 | |
SX21-2589 | 1370.2 | 1372 | 1.8 | 417.6 | 418.2 | 0.5 | 8.2 | Upper |
SX21-2589 | 1869.2 | 1876.8 | 7.6 | 569.7 | 572.0 | 2.3 | 15.4 | |
including | 1872.8 | 1876.8 | 4 | 570.8 | 572.0 | 1.2 | 25.4 |
Note: It is not possible to determine the true width of the zone(s) based on the drill density and no representation is made here regarding true width of the zone(s).
Table 4 – Little York Coordinates
Hole ID | Easting (ft) | Northing (ft) | Elevation (ft) | Depth (ft) | Dip | Azimuth |
SX21-2587 | 14,607.30 | 13,311.55 | 640.02 | 2,197.00 | -90.00 | 300.00 |
SX21-2588 | 14,610.18 | 13,312.56 | 641.41 | 2,557.00 | -85.00 | 300.00 |
SX21-2589 | 14,351.72 | 13,607.16 | 636.71 | 2,287.00 | -90.00 | 0.00 |
Note: The coordinates are in a local mine grid (ft).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d7041421-0b1e-4e97-b706-9d0286db2ced
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb681c3f-7502-45e5-a77e-42be2e787b26
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
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
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 is an
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 new release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that our drilling continues to deliver positive results that will ultimately extend mine life and enhance our production profile; that
When used in this news release words such as “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 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.
Table 1
Production Highlights
Figure 1
Zinc Production
Table 2
ESM Production and Cost Guidance H2 '21
Figure 2
Plan View of ESM Mineralized Zones
Figure 3
Cross-section of Little York Mineralization (Looking NE)
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