Core Gold Inc. (fka CGLDF)

[NYBob]

https://www.titanminerals.com.au/

https://www.investi.com.au/api/announcements/ttm/258d0c9a-9e5.pdf


ASX RELEASE – 21 September 2020
Titan Minerals Ltd | www.titanminerals.com.au | ASX Code: TTM
Suite 6, 295 Rockeby Road | Subiaco WA 6008 | T: [phone] | E: [e-mail]
Titan Minerals Jerusalem Gold Project concession
in Ecuador reinstated to 100% ownership
Highlights
• 100% ownership of the Jerusalem Project in Ecuador successfully reinstated to Titan
• Existing resource totals 1.28Moz gold averaging 14.5g/t and 8.6Moz silver at 98g/t in
most recent Canadian NI 43-101 compliant mineral resource completed in 2014,
comprised of:
o Measured & Indicated – 955,000 tonnes @ 13.8g/t gold and 93g/t silver for
423,000oz contained gold and 2.86Moz contained silver
o Inferred – 1,775,000 tonnes @ 15g/t gold and 101g/t silver for 856,000 oz
contained gold and 5.76Moz contained silver
• Historical diamond drillhole dataset of 47 diamond holes totaling 13,383m drilled with
multiple undrilled targets identified in surface geochemistry
• The Jerusalem concession is located on-trend between the Fruta del Norte deposit 40km
to the north and the contiguous land holding of Luminex Resources’ Condor Project
• Numerous high grade targets identified but not explored and the system remains open to
the north and at depth.
• Focus continues to be on expanding the resource at the Company’s flagship Dynasty Gold
Project in Ecuador with the commencement of its significant drilling campaign in Q3 2020
Titan Minerals Limited (ASX: TTM) (“Titan” or the “Company”) is pleased to report the successful
reinstatement of the Jerusalén Concession (“Jerusalem Gold Project”). Hosted in the same Jurassic age
terrane as the Mirador, Fruta del Norte, and Condor deposits, the Jerusalem Gold Project is situated between
the latter two deposits approximately 40km south of Lundin’s Fruta del Norte Mine hosting over 13Moz Au
resources and the concession is contiguous with Luminex Resources’ Condor project, host to over 5Moz Au
resources to the south of the project.
The Jerusalem Gold Project was originally acquired in 2003, whereafter, substantial expenditure from 2003
through 2007 enabled completion of significant exploration activity, resource estimation and preliminary
economic study work. The previous management pledged an expenditure commitment for exploration
investment from May 2010 but was prevented from actively exploring the project due to illegal artisanal
mining activity. Issues with artisanal activity were confirmed on the concession and Force Majeure was
declared in statutory reporting to the government during periods where activity on the project was
temporarily delayed. In 2015 the previous management approached the government to ask the eviction of
the illegal artisanal miners, but without success.
In 2017 the Ministry of Mines cancelled the concession on the basis that expenditure commitments had not
been met. Cancellation of the concession was appealed and, in September 2019, resulted in the High Court
ruling in favour of the owner, declaring the procedure for cancellation null and void accepting the concession
was under Force Majeure due to the ongoing illegal activity in the area.
Titan has been engaged with the Ecuadorian Ministry of Mines since the acquisition of Core Gold in May 2020
and had presented its case to successfully reinstate the concession. The Jerusalem concession has been now
reinstated to Titan Minerals with the concession being formally validated and registered late last week.
ASX RELEASE