Business
Titan Mining Reports Strong Safety and Production Results for Second Quarter 2023
VANCOUVER, British Columbia, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the "Company") announces the results for the quart
About this update from Titan Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the \"Company\") announces the results for the quarter ended June 30, 2023. (All amounts are in U.S. dollars unless otherwise stated) Don Taylor, President and Chief Executive Officer of Titan, commented, “Titan’s ESM operations continued the momentum gained in the first quarter with an outstanding second quarter meeting or exceeding targets for the major metrics in safety and production.” Q2 2023 HIGHLIGHTS: No Lost Time Injuries and a recordable injury frequency rate at half the national average for underground metal mines. Zinc production of 15.0 million payable pounds, up 9% from the prior quarter; Zinc sales of 15.0 million payable pounds, up 1% from the prior quarter; $9.0 million in revenue, down 47% when compared to the prior quarter due to significantly lower realized zinc prices and negative provisional and final pricing adjustments; Announced results of surface and underground drilling programs. The surface drilling program included a total of 16,240 ft targeting modeled extents of near mine, near surface mineralization at the planned Turnpike (formerly Sphaleros) expansion project. Significant mineralized intercepts from surface include: 49.5 feet assaying 9.3% zinc, 3.2% lead, and 24.3 g/t silver Including 15.1 feet assaying 16.1% zinc, 5.2% lead, and 37.8 g/t silver 27 feet assaying 13.2% zinc, 3.6% lead, and 30.6 g/t silver Including 12.6 feet assaying 19.8% zinc, 5.6% lead, and 49.4 g/t silver 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver 23.9 feet assaying 14% zinc, 3.7% lead, and 33.4 g/t silver 15.5 feet assaying 14.9% zinc, 0.6% lead, and 6.9 g/t silver Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas. Assays from drill holes completed to date continue to support the robust nature of the zone. Cash balance of $2.9 million at June 30, 2023 TABLE 1 FINANCIAL and OPERATING HIGHLIGHTS Q2 2023 Q1 2023 Q2 2022 Q2 2023 vs. Q1 2023 Q2 2023 vs. Q2 2022 Operating Payable Zinc Produced mlbs 15.0 13.8 16.5 9% -9% Payable Zinc Sold mlbs 15.0 14.8 15.0 1% 0% Average Realized Zinc Price $/lb 1.15 1.42 1.74 -19% -34% &nb...