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Titan Mining Updates Exploration including, 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver; Provides Dividend Update
VANCOUVER, British Columbia, June 14, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) provides an update on dividend and e
About this update from Titan Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 14, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) provides an update on dividend and exploration programs at the Company’s 100% owned Empire State Mine (“ESM”) in upstate New York. Drilling has focused on discovering, expanding, and delineating near mine mineralization within proximity to active and planned operational areas at ESM. Both surface and underground programs have been successful in intercepting significant zinc mineralization that will be accretive to the overall mineral resource. Quarterly Dividend Update Titan announces that it has temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflects the Company’s focus on strengthening its balance sheet as it navigates the downturn in zinc prices. “Titan remains confident in its business as operations continue to meet and exceed production goals, reduce costs and enjoy higher zinc prices through forward sales of 30% of the production forecast at $1.55/lb through to the end of 2023”, said Don Taylor. The Company’s Board of Directors will re-evaluate the payment of quarterly dividends as zinc prices improve. Surface and Underground Exploration Update 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 Surface drilling was successful in intercepting extensions of historically mined areas, and in testing and validating the modeled extent and scale of historic mining activity. Drilling will continue with a full mineral resource estimate update planned for Q1 2024. Donald Taylor, President and CEO of the Company commented, “The surface drilling completed thus far has been very beneficial in improving our understanding...