Technical Report In Progress For Mineral Ridge Project
VANCOUVER - Titan Mining Corporation reported 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 in January 2018, summarizing a feasibility study that was prepared for Scorpio Gold Corporation 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.