Titan raises for Dynasty resource

FOLLOWING its takeover of Core Gold, Titan Minerals is raising up to A$14.5 million to pursue exploration of its new flagship interests in Ecuador, the Dynasty gold and Cooper Duke copper-gold projects.
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Titan is getting to work in Ecuador.

Haydn Black

Reporter

The junior has already raised $12.5 million in an oversubscribed placement, including $500,000 from the directors if shareholders give their approval, at 6.5c, a 14.5% discount to its average trading price for the last two weeks, organised by Canaccord Genuity and Sprott Capital Partners.
 
It is looking for an additional $2 million on the same terms via a share placement plan.
 
Managing director Laurie Marsland said the placement had strong support from Australian and global institutions, and would fund exploration, targeted at upgrading resources at Dynasty to JORC status by December, and airborne geophysical surveys and surface sampling over the entire 130sq.km Copper Duke area.
 
Work has recently resumed work on the ground in Ecuador, following easing of movement restrictions imposed in response to COVID-19.
 
Titan is re-logging historical core and sampling previously un-assayed intervals at Dynasty, where there is a Canadian resource of 2.1 million ounces grading 4.5 grams per tonne gold.
 
It plans 6000m of drilling, trench and surface geochemistry, and high-resolution magnetic surveys over the next six months.
 
Copper Duke, 18km to the east, has "outstanding historic drill results" from a United Nations program  conducted in the 1970s, with potential for extensive porphyry and epithermal style mineralisation.
 
The maiden drilling program is nominally planned for the December quarter, using the company's own diamond drill rigs that will also be used at Dynasty. 
 
Copper Duke was acquired last year.
 
Titan last month appointed Bacchus Capital Advisers to help coordinate the sale of its non-core assets, including the Vista gold plant in Peru, with the junior noting several approaches in recent months.
 
Titan shares eased 5% yesterday to 7.5c, having traded between 3-21c over the past year, with the company valued at $57 million.
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