Titan Mining Drills Two New Zones of Near-Surface Mineralization at Empire State Mine

Reviewed

Jan 23 2020

Titan Mining Corporation is pleased to announce drill results of two new zones of near-surface mineralization at the Company’s Empire State Mine (“ESM”) in upstate New York. The definition drilling of these potential new open-pit mill feed zones is a key goal of the Company’s strategy of filling over 3,000 tonnes per day (“tpd”) of excess capacity at the ESM mill in an effort to dramatically increase production and lower costs.

Highlights

-Discovery of Turnpike zone, located within easy transport distance approximately one mile to the south of the ESM milling complex, with Hole SX19-2483 returning 80.0 feet assaying 5.8% zinc, 2.8% lead and 28.2 g/t silver, including 15.0 feet assaying 17.1% zinc, 7.8% lead and 79 g/t silver.

-The Hoist House zone is located approximately one mile south of the ESM mill, drill results include hole SX19-2484 returning 20.0 feet assaying 7.3% zinc, 0.9% lead and 11.7 g/t silver, and 31.0 feet assaying 4.2% zinc, 0.5% lead and 10.3 g/t silver.

-Together with the near surface extension of the #2D (see November 14, 2018 press release), these zones represent potential sources of low cost open-pit mining feed within mining claims, which could allow for near-term development.

Key mineralized intervals from the Turnpike zone include:

80.0 feet assaying 5.8% zinc, 2.8% lead and 28.2 g/t silver
◦ Including 15.0 feet assaying 17.1% zinc, 7.8% lead and 79 g/t silver
207.0 feet assaying 3.1% zinc, 1.1% lead and 10.4 g/t silver
◦ Including 101.0 feet assaying 5.4% zinc, 2.1% lead and 18.1 g/t silver
50.0 feet assaying 1.4% zinc, 0.4% lead and 5.0 g/t silver
◦ Including 10.0 feet assaying 3.6% zinc, 0.9% lead and 6.4 g/t silver

Key mineralized intervals from the Hoist House zone include:

8.0 feet assaying 11.0% zinc, 0.7% lead and 13.2 g/t silver
15.9 feet assaying 5.6% zinc, 0.9% lead and 18.5 g/t silver
◦ Including 5.8 feet assaying 10.2% zinc, 2.0% lead and 27.5 g/t silver
47.5 feet assaying 2.2% zinc, 0.1% lead and 4.1 g/t silver
◦ Including 3.5 feet assaying 7.9% zinc, 0.1% lead and 7.4 g/t silver
25 feet assaying 4.5% zinc, 0.5% lead and 20.3 g/t silver
20.0 feet assaying 7.3% zinc, 0.9% lead and 11.7 g/t silver
◦ Including 10.0 feet assaying 13.5% zinc, 1.6% lead and 19.1 g/t silver
31.0 feet assaying 4.2% zinc, 0.5% lead and 10.3 g/t silver
◦ Including 10.0 feet assaying 10.1% zinc, 0.9%lead and 11.6 g/t silver

Scott Burkett, Vice President, Exploration, commented, “The drilling results from the Hoist House and Turnpike zones are encouraging as we continue to confirm the presence of near-surface mineralization which may potentially support open-pit mining of incremental feed for our under-utilized mill at ESM. At Hoist House, continuity of mineralization has been demonstrated along strike and down dip. Initial drilling at Turnpike has identified robust mineralization up to 100 feet wide.”

The Hoist House zone, located one mile south of the ESM #4 mine and milling complex, is interpreted to be the unmined extension of the historic #2 zone. Historic drilling indicates that the Hoist House zone extends to a depth of at least 300 feet over a strike length of 600 feet. The most recent drill holes at Hoist House have extended both the hanging wall (“HW”) and footwall (“FW”) mineralized horizons (Figure 3), and drilling continues.

The Turnpike zone, located 600 feet to the southeast of the Hoist House zone, is interpreted to be the unmined extension of the historic #1 zone. Historic mapping identified outcropping mineralization with a strike length of 450 feet, and drilling has confirmed the presence of near-surface mineralization between 50 and 100 feet thick.

The Pumphouse zone is located 500 feet to the southwest of the Hoist House zone and is interpreted as being an unmined lens of mineralization adjacent to the historic #2 zone. Mineralization outcrops on surface and historic drilling indicates a 20 to 40-foot-wide zone of mineralization with a strike length of 350 feet and could extend to a depth of at least 150 feet.

Don Taylor, Chief Executive Officer, said, “Drilling continues to indicate several near-surface targets representing potential low-cost opportunities for additional mill feed. Preliminary metallurgical tests on Hoist House zinc mineralization indicate that the processing method and recovery rates are similar to those for the #2D zone which is being developed for underground mining. In addition to zinc, the Hoist House and Turnpike zones contain galena and associated silver. The mill at ESM is currently outfitted with a lead circuit and will be tested to take advantage of the lead/silver content of the mineralization currently under investigation.”

Hoist House Zone Drill Results

Drill holes SX19-2478, SX19-2479 SX19-2480 and SX19-2484 were drilled from surface and are part of a four-hole fan which targets the Hoist House zone and is located 50 feet to the southwest of the previously-reported drill holes (SX19-2475, SX19-2476 and SX19-2477). All four holes intercepted the HW and FW mineralized horizons, demonstrating the continuity of mineralization down-dip and along strike. Intercepts from the four holes are vertically spaced about 50 feet apart in FW mineralization.

Significant mineralized intervals from SX19-2478 were:

8.0 feet assaying 11.0% zinc, 0.7% lead and 13.2 g/t silver (HW)
31.5 feet assaying 2.5% zinc, 0.2% lead and 7.8 g/t silver (FW)

Notable mineralized intervals from SX19-2479 were:

15.9 feet assaying 5.6% zinc, 0.9% lead and 18.5 g/t silver (HW)
◦ Including 5.8 feet assaying 10.2% zinc, 2.0% lead and 27.5 g/t silver
47.5 feet assaying 2.2% zinc, 0.1% lead and 4.1 g/t silver (FW)
◦ Including 3.5 feet assaying 7.9% zinc, 0.1% lead and 7.4 g/t silver

Noteworthy mineralized interval from SX19-2480 were:

25.0 feet assaying 4.5% zinc, 0.5% lead and 20.3 g/t silver (HW)
25.0 feet assaying 4.6% zinc, 0.3% lead and 6.3 g/t silver (FW)

Significant mineralized intervals from SX19-2484 were:

20.0 feet assaying 7.3% zinc, 0.9% lead and 11.7 g/t silver (HW)
◦ Including 10.0 feet assaying 13.5% zinc, 1.6% lead and 19.1 g/t silver
31.0 feet assaying 4.2% zinc, 0.5% lead and 10.3 g/t silver (FW)
◦ Including 10.0 feet assaying 10.1% zinc. 0.9% lead and 11.6 g/t silver

Turnpike Zone Drill Results

Drill holes SX19-2482, SX19-2483 and SX19-2485 were drilled from surface and are part of a three-hole fan targeting the Turnpike zone. The three holes intercepted a broad zone of mineralization averaging 80 feet in true thickness, confirming the presence of near-surface mineralization and establishing continuity of mineralization at depth. Intercepts from the three-hole fan are vertically spaced 50 feet apart. SX19-2481 targeted the northeast extent of Turnpike mineralization and intercepted a narrow zone.

Mineralization intercepted in SX19-2481 was: