GlobeNewswire Inc | Feb 26, 2021 03:50PM EST

February 26, 2021

VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (Titan or the Company) announces 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 with an effective date of January 2, 2018, summarizing a feasibility study that was prepared for Scorpio Gold Corporation (Scorpio Gold) 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. The below updated estimate of Mineral Resources and Mineral Reserves reflects the foregoing revisions.

Table 1: Mineral Resources Summary

Mineral Resource Estimate for Mineralization Contained within the Heap Leach Pad

Classification Tons Gold Silver Contained Gold Contained Silver ('000) (opt) (opt) ('000 oz) ('000 oz)Indicated 7,290 0.015 0.015 107.7 109.3Inferred 78 0.014 0.023 1.1 1.8

Notes:

-- The effective date of the Mineral Resource estimate is December 1, 2020. The QP for the estimate is Mr. Ian Crundwell, P.Geo. -- Mineral Resources are quoted inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. -- Mineral Resources are contained within the Mineral Ridge leach pad facility with the following assumptions: a long-term gold price of $1,216/oz; assumed process costs of $11/t; and metallurgical recovery for gold of 91%. -- Silver was not used in the consideration of reasonable prospects for eventual economic extraction. Silver recoveries from heap leach pad material are projected to be 24%. -- Rounding may result in apparent differences when summing tons, grade and contained metal content. Tonnage and grade measurements are in Imperial units. Grades are reported in ounces per ton.

Measured and Indicated Mineral Resource Estimate for Run of Mine Remnant Areas

Tons Gold ContainedArea Classification ('000) Grade Gold (opt) ('000 oz) Measured 455.7 0.063 28.6Brodie Indicated 237.9 0.056 13.4 Subtotal Measured and 693.6 0.060 41.9 Indicated Measured 147.8 0.083 12.3Custer Indicated 75.4 0.088 6.6 Subtotal Measured and 223.2 0.085 18.9 Indicated Measured 527.3 0.046 24.3Drinkwater HW Indicated 209.2 0.049 10.3 Subtotal Measured and 736.6 0.047 34.6 Indicated Measured 721.4 0.072 51.7Mary LC & Indicated 403.3 0.074 29.8Bunkhouse Subtotal Measured and 1,124.7 0.072 81.5 Indicated Measured 235.8 0.162 38.3Oromonte Indicated 169.0 0.074 12.6 Subtotal Measured and 404.8 0.126 50.9 Indicated Measured 2,088.0 0.074 155.2Combined Indicated 1,094.8 0.066 72.6 Total Measured and Indicated 3,182.8 0.072 227.8

Inferred Mineral Resource Estimate for Run of Mine Remnant Areas

Area Classification Tons Gold Grade Contained Gold ('000) (opt) ('000 oz)Brodie Inferred 2.4 0.034 0.08Custer Inferred ? ? ?Drinkwater HW Inferred 180.1 0.059 10.61Mary LC & Bunkhouse Inferred 0.1 0.061 0.01Oromonte Inferred 0.4 0.092 0.03Combined Total Inferred 182.9 0.059 10.73

Notes:

-- The effective date of the Mineral Resource estimate is December 1, 2020. The QP for the estimate is Mr. Ian Crundwell, P.Geo. -- Mineral Resources are reported inclusive of Mineral Reserves at a gold cut-off grade of 0.01 opt. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. -- Mineral Resources are constrained to the area within the grade-shell wireframes. The areas outside of these grade shells are assumed to be at zero grade. -- These Mineral Resource are considered to be amenable to open-pit mining. Conceptual Whittle pit shells used the following assumptions: a long-term gold price of $1,350/oz; assumed combined operating costs of $12.36/t (mining, process, general and administrative); metallurgical recovery for gold of 95%, and variable pit slope angles that ranged from 3842. -- Rounding may result in apparent differences between when summing tons, grade and contained metal content. Tonnage and grade measurements are in Imperial units. Grades are reported in ounces per ton.

Table 2: Mineral Reserves Summary

Mineral Reserve Estimate for the Heap Leach Pad

Mineral Reserve Tons Gold Silver Contained ContainedClassification ('000) (opt) (opt) Gold Silver ('000 oz) ('000 oz)Probable 7,290 0.015 0.015 107.7 109.3Less material remaining in place due (260) 0.015 0.015 (3.8) (3.9)to facility designsTotal Probable 7,030 0.015 0.015 103.9 105.4

Notes:

-- The Mineral Reserves have an effective date of December 1, 2020. The QP for the estimate is Mr. Jeffery Choquette P.E. -- Mineral Reserves are contained within the Project leach pad facility with the following assumptions: long-term gold price of $1,300/oz; assumed total ore process costs of $10.59/t; metallurgical recovery for gold of 91%, and 24% for silver, refining and smelting cost of $28.39/oz of gold. Allowance has been made for the facility location which excludes 260,000 t; this material must remain in-place, based on the heap material mining and tailings placement design. -- Rounding as required by reporting guidelines may result in summation differences.

Mineral Reserve Estimate for the Run of Mine Remnant Areas

Pit Area Mineral Reserve Tons Gold Contained Gold Classification ('000) (opt) ('000 oz) Proven 51 0.042 2.1Brodie Probable 12 0.027 0.3 Subtotal Proven and Probable 63 0.039 2.5 Proven 314 0.047 14.8Custer Probable 144 0.032 4.6 Subtotal Proven and Probable 459 0.042 19.4 Proven 836 0.038 32.1Drinkwater Probable 352 0.033 11.7 Subtotal Proven and Probable 1,189 0.037 43.7 Proven 470 0.035 16.3Mary LC Probable 276 0.035 9.7 Subtotal Proven and Probable 746 0.035 26.0 Proven 239 0.047 11.1Bunkhouse Probable 4 0.021 0.1 Subtotal Proven and Probable 243 0.046 11.2 Proven 563 0.071 39.8Oromonte Probable 449 0.030 13.7 Subtotal Proven and Probable 1,012 0.053 53.5 Proven 2,474 0.047 116.2Total Combined Probable 1,239 0.032 40.1 Total Proven and Probable 3,713 0.042 156.3

Notes:

-- The Mineral Reserves have an effective date of December 1, 2020. The Qualified Person for the estimate is Mr. Jeffery Choquette P.E. -- Mineral Reserves are reported within the pit designs at a 0.01 opt gold cut-off grade. Pit designs incorporate the following considerations: base case gold price of $1,300/oz; pit slope angles that range from 3847; average life-of-mine metallurgical recovery assumption of 93%; crushing costs of $1.81/t, process cost of $5.79/t, general and administrative and tax costs of $2.90/t; and average mining costs of $1.42/t mined. -- Rounding as required by reporting guidelines may result in summation differences.

A technical report in support of the Mineral Resources and Mineral Reserves in this news release, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) titled Mineral Ridge Project, Esmeralda County, Nevada, USA with an effective date of December 22, 2020, has been filed on SEDAR concurrently with the issuance of this news release. Readers are encouraged to review the final technical report in its entirety.

Data Verification

Data verification performed in support of the Mineral Resource and Mineral Reserve estimates for Mineral Ridge included in the technical report prepared for Titan included site visits; review of QA/QC data, sampling analytical data and programs from Scorpio Gold and predecessor company drill campaigns; database verification; review of metallurgical data and metallurgical recovery assumptions including leach pad performance; review of mine and recovery plan assumptions; and review of commodity price, capital and operating cost assumptions.

Drilling performed by Scorpio Gold primarily in the period 20142017 supports the Mineral Resource and Mineral Reserve estimates. Scorpio Gold employed a QA/QC program of certified reference materials (CRMs), blanks, and field duplicates inserted in the sample stream at the rate of approximately one control for every 20 samples. The same QA/QC program was generally employed for all samples submitted to each laboratory and the Scorpio Gold on-site assay laboratory. QA/QC procedures implemented during the 20142017 drill programs are generally acceptable to support the analytical precision and repeatability. The nature, extent, and results of the sample preparation, security, and analytical procedures, and the quality control procedures employed, and quality assurance actions taken by Scorpio Gold provide acceptable confidence in the drill hole data collection and processing to support Mineral Resource and Mineral Reserve estimation, and mine planning. Gold and silver assays can be used to estimate Mineral Resources and Mineral Reserves for the heap leach pad. Silver was not routinely assayed for in the remnant area drill programs. As a result, only gold estimation can currently be supported for these areas.

Qualified Person

The Qualified Persons who co-authored the technical report include Mr Todd Wakefield, RM SME, Mr Bruce Genereaux, RM SME, Mr Jeffrey Choquette, P.E., Mr Brian Arthur, RM SME, Mr Ian Crundwell, P.Geo., and Mr Kevin Lutes, P.E. The Qualified Persons supervised the preparation of the information that forms the basis for this news release.

About Titan Mining Corporation

Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine (ESM) located in New York state. In addition, Titan has an option to earn a 100% interest in the Mineral Ridge gold property in Esmeralda County, Nevada. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

Contact

For further information, please contact

Email: info@titanminingcorp.com