Notes compiled from conversation with someone close to Titan Mining.
AugustaGroup is metals agnostic. Most groups stick to one category whether it be precious or base metals, Augustagroup prefers not to speculate on commodity prices so they will take on assets in both areas. Regardless of how metal prices are, they really only care about generating long term value for shareholders. This means they didn’t buy the asset because gold prices are running, they bought it because it will bring positive cash flow and dividends for shareholders. Mineral Ridge is a fully permitted site. It also a past producing mine which produced around 2 million ounces before it was shut down. While the current resource estimate shows 350k ounces, in reality there is closer to 500k ounces, because of zones that were overlooked. Potential for 1.5-5M with stepout drilling. Only time will tell. Open pit heap leach process. There is already 170k ounces on an existing heap leach pad which can be used for immediate cash flow. The grade is about 1.0 g/t. This is high grade for an open pit mine. The overlooked feeder zones show high grades. Four rigs will be on site in the next 10 days.