Announcement • May 13
Titiminas Silver Inc Outlines Work Program At Madre Sierra Silver Mine
Titiminas Silver Inc. provided a corporate update and outlined the technical work program that will advance the Madre Sierra Silver mine in central Peru, in which the Company holds an option to acquire a 100% interest, toward a Final Investment Decision milestone targeted for the fourth quarter of 2027. Phase 1 Underground Drilling: a 15,500-metre diamond drill (DDH) program is scheduled to commence at the end of June 2026 and run for approximately 12 months. Drilling will be conducted entirely from existing underground workings and will test three target zones in parallel: Madre Sierra, Madre Sierra Norte and the Titiminas Carbonate Replacement Deposit (CRD). Surface Step-Out Drilling: following completion of the underground program, the Company intends to commence a surface drilling campaign to test for additional mineralized zones along the known strike lengths of the ~5 km mineralized corridor. Metallurgical Testwork: ongoing metallurgical and mineralogical testwork is on track for completion by September 2026. Basic Plant Engineering: basic engineering for a 350 tonne-per-day (tpd) processing plant will commence on completion of metallurgical testwork. Geomechanical Studies: geomechanical investigations are scheduled to commence in the fourth quarter of 2026 to support mine design and tailings storage facility planning. Maiden Mineral Resource Estimate: a maiden NI 43-101 compliant Mineral Resource Estimate (MRE) is targeted for delivery at the end of the second quarter of 2027 or early in the third quarter of 2027. PEA & Final Investment Decision: a Preliminary Economic Assessment (PEA) is planned to follow the maiden MRE, supporting a Board-level Final Investment Decision targeted for the fourth quarter of 2027. The Company is mobilizing drill rigs to site to commence its planned 15,500-metre diamond drilling program at the end of June 2026. The program is designed to run continuously over approximately twelve months and will be conducted entirely from underground, leveraging the existing adits and historical mine workings within the property. Drilling from underground platforms is expected to deliver several advantages over a surface program at the Mine's 4,300 to 4,700 metre elevation, including improved drill productivity, tighter drill-hole spacing for resource definition, reduced weather-related downtime and a lower surface footprint. The Phase 1 program will test three target zones in parallel: Madre Sierra, Madre Sierra Norte (North Zone), and Titiminas CRD. Madre Sierra is the past-producing, silver-rich polymetallic vein system that anchors the Mine. Mineralization at Madre Sierra occurs in quartz-sulphide veins hosted within an elongated dacite stock and is characterized by argentiferous galena, sphalerite and grey copper sulphosalts, together with copper oxides at surface. The vein system is controlled by major NW–SE structures and exhibits hydrothermal breccias, open-space fillings, complex mineralogy and high silver, lead and zinc concentrations indicative of multiple mineralization episodes. Underground drilling from existing workings will test the continuity, grade and geometry of the principal vein structures and provide the geological, geochemical and bulk density data required for the maiden Mineral Resource Estimate. Madre Sierra Norte, located immediately north of the Madre Sierra mine, is a newly recognized Ag–Cu–Au vein system associated with multiple quartz veins exposed at surface and within historical underground workings on Levels 1 and 2 (~250 metres of accessible workings). At ~4,470 m a.s.l. average vein widths are approximately 0.50 m, increasing at depth (~4,315 m a.s.l.) to a true thickness of ~1.3 m within a 7-metre wide geological structure with tensional vein geometries indicative of a dilatant structural setting. Previously disclosed underground channel sample highlights from the North Zone include 0.40 m @ 73.99 oz/t Ag, 0.40 m @ 14.53% Cu and 0.40 m @ 18.92 g/t Au. Underground drilling will test the continuity and geometry of the vein system at depth and along strike. The Titiminas CRD is another past-producing, high-grade Carbonate Replacement Deposit (CRD)–style system located approximately 700 m west of the Madre Sierra veins, developed at the contact between the Chambará limestone and the Madre Sierra dacite stock. The contact is traceable along approximately 5 km of strike, defining a major exploration corridor. The Titiminas CRD hosts over 500 m of existing underground development, providing direct access to the mineralized horizon at multiple elevations. Previously disclosed surface and underground channel sampling has confirmed the continuity and tenor of high-grade Ag–Pb–Zn mineralization, including a single 8.20 m channel-sampled trench (Trench 4633) returning 8.20 m @ 7.69 oz/t Ag, 10.18% Pb and 18.46% Zn at the limestone–dacite contact. Underground drilling from existing development will support resource delineation across the past-producing horizon and inform the integration of the Titiminas CRD into the future mining operation alongside Madre Sierra. Following completion of the 15,500-metre underground drilling program, the Company intends to advance directly into a surface drilling campaign designed to test for additional mineralized zones along the known strike lengths of the ~5 km mineralized contact corridor. The work to date supports an integrated, multi-episodic mineralizing system at Madre Sierra, comprising CRD-style Ag–Pb–Zn replacement bodies at the Chambará limestone–dacite contact, polymetallic Ag–Pb–Zn and Ag–Cu–Au veins hosted in the dacite stock, and a potential Cu–Mo porphyry system at depth in the northern sector of the property. Surface drilling is intended to step out from the underground-tested zones to evaluate untested portions of this corridor, expand the geological and resource footprint of the Mine, and prioritize additional targets for subsequent infill drilling and development planning. The scope, sequencing and budget of the surface program will be informed by the outcomes of the underground drilling and the maiden Mineral Resource Estimate. Metallurgical and mineralogical testwork is currently advancing on representative samples from the principal mineralized zones. The program is on schedule for completion in September 2026 and is being conducted to confirm flowsheet selection, optimize reagent regimes and lock recovery and concentrate quality assumptions.
