TSX-listed Titan Mining has decided to terminate its option on the Mineral Ridge property, owned by Scorpio Gold, and will rather focus its efforts on increasing cash flow from its Empire State Mines (ESM), in upstate New York.
The company explains in a statement that it had undertaken an extensive exploration programme at the Mineral Ridge property, in Nevada, and an internal scoping level study, but the economic results did not meet Titan’s requirements to advance the project.
“Increasing profitability at ESM, on the back of strong zinc prices and lower-than-planned smelter treatment charges, coupled with limited exploration success and additional challenges at Mineral Ridge, has lead us to re-evaluate our position at the property and enhance our focus on ESM,” states Titan exploration VP Scott Burkett.
The Mineral Ridge property comprises about 5 665 ha of patented, fee-owned, and unpatented mining claims which include certain water rights. Historically, the property has produced about one-million ounces of gold from underground and openpit mining operations. The site is a fully permitted mine and mill operation that is currently on care and maintenance.
Scorpio says it has not received any results yet from drilling during Titan’s tenure.