Titan Minerals (ASX:TTM) restarted drilling at its Ecuador-based Dynasty gold project, and ongoing drilling along with resource growth are expected to bolster the project's scale and profile as corporate interest across the region grows, Euroz Hartleys said in a note on Wednesday.

The investment firm said the resumption of a 10,000-meter drilling program comes after "encouraging" trenching results that showed shallow mineralization and carry potential to rapidly expand resources from near-surface zones.

The company is trading at a discount to Australian gold developer peers, which are valued at an average of AU$147 per ounce of gold, compared with Titan Minerals' at around AU$56 per ounce.

Euroz Hartleys maintained its speculative buy rating and price target of AU$1.95 on Titan Meinerals.