SYDNEY, AUSTRALIA: 26 November 2024 - Titan Minerals Limited (ASX:TTM) is excited to announce the commencement of a significant 10,000-meter diamond drilling campaign at its Linderos Copper Project in Ecuador. This campaign, part of the joint venture and earn-in agreement with Hanrine, a wholly-owned subsidiary of Hancock Prospecting, marks a major milestone in the project’s advancement.
Key highlights include:
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Titan and Hanrine, a wholly owned subsidiary of Hancock Prospecting, have executed a formal binding joint venture and earn-in agreement whereby Hanrine can earn up to an 80% interest in the Linderos Copper Project, by either achieving specific exploration milestones and proceeding to a decision to mine or by sole funding up to US$120 (AU$180) million1.
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COMPLETED- First Milestone to earn an initial 5% interest. Hanrine have satisfied first earn-in commitment by making US$2.0 million cash payment to Titan.
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UNDERWAY-SecondMilestonetoearnanadditional25%interest.A 10,000m diamond drilling campaign commenced in early November, less than 2 months after executing the JV & Earn-in agreement. One diamond drill rig in operation, with a second rig set to commence in the coming weeks to expedite the 10,000m drill program, which the Company anticipates could be completed in Q2 2025.
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NEXT- Third Milestone to earn an additional 21% interest, by completing 15,000m of drilling.
Titan’s CEO Melanie Leighton, commented:
“We are excited that drilling is underway and look forward to delivering results from lateral and depth extensions to porphyry copper mineralisation previously defined at Linderos by Titan’s exploration activities.
We are very encouraged by Hanrine’s desire to commence exploration activities in such a timely manner, with drilling underway less than 2 months after execution of the Joint Venture & Earn-in agreement. This is a testament to Hanrine’s well-credentialed Ecuadorian team and to their commitment in maintaining their leadership position in Ecuador’s emerging mining industry.
We are extremely pleased to be partnered with Hanrine, a Company that is motivated to fully explore and develop the Linderos Project, which we believe has the potential to host a porphyry copper deposit of global significance.”
About us:
Titan Minerals is focused on exploring and developing Tier One projects in Ecuador’s southern Andean copper-gold belt.
RESPONSIBLE EXPLORATION AND DEVELOPMENT OF LARGE-SCALE COPPER-GOLD PROJECTS IN SOUTHERN ECUADOR
- Large Scale Projects in Ecuador – Compelling Prospectivity and Supportive Government
- World-Class Gold-Copper Project Portfolio – Meaningful exposure to large-scale copper and gold
- Development Ready Gold Project- 3.1 Moz Au 22 Moz Ag
- Strong Board, Management & Technical Capability
- Best practice exploration techniques and technical standards set to unlock project potential
- Pipeline of high conviction targets set to feature in exploration programs
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au