Titan Minerals (ASX:TTM,OTC Pink:TTTNF) announced it has executed a binding joint venture and earn-in deal with Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining.
According to Titan’s Wednesday (September 18) release, the deal concerns the company’s Southern Ecuador-based Linderos copper project, in which Hanrine will be able to acquire up to an 80 percent interest.
“We are pleased to be partnering with Hanrine, who have a well-established team in-country with the technical capability and financial capacity for us to mutually benefit from exploration success alongside contribution to the economy of Ecuador,” said Titan CEO Melanie Leighton, emphasising the company’s excitement about Linderos.
Hanrine will pay Titan an initial US$2 million, with US$250,000 already sent as part of a term sheet executed in April. The remaining balance of US$1.75 million will provide Hanrine with its first 5 percent interest in Linderos.
To earn the full 80 percent stake in the property, Hanrine will either have to achieve specific exploration milestones and proceed to a decision to mine, or solely fund up to US$120 million for the joint venture. This will have to happen within 15 years of the joint venture being executed; other milestones are in place at three and seven years.
Leighton said Hanrine is ready to start exploration at the site, with an expansion of the camp at Linderos being a top priority as preparations proceed for a 10,000 metre drill campaign at the site.
Technical site visits and other logistics planning is already “well advanced.”
As mentioned, Linderos is located in Southern Ecuador, where it covers 143 square kilometres. Titan describes it as an early stage exploration project, with most activity to date focused on the Copper Ridge porphyry prospect.
Highlights from eight holes drilled in 2022 include 308 metres at 0.4 percent copper equivalent from 54 metres, including 76 metres at 0.5 percent copper equivalent from 132 metres.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Credit: Source link
