Titan Minerals (ASX:TTM,OTC Pink:TTTNF) introduced it has executed a binding three way partnership and earn-in cope with Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining.
In response to Titan’s Wednesday (September 18) launch, the deal considerations the corporate’s Southern Ecuador-based Linderos copper challenge, during which Hanrine will have the ability to purchase as much as an 80 p.c curiosity.
“We’re happy to be partnering with Hanrine, who’ve a well-established staff in-country with the technical functionality and monetary capability for us to mutually profit from exploration success alongside contribution to the financial system of Ecuador,” stated Titan CEO Melanie Leighton, emphasising the corporate’s pleasure about Linderos.
Hanrine pays Titan an preliminary US$2 million, with US$250,000 already despatched as a part of a time period sheet executed in April. The remaining steadiness of US$1.75 million will present Hanrine with its first 5 p.c curiosity in Linderos.
To earn the total 80 p.c stake within the property, Hanrine will both have to realize particular exploration milestones and proceed to a choice to mine, or solely fund as much as US$120 million for the three way partnership. This should occur inside 15 years of the three way partnership being executed; different milestones are in place at three and 7 years.
Leighton stated Hanrine is able to begin exploration on the web site, with an enlargement of the camp at Linderos being a prime precedence as preparations proceed for a ten,000 metre drill marketing campaign on the web site.
Technical web site visits and different logistics planning is already “effectively superior.”
As talked about, Linderos is situated in Southern Ecuador, the place it covers 143 sq. kilometres. Titan describes it as an early stage exploration challenge, with most exercise thus far centered on the Copper Ridge porphyry prospect.
Highlights from eight holes drilled in 2022 embrace 308 metres at 0.4 p.c copper equal from 54 metres, together with 76 metres at 0.5 p.c copper equal from 132 metres.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
