Titan Minerals (ASX:TTM) has signed a letter of offer with Hancock Prospecting’s wholly owned subsidiary, Hanrine Ecuadorian Exploration and Mining S.A (Hanrine), for Hanrine to acquire up to an 80% ownership interest in the Linderos Copper Project.
The project spans an area of 143 square kilometres in southern Ecuador, comprising of four contiguous mineral concessions owned by Titan.
“This Joint Venture (JV) deal is an excellent outcome for Titan shareholders, with Hanrine set to spend up to US$120 million (AU$180 million) to earn 80% in the Linderos Project,” Titan CEO Melanie Leighton said.
“We are very pleased to be partnering with Hancock’s Ecuadorian subsidiary company, Hanrine, who has both the balance sheet and capability to fully explore and develop the Linderos Project.
“Hanrine clearly see the opportunity for large-scale copper, both at the Linderos Copper Project, and in Ecuador, an emerging mining jurisdiction, having made considerable investment into exploration in Ecuador over recent years,” Leighton said.
The majority of exploration efforts at Linderos have been focused on the Copper Ridge Porphyry and Meseta Gold prospects.
In 2022, Titan conducted an inaugural drilling campaign, comprising eight diamond drill holes totalling 3,700 metres at Copper Ridge.
These operations confirmed zones of copper porphyry mineralisation at shallow depths, with six out of the eight drill holes intersecting mineralisation.
Key intersections included 308 metres at 0.4% copper equivalent (Cu Eq) from 54 metres, with a segment of 76 meters at 0.5% Cu Eq from 132 meters, and 91 metres at 0.3% Cu Eq from 484 meters downhole.
Titan’s has confidence that Linderos could be a world class copper project.
TTM last are up around 16%, last traded at 3.7c, at 11am AEST.