- Hancock’s drilling at Linderos highlighted extensive zones of porphyry copper mineralisation
- Drilling has confirmed a large-scale porphyry copper system
- System estimated at over one km of strike and down to one km in depth
- Titan retain 49% ownership of Linderos and is currently free-carried
Titan Minerals (ASX:TTM) has confirmed that Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining has achieved majority ownership of the Linderos copper project in Ecuador.
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Hanrine is operating and currently holds a 51% stake in the project after spending US$20 million under a joint venture and earn-in agreement.
Hanrine was initially permitted seven years to meet this milestone under the agreement with 25,000m of drilling, but has achieved the target in two years.
Titan Minerals retains 49% ownership of Linderos and is free-carried until Hanrine meet the final JVA earn-in milestone four to earn an additional 29% interest (total 80% interest), which entails reaching a decision to mine or total aggregate expenditure of US$120 million. whichever occurs first.
Both companies’ confidence in the project has been boosted with Hanrine obtaining promising results from a completed 18 holes for 17,800m of diamond drilling at Linderos.
Hanrine has also completed reconnaissance exploration programs to define drill targets over the broader tenement package. This takes total drilling at the Copper Ridge and Meseta prospects to 45 diamond drill holes for 23,920 metres.
“I am thrilled to be announcing more standout results from drilling completed at the Linderos copper project, by our JVA partner Hanrine, subsidiary company of Hancock Prospecting,” Titan’s CEO, Melanie Leighton, said.
“Hanrine have proven themselves to be a tremendous project partner who have rolled up their sleeves and got stuck into rapidly advanced drilling and exploration activities, successfully earning 51% ownership in the Linderos copper project.”
“While Hanrine were permitted seven years to achieve milestone three – US$20 million expenditure commitment – they achieved this in less than two years. This is a remarkable achievement and testament to their ability to operate in emerging mining jurisdictions such as Ecuador.”
Latest results have highlighted extensive zones of porphyry copper mineralisation, with new significant intersections including: 700.4m at 0.36% copper equivalent (CuEq) from 270.3m, including 20m at 0.82% CuEq from 316.2m, and including 164.8m at 0.52% CuEq from 412m and 302.3m at 0.32% CuEq from 197.1m, including 102.3m at 0.37% CuEq from 287.7m in a separate hole.
Three primary extensional targets have been identified from drilling at the Copper Ridge prospect.
Hanrine is currently undertaking an analysis of drilling and surface geochemical information collected at the project to date with further drilling planned for the South Target (two drillholes); NE Target (one drillhole) and NW Target (two drillholes).
TTM was steady at 57.0¢ with a Mkt cap of $164.1M.
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