Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has the diamond drill spinning in a 10,000-metre campaign at the Linderos Copper Project in Ecuador as earn-in partner Hanrine, a wholly owned subsidiary of Hancock Prospecting, marches toward a 30% interest and eventually 80%.
One diamond drill rig is in operation with a second rig set to begin in the coming weeks to expedite the program, which the company anticipates could be completed in the second quarter of 2025, giving Hanrine an additional 25%.
Hanrine earn-in
Drilling began earlier this month, less than two months after Titan’s wholly owned subsidiary, Linderos Mining S.A.S. executed a joint venture and earn-in agreement with Hanrine Ecuadorian Exploration and Mining S.A.
This will see Hanrine, which is fully funding and managing exploration activities, earn up to 80% in Linderos by achieving exploration milestones and proceeding to a decision to mine or sole funding up to US$120 (A$180) million.
Hanrine has already passed the first earn-in milestone for an initial 5% interest by making a US$2 million cash payment to Titan and can earn an additional 21% interest for 51% by completing a further 15,000 metres of drilling following the current campaign.
Titan Minerals southern Ecuador projects, neighbouring projects and surrounding infrastructure.
Testing extensions
Drilling is testing lateral and depth extensions at the Copper Ridge porphyry prospect, where Titan’s previously completed drilling defined copper porphyry mineralisation from shallow depths over an area of ~1000 metres east x 800 metres north x 400 metres depth.
Titan’s CEO Melanie Leighton said: “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 two months after execution of the joint venture and 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.”
Linderos Project displaying regional magnetics, soil sample geochemistry and exploration targets.
Growth potential
Previous drilling delivered a best result of 308 metres at 0.4% copper equivalent (CuEq) from 54 metres, including 76 metres at 0.5% Cu Eq from 132 metres.
Encouraging potential for higher-grade copper mineralisation is supported by intersections including 76 metres at 0.5% Cu Eq from 132 metres and 22 metres at 0.5% Cu Eq from 524 metres.
Evidence suggests that the porphyry copper system could be significantly larger than that currently defined by drilling, with six out of eight of Titan’s drill holes ending in porphyry copper mineralisation.
An Induced Polarisation geophysical survey also highlights a 2-kilometre porphyry alteration footprint, which is a substantially larger area than currently tested by drilling.
"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,” Leighton added.
"We look forward to providing updates as drilling and associated activities progress at Linderos.”