Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Titan Minerals Ltd (ASX:TTM, OTC:TTTNF).
The company is advancing a 10,000-metre diamond drilling campaign at the Linderos Copper Project in Ecuador, part of an earn-in agreement with Hanrine, a subsidiary of Hancock Prospecting.
This agreement allows Hanrine to secure up to an 80% interest in the project by meeting exploration milestones and providing up to US$120 million in funding.
Drilling commenced in November 2024, with a second diamond rig to be added soon. The campaign targets extensions at the Copper Ridge porphyry prospect and is expected to finish by the second quarter of 2025.
Hanrine has already earned a 5% stake through a US$2 million payment to Titan and can achieve 51% ownership by completing 15,000 metres of drilling.
Titan’s earlier work identified substantial shallow porphyry copper mineralisation at Copper Ridge, including an interval of 308 metres at 0.4% copper equivalent.
A geophysical survey further revealed a 2-kilometre porphyry alteration footprint, suggesting significant growth potential.
Titan highlighted Hanrine’s prompt and effective commencement of activities as a reflection of their strong Ecuadorian team and commitment to the region’s mining development.