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Titanium Sands in trading halt ahead of material project acquisition announcement

The company hopes to complete a scoping study for the Mannar Heavy Mineral Sands Project by the June quarter of 2020.

Mineral sands
The company’s flagship project is the Mannar Heavy Mineral Sands Project in Sri Lanka

Titanium Sands Ltd (ASX:TSL) is in a trading halt ahead with an announcement pending in relation to a material project acquisition.

The trading halt will remain in place until the beginning of trading on the ASX on Tuesday, July 16, 2019, or when an announcement is made to market, whichever occurs earliest.

TSL's shares last traded at 1.7 cents and have been up to 1.9 cents this week.

In April the company drilled 802 holes on the Mannar Island Heavy Mineral Sands Project in Sri Lanka, which was designed to infill previous resource drilling from 400 metre spaced lines to 200 metre spaced lines.

The drilling, which targeted areas of potential resource extension, will also contribute to a further resource update planned for July-August 2019.

The Mannar ilmenite-leucoxene heavy mineral deposit is on a 25-kilometre-long by 5-kilometre-wide sand island in the dry northwest of Sri Lanka.

READ: Titanium Sands drills minerals sands for scoping study at Sri Lankan project

The island is joined to the mainland by a road and small causeway with mineral sand deposits occurring elsewhere along the coast but only the government-owned Lanka Mineral Sands on the northeast coast at Pulmoddai is operational.

Mannar Island is a low lying (less than 10,000 years old), largely unconsolidated sand island with heavy mineral deposits contained within extensive sheets of 1 to 3 metres thick beach and beach sands along the coast.

Quick facts: Titanium Sands Ltd

Price: 0.019 AUD

ASX:TSL
Market: ASX
Market Cap: $12.07 m
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Full interview: Titanium Sands' James Searle updates on new land acquisition...

Titanium Sands Ltd's (ASX:TSL) managing director James Searle tells Proactive London's Andrew Scott they've completed the technical and corporate due diligence relating to the acquisition of a high-grade tenure adjacent to its Mannar Island Project in Sri Lanka. Searle also updates on the...

on 7/10/19

2 min read