Titanium Sands Ltd (ASX:TSL) has 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.
The acquisition resource report has confirmed the acquisition target’s initial inferred resource of 31.92 million tonnes at 7.45% total heavy minerals (THM).
This resource is from surface to depths of 3 metres.
Notably, the acquisition of the adjoining tenure greatly expands TSL’s existing resource by 60% with further lateral and at depth extensions possible.
Increase in total average grade
On completion of the acquisition, TSL’s Mannar Island Project resources will increase to a total of 85 million tonnes at 6.96% THM.
The acquisition not only increases the total resource inventory, but also increases the average grade of the deposit.
TSL is in the process of finalising its Notice of Meeting to shareholders in relation to the acquisition. It is anticipated this will be sent to shareholders upon review by both ASIC and ASX.