Titanium Sands Ltd (ASX:TSL) has updated the JORC resource estimate for its Mannar Island Project in Sri Lanka to 90.03 million tonnes grading 6.60% total heavy minerals (THM).
Shares are up 25%, last trading at 2.5 cents this afternoon.
Of this total resource, 58.8% of the contained THM is on tenure already held by the company with the balance hosted on tenure in the process of being acquired by the company.
Shareholders will vote on the acquisition of the tenure at the general meeting on Friday 21 February 2020.
The heavy minerals resource is dominated by ilmenite and leucoxene with minor but valuable rutile and zircon components.
TSL’s managing director Dr James Searle said: “Translation of over 66% of the Mannar Island Mineral Resource into the better defined Indicated Mineral Resource category is a major step forward for the Mannar Island Project and a sound basis for further multiple increases in the quality resource base”.
Very shallow resource
The resource has been defined by 3,421 auger holes drilled from surface to the water table at depths of 1 to 3 metres.
The resource is, therefore, a surface-exposed sheet with no overburden.
Additionally, visual logging of heavy minerals in the 473-hole reverse circulation drilling program completed in December 2019 indicates there is substantial potential for depth extensions below and adjacent to this resource.
BAL acquisition to grow tenure
Titanium Sands will seek approval from shareholders next month to proceed with the Bright Angel Limited (BAL) acquisition.
BAL's tenure package hosts 32.35 million tonnes grading 7.56%THM and complements TSL’s existing tenure at Mannar Island.