Titanium Sands Ltd (ASX:TSL) is in a trading halt pending the release of an updated heavy mineral sands resource statement for the Mannar Island Project in Sri Lanka.
The trading halt will remain in place until the beginning of normal ASX trade on Thursday, May 7, or when an announcement is released to the market, whichever occurs earliest.
Mannar Island resource update
TSL is set to complete a mineral resource update at the Mannar Island Project this month, despite some delays due to COVID-19.
The update will include deeper reverse circulation (RC) aircore drilling results with some aspects of the work having been delayed by COVID-19 interruptions to laboratory operations in South Africa.
The company’s Mannar Island scoping study is also nearing completion and will be finalised in the weeks following release of the resource upgrade.
Offtake discussions
Titanium Sands has been approached by several potential offtake partners on an introductory basis discussing the resource.
Discussions to date have included parties from China, Japan, India and the UAE.
No formal MOUs or agreements have been entered into at this stage and, subject to recommendations of the scoping study, the board will continue offtake discussions with each of these parties.