Company
ASX:TSL
Titanium Sands Limited, through its local partners Orion Minerals (Private) Limited, Sanur Minerals (pvt) Ltd and Kilsythe Investments (Private) Limited are developing a high grade, high value and easily mineable heavy mineral sands project at Mannar Island, Sri Lanka. The Mannar island project has been highlighted in a recent scoping study as being a significant mineral sand asset with 345Mt @ 5.02% identified with a NPV of $545m.
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Upon shareholder approval of the acquisition, Mannar Island Project will have a combined high-grade inferred resource of 85 million tonnes at 6.96% total heavy minerals.
The resource is exposed at surface with no overburden and extends continuously for a strike of 8 kilometres with an average width of 2 kilometres.
The company has entered into an agreement with Srinel Holdings Ltd to acquire a high-grade ilmenite-leucoxene project on Mannar Island in northwest Sri Lanka.
The company confirmed continuity of mineralisation at the Sri Lankan project and flagged possible zones of extension.
Acquisition tenure resource report anticipated in the coming weeks.
An initial mineral products quality review has indicated a wide range of potential markets for heavy mineral sand (HMS) products.
Following the acquisition, Titanium Sands’ tenure at the Mannar Island Project will expand to 204 square kilometres.
The company hopes to complete a scoping study for the Mannar Heavy Mineral Sands Project by the June quarter of 2020.
The study is expected in the June half of 2020 and will be based on another resource update.
TSL reflects on a busy March quarter that featured a material resource upgrade at its heavy mineral sands project.
Results and details of analyses will be released in June 2019.
