On 2 April 2019, Titanium Sands Limited, a company engaged in the exploration of the mineral sand, shared an update regarding the Mannar Island Mineral Sands Project drilling.
The company has reported that the resource drilling further to the drilling used in the resource update was successful in reducing the nominal resource drilling pattern. It has gone down from 400 metres by 50 metres to 200 metres by 50 metres over 90% of the resource envelope.
There were 802 holes drilled with sample intervals of 0.5metres. These samples are being prepared in the Pesalai preparation facility of the company, and then it is sent to the mineral sands laboratory in Africa.
On 11 February 2019, the company provided an updated inferred mineral resource at the Mannar Island project in Sri Lanka. The inferred mineral resources contained valuable heavy mineral sand and had increased by 300% of the previous JORC resource at Mannar Island. The total inferred resource was 53.08 Mt at 6.7% of total heavy minerals (THM), and it also included the new high-grade zone of 9.85 Mt at 9.06% of total heavy minerals.
Now, the recent drilling has infilled previous resource drilling from 400m spaced lines to 200m spaced lines which will be contributing to the further resource update that is planned for the period July/August 2019.
The drilling also identified targeted areas that have potential resource extension.
Further drilling at the project site is under progress. The company has acquired an RC-aircore drilling rig, and after the modification, it will be sent to Sri Lanka to start further drilling to be held in June 2019.
Mannar Island mineral sands project is a project based in Sri Lanka and has heavy mineral sand concentrations along the modern sandy shorelines of Sri Lanka along the north-eastern and north western coast.
On 28 March 2019, the company provided a 12 months outlook on its Mannar Island mineral sands project. The announcement highlighted that the company had started the scoping study and it expects to be completed by early 2020. By the end of April 2019, the company believes that the initial phase of metallurgical test work for the scoping study will be completed. The company, in March 2019, has started the offtake partner discussions and is in progress. The company also highlighted that they would commence the mining options study in July 2019.
In the previous six months, the stock has generated a return of 5.56%. However, the YTD performance of the stock has been decent at 58.33%. By the closure of the trading period on 2 April 2019, the closing price of the shares of TSL was A$0.020, up by 5.263% as compared to its previous closing price. The company has a market capitalization of A$12.07 million and approximately 635.32 million outstanding shares.
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