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Highlights
- Titan Minerals accelerates diamond drilling at Linderos Copper Project in Ecuador.
- Hanrine, a subsidiary of Hancock Prospecting, aims to secure up to 80% interest.
- Exploration targets significant porphyry copper system potential with multiple high-grade intersections.
Titan Minerals (ASX:TTM) has intensified its exploration activities at the Linderos Copper Project in Ecuador, with a substantial diamond drilling campaign underway. The initiative is part of an earn-in agreement with Hanrine Ecuadorian Exploration and Mining S.A., a subsidiary of Hancock Prospecting, which plans to acquire up to 80% interest in the project through exploration milestones and development funding.
Currently, one diamond drill rig is operational, and a second rig is scheduled to commence shortly. The program encompasses 10,000 metres of drilling, aimed at advancing resource definition and testing mineralisation extensions. The company expects the campaign to conclude by the middle of 2025, which will enable Hanrine to earn an additional 25% interest in the project.
Joint Venture Milestones
The joint venture agreement, executed earlier this year between Titan’s subsidiary Linderos Mining S.A.S. and Hanrine, sets the stage for significant progress at Linderos. Under the terms, Hanrine has committed to fully fund and manage exploration activities, targeting an 80% interest by achieving set milestones. These include completing exploration phases and committing up to US$120 million in project funding.
Hanrine has already reached an initial milestone by securing a 5% interest after a US$2 million payment to Titan. To date, it is progressing towards a 51% stake by completing an additional 15,000 metres of drilling following the current program.
Exploration Focus
Drilling efforts are concentrated on the Copper Ridge porphyry prospect, a key area where previous exploration by Titan delineated copper mineralisation over significant dimensions. The ongoing program will investigate lateral and depth extensions, building on earlier results such as 308 metres at 0.4% copper equivalent from shallow depths, with high-grade sections reaching 0.5% copper equivalent.
Geophysical surveys have also revealed a 2-kilometre porphyry alteration footprint, suggesting the copper system could be considerably larger than previously identified. These findings underscore the project’s growth potential and the promising scope for discovering a globally significant deposit.
Titan’s CEO highlighted the swift progress enabled by Hanrine’s experienced Ecuadorian team, emphasizing the importance of their partnership in advancing the Linderos project. As drilling continues, updates on milestones and resource developments are expected to provide further insights into the project's potential.
