Titanium Sands is assembling potential offtake and investment partnerships for its Mannar project. Pic: Getty Images
Special Report: Titanium Sands has opened offtake and investment discussions for its Sri Lankan heavy mineral sands project, appointing UK-based Global Mining Synergies (GMS) to engage potential Chinese partners.
Titanium Sands (ASX:TSL) intends to secure either an MOU or a term sheet through this process.
The agreement with GMS will focus on mine development, project funding and product offtake opportunities with introduced parties.
“Given the Industrial Mining Licence applications were lodged late last year and the processing of these licences is pending at the GSMB, now is the appropriate time to recommence these discussions and start to develop formal relationships with the various groups,” said TSL managing director Dr James Searle.
Mannar sits within a recognised heavy mineral sands province on Sri Lanka’s north-west coast, where river, wind and coastal processes have concentrated titanium-bearing minerals such as ilmenite, along with rutile, zircon and other heavy minerals, into young unconsolidated sands.
Titanium Sands holds five exploration licences across Mannar Island and the nearby mainland coast, with work focused on the 26km-long island connected to the mainland by road and rail.
Initial drilling identified a JORC inferred resource of 10.3Mt at 11.7% total heavy minerals, mostly within 150m of the shoreline.
Follow-up drilling in 2016 and 2017 demonstrated mineralisation extends beyond the initial coastal footprint and across much of the island interior.
The company lodged Industrial Mining Licence applications late last year, with those applications currently being assessed by Sri Lanka’s Geological Survey and Mines Bureau (GSMB).
Titanium Sands says discussions with introduced parties are ongoing, with the market to be updated if these progress to signed MOU or term sheet agreements.
This article was developed in collaboration with Titanium Sands, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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