Equinox Resources (ASX:EQN) says the discovery of titanium at its Mata da Corda Rare Earth Project in Brazil could serve as a valuable byproduct.
The explorer undertook surface clay and channel clay sampling which returned grades of up to 3,274 parts per million total rare earth oxides (TREO) and up to 18.9% titanium dioxide.
Managing Director Zac Komur says the significant anomalies of titanium position Equinox to add a valuable secondary product to the company’s rare earth clay basket.
“The results have identified drill targets across three prospects,” he says.
“As we navigate through the necessary environmental approvals and land access requirements, we are preparing to commence drilling in early Q3 CY2024.”
Titanium’s high strength and light weight when combined with iron aluminium, vanadium, and molybdenum make it ideal for use in aerospace, automotive, military and industrial processes.
Around 90% of demand though is for titanium dioxide pigment, which serves as a whitener for paints, plastics, paper, cosmetics and even food.
Titanium has been declared a critical mineral by the Australian Government and European Union.
Grand View Research estimates that the global titanium dioxide market value, which was worth US$18.82 billion ($28.25 billion) in 2022, will grow at a compound annual rate of 6.3% between now and 2030.
Estimated global demand for titanium is around 7.5 million tonnes per annum.
Equinox says the high grades of TREO and titanium oxide in the samples, which were collected along road cuts and within private rural properties, confirm the “significant potential” of the Patos de Minas, Lagoa Formosa and Chumbo prospects.
The company is now planning to start maiden drilling in July.
Write to Angela East at Mining.com.au
Images: Equinox Resources
