Titan Minerals (ASX:TTM) has executed a letter of offer to enter a joint venture (JV) with Hancock Prospecting’s wholly owned subsidiary Hanrine Ecuadorian Exploration and Mining, which will acquire up to 80% in the Linderos Copper Project in Ecuador.
As part of the agreement, Titan will receive up to US$2 million from Hanrine, to earn an initial 5% interest.
Hanrine will conduct US$8 million worth of expenditure or 10,000m of drilling, to earn a 25% interest, alongside US$12 million worth of expenditure or 15,000m of drilling to earn a further 21% interest.
Once Hanrine was obtained a 51% interest, Titan will receive an additional $1 million.
Upon the decision to mine or at a total expenditure of US$120 million spent, Hanrine will earn a further 29% interest.
“We are very pleased to be partnering with Hancock’s Ecuadorian subsidiary company, Hanrine, who has both the balance sheet and capability to fully explore and develop the Linderos Project,” Titan CEO Melanie Leighton says.
“The agreement represents a fantastic endorsement of our belief in the Linderos Project’s potential to host a large-scale copper porphyry system.”
The Linderos project comprises 4 contiguous mineral concessions covering a 143km2 area in southern Ecuador.
Titan Minerals is a copper-gold focused explorer with an emerging ‘large-scale’ project in Ecuador’s southern Andean copper-gold belt.
Write to Aaliyah Rogan at Mining.com.au
Images: Titan Minerals
