Aug 12, Colombo: Titanium Sands Ltd's (TSL) Investigations have confirmed continuity of an 8km long and up to 2km wide high-grade zone through its acquisition tenure in Mannar Island, Sri Lanka, the company said in an investor report.
Titanium Sands Ltd has previously announced that it has entered into a conditional sale agreement to acquire a group of companies that hold a substantive 38km2 tenure package (Acquisition Tenure) that complements the Company's existing extensive tenure at Mannar Island in north west Sri Lanka.
Part of the due diligence investigations being undertaken by TSL has been to analyses further drill holes from the acquisition tenure in a zone of high grade heavy mineral sands defined by previous drilling and reported in the original proposed acquisition announcement. A total of 329 drill holes were analyzed.
These due diligence results confirm the continuity of the high grade heavy mineral zone over a strike length of at least 8km and up to 2km wide through the acquisition tenure.
The high-grade zone in the acquisition tenure adjoins and extends the heavy mineral concentration zones in the existing Titanium Sands tenure.
The company said due diligence investigations are continuing and an extension of a further 30 days has been granted by the vendor to allow finalization of a resource report as well as third party professional reports.
Titanium Sands Limited is focused on defining and developing high grade, high value and easily minable heavy mineral sands deposits. The Company has entered into an agreement with Srinel Holdings Ltd to acquire a high grade ilmenite-leucoxene project on Mannar Island in northwestern Sri Lanka on which ongoing drilling is expanding resources and reserves that can be brought rapidly into production with modest capital requirements. Titanium Sands Limited is also evaluating the potential elsewhere in Sri Lanka and other heavy mineral sand provinces around the world for projects with similar parameters.