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Titan Minerals: Hancock earns 51% of Linderos copper project in Ecuador
Hancock Prospecting unit hit the US$20 million earn-in milestone in two years, well under the seven-year deadline, and now holds 51% of the copper project.
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Titan Minerals (ASX: TTM) said Tuesday that Hancock Prospecting's Ecuador unit has earned majority ownership of the Linderos copper project, hitting a US$20 million spending milestone in less than two years.
Hanrine Ecuadorian Exploration and Mining, a Hancock subsidiary, now holds 51% of the project after spending the full US$20 million under a joint venture earn-in agreement. The original earn-in allowed seven years for that spending and 25,000 metres of drilling. Hanrine did it in two years, Titan said.
Titan retains 49% and is free-carried until Hanrine hits the next earn-in milestone: a decision to mine or total expenditure of US$120 million, whichever comes first. That would lift Hancock's stake to 80%.
Hanrine completed 18 diamond drill holes for 17,800 metres at Linderos. Combined with earlier reconnaissance work at the Copper Ridge and Meseta prospects, total drilling stands at 45 holes for 23,920 metres.