Hanrine Ecuadorian Exploration and Mining has signed a joint venture (JV) and earn-in deal with Titan Minerals to acquire stake in the latter’s Linderos Copper Project in Ecuador.
Under the agreement, Hanrine, an indirectly wholly owned subsidiary of Australian mining tycoon Gina Rinehart’s Hancock Prospecting, can initially acquire a 5% stake in the project by investing $2.01m (A$2.97m) within 30 days of the agreement’s execution.
The company can earn up to an 80% interest in Linderos by funding up to $120m or through a decision to mine in 15 years.
Titan will be free carried in the earn-in period, with its holding to convert into a 2.7% net smelter royalty if it reduces below 10%.
Spanning 143km² in southern Ecuador, the Linderos Copper Project is in the early stages of exploration. It has shown potential for multiple porphyry systems and shallow epithermal gold systems.
The Copper Ridge Porphyry prospect within the project area has demonstrated significant copper and molybdenum anomalism, with mineralisation hosted within a diorite porphyry.
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By GlobalData
In 2022, Titan drilled eight diamond holes over 3,700m at Copper Ridge, revealing broad zones of copper porphyry mineralisation starting from shallow depths.
Preparation for a 10,000m drilling campaign at Linderos is under way, with technical site visits completed and logistics planning in progress to support the drilling and exploration activities.
Titan CEO Melanie Leighton said: “We are well advanced in our technical discussions with Hanrine who are ready to commence exploration activities at the Linderos Copper Project, with expansion of the camp being the first task on the priority list to ensure seamless and efficient operations once drilling commences.
“We are pleased to be partnering with Hanrine, who have a well-established team in-country with the technical capability and financial capacity for us to mutually benefit from exploration success alongside contribution to the economy of Ecuador.”
In April 2024, Titan announced a letter of offer to reach a JV with Hanrine for the Linderos project.
