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Corporate Spotlight

Titanium Sands Limited is focussed on defining and developing high grade, high value and easily minable heavy mineral sands deposits.
Titanium Sands Ltd holds five exploration licences a for heavy mineral sands located in North West Sri Lanka on Mannar Island and the adjacent mainland coast.
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DRILLING RESULTS

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MANNAR PROJECT HIGH GRADE DRILLING RESULTS 

ASX Announcement 15 August 2019 


  • Resource infill and extension drilling has continued on TSL’s existing Mannar Island licenses. 
  • Over 92% of the drill holes analysed returned intercepts of between 2% and 24% THM (Total Heavy Mineral). 
  • 35% of these intercepts were in areas outside the previously identified resource. 
  • The results confirm the continuity of the mineralised zones as well as potential for resource extensions in three separate zones. 
  • This drilling will contribute to a further resource update planned for September 2019. 
  • Further resource infill and extension drilling to continue at the Mannar island Project


RESOURCE INFILL AND EXTENSION DRILLING 

Resource drilling further to the drilling used in the resource update (reported to the ASX 11th of February 2019*) has succeeded in reducing the nominal resource drilling pattern down from 400m by 50m to 200m by 50m over 90% of the resource envelope (Figure 1). A total of 802 holes were drilled, with sampling intervals of 0.5m (reported to the ASX 2nd April 2019**).


Results from 357 of the drill holes have been received to date (Figure 2). Of the 357 drill holes analysed 330 returned intercepts between 2% and 24% THM (Total Heavy Mineral). Of these 126 were located outside the previously defined resource. These drill holes indicate the potential for resource extensions in three separate zones (Figure 2). All these mineralised intercepts are from surface and drilling was only down to the water table at 2m to 5m depth.


Results from the remaining 445 drill holes are pending and will be reported in due course.


Figure 1 Mannar Island Heavy Mineral Sands Project, drilling to date, red holes are post the last resource update (reported to the ASX 11th of February 2019*). 

Figure 2 Resource infill and extension drilling results reported here are post the last resource update (reported to the ASX 11th of February 2019*). 


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DUE DILIGENCE

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DUE DILIGENCE INVESTIGATIONS OF PROPOSED ACQUISITION CONFIRMS HIGH GRADE ZONE 

ASX Announcement 12 August 2019 


  • Due Diligence on Mannar Island acquisition continues. 
  • Investigations have confirmed continuity of an 8km long and up to 2km wide high-grade zone through the acquisition tenure. 
  • Results include intercepts of up to 23% THM (total heavy minerals) 
  • Acquisition tenure resource report anticipated in the coming weeks.


OVERVIEW 

Titanium Sands Ltd (‘’The Company’’) has previously announced (ASX announcement 15th July 2019*) that it has entered into a conditional sale agreement to acquire a group of companies that hold a substantive 38km2 tenure package (“Acquisition Tenure”) (Figure 1) 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 The Company has been to analyse 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 (ASX announcement 15th July 2019*). A total of 329 drill holes were analysed (Figure 2). 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 (Figure 2).


Due diligence investigations are continuing and an extension of a further 30 days has been granted by the vendor to allow finalisation of a resource report as well as third party professional reports. The resource report will be announced to the market as it becomes available.


The due diligence drill hole intercepts and collar locations are shown in Figure 3 and tabulated in Appendix 1 and JORC compliance tables are included in Appendix 2. 


Figure 1 Existing Titanium Sands Ltd tenure over the Mannar Island Project and the Acquisition Tenure 

Figure 2 Due diligence drilling assay results on the acquisition tenure 

Figure 3 Locations and drill hole numbers listed in Appendix 1 


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QUARTERLY

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QUARTERLY OPERATIONS REPORT TO 30 JUNE 2019 TITANIUM SAND LIMITED (“Company”) 

ASX Announcement 30 July 2019 


  • Proposed acquisition of adjacent tenure at Mannar Island Project with high grade drilling results. 
  • Resource infill drilling continues to confirm mineralisation continuity via visual observation. 
  • Initial mineral products test work on a composite sample indicate 72% of heavy minerals present are valuable heavy mineral (VHM) and high recoveries of TiO2 into mineral products. 
  • An initial mineral products quality review indicates a wide range of potential markets for the heavy mineral products.


SRI LANKAN MINERAL SANDS PROJECT


Acquisition Additional Mannar Island Tenure 

Subsequent to the end of the quarter the Company announced a proposed acquisition of tenure (‘Acquisition Tenure’) with high grade mineral sands*. The Acquisition Tenure adjoins the current tenure held by the Company on Mannar island (Figure 1) and contains high grade drilling results along strike from high grade resource zones defined on the Company tenure (Figure 2). This consolidation of tenure on Mannar Island is part of the Company’s strategy to acquire highly prospective tenure to expand its core project.


The Acquisition Tenure has drill intercepts from 362 holes defining high grade heavy mineral sands in a continuous zone 7km long and 1 to 1.5km wide. The Company’s area under tenure at the Mannar Island Project will expand to 204km2 . The acquisition is part of the Company’s strategy to increase its landholding in this highly prospective area and continue with its coordinated regional exploration approach. 


The Acquisition Tenure consists of four exploration licenses (Figure 1 and Table 1). The Acquisition Tenure is held and controlled by a group of Sri Lankan companies which are wholly owned by a Mauritian company Bright Angel Ltd. Under the conditional sale agreement, Titanium Sands Ltd will acquire 100% of the share capital of Bright Angel Ltd. The consideration to the Bright Angel shareholder (Vendor) for this acquisition consists of: 


  • Issue of 417,500,000 fully paid Titanium Sands Ltd ordinary shares to the Vendor or nominee (“Consideration Shares”). 
  • Issue of 208,750,000 Titanium Sands Ltd unlisted options exercisable by payment of $0.05 within three years of issue to the Vendor or nominee (“Consideration Options”).


In addition, in acquiring Bright Angel Ltd, the Company will assume a 5% net proceeds royalty payable to the Vendor on minerals sold from the Acquisition Tenure. 


The proposed acquisition is subject to satisfaction or waiver of the following conditions precedent: 

  • Within 30 days, Titanium Sands Ltd notifying the Vendor that it has completed to its satisfaction its due diligence investigations in respect of the Acquisition Tenure (“Due Diligence Condition”). 
  • Within 60 days of satisfaction or waiver of the Due Diligence Condition, Titanium Sands Ltd shareholders approving the proposed acquisition (including the issue of the Consideration Shares and Options to the Vendor). 
  • Within 60 days of satisfaction or waiver of the Due Diligence Condition, an independent expert provides a report to the Company that the proposed acquisition is at least fair and reasonable to the Company’s shareholders (other than the Vendor and its associates). 
  • Within 60 days of satisfaction or waiver of the Due Diligence Condition, the Vendor and the Company obtaining all other approvals necessary from Government Agencies or third parties to complete the proposed acquisition.


The Company’s due diligence investigations to satisfy the Due Diligence Condition are continuing. Subject to the satisfaction or waiver by the Company of the Due Diligence Condition, a notice of meeting seeking shareholder approval of the proposed acquisition (which will include an independent expert’s report on the fairness and reasonableness of the proposed acquisition) will be dispatched to shareholders.


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PROJECTS

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Sri Lanka Project

Heavy mineral sand concentrations occur along the modern sandy shorelines of Sri Lanka in a number of places along the north eastern and north western coasts. The heavy minerals have been transported to the coast by river systems from ancient metamorphic rocks that form the hilly interior of the island. The heavy minerals have been locally concentrated by river transport, wind and coastal transport processes. Throughout the last few million years of geological evolution of the Sri Lankan coastal plains and coasts the heavy minerals have been subjected to many cycles of erosion, concentration and re-deposition. As a result of this extensive reworking and removal of lighter sand components, locally high grade heavy mineral sand deposits are present in unconsolidated modern ( 8,000 years old to present day) sands close to or on the coast.

Titanium Sands Ltd holds five exploration licences a for heavy mineral sands located in North West Sri Lanka on Mannar Island and the adjacent mainland coast.

 

Exploration is currently been focussed around Mannar Island, an island 26 kilometers long and 6 kilometers wide and 140 square kilometres in area (Figure 2) joined to the mainland shore by road and rail connections over a short causeway. Mannar Island is the largest of a chain of sand islands and shoals that extend over 100 kilometers west to southern India in a broad arc (Figure 2) referred to as Adam’s Bridge or Rama’s Bridge depending on which ancient legend of its formation is being referred to.

Mannar Island in its present day form is geologically young feature that has been formed by sand accumulation since rising global sea levels began to stabilize around 6,000 – 8,000 years ago. Driven by the prevailing nearshore current and general circulation in Palk Straight nett sediment transport along the north west coast of Sri Lanka has been northwards until it has been captured by the evolving sand complex of Mannar Island (Figures 3, 4,5) and its adjacent sand spits and submarine banks. This process has tended to concentrate heavy mineral sands in the evolving beaches and coastal dunes of Mannar Island, with lighter carbonate and silica sands being winnowed out and transported west into the chain of sand bars and banks extending out across Palk Straight.

Hand auger drilling in 2010 and then in 2014, prior to Titanium Sands involvement, demonstrated significant high grade concentrations of heavy minerals along the northern and southeaster portions of the Mannar coast (Figures 6 and 7). Drilling at this time was largely restricted to within 150m inland of the modern beach. This was sufficient for an initial JORC standard resource (Table 1) to be reported after the project was secured under option by Titanium Sands Ltd (then Windimurra Vanadium Ltd).

Tonnes

%THM

%Silt

%Oversize

%Ilm.

%Leuc.

%Rut.

%Zir

10.33Mt

11.71

2.08

8.69

5.54

1.34

0.18

0.26

*An initial JORC inferred mineral resource of 10.3 Mt with total heavy mineral (THM) of 11.7% was reported in full to the Australian Securities Exchange on the 22 April 2015.This resource was based on an historical drill hole data base of 785 auger drill holes and from the 115 holes drilled in early 2015. The drilling and the defined resource envelope were largely confined to within 150m of the Mannar Island shoreline. The Company confirms that this resource statement remains current in regards to the areas covered by the drilling used in the resource model.

Subsequent hand auger drilling in 2016 and 2017 (Figures 6 and 7) has demonstrated that significant heavy mineral concentrations occur in large areas of the Mannar Island interior. Samples from the 2016 and 2017 drilling have been analysed in a specialist mineral sands laboratory in South Africa. Results from this drilling were reported to the ASX on the 30th of January 2018.Mineralogical analyses of the heavy mineral species are being undertaken and a revision of the Mannar Island heavy mineral resources will be undertaken in due course.


Fig 6. Mannar Island current JORC resource envelope and subsequent drilling.



Fig 1. Location of Titanium Sands Ltd Sri Lanka tenure and Mannar Island

Fig 2. The sandy islands, banks and shoals that extend across Palk Straight from Sri Lanka to Tamil Nadu in India

Fig 3. Heavy mineral sands Mannar Island

Fig. 4 Heavy mineral sands Mannar Island

 

Fig 7. Hand auger drilling, Mannar Island prior to acquisition by Titanium Sands Ltd.

WWW.TITANIUMSANDS.COM.AU

BOARD

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Lee Christensen (Chairman)

Managing Director of Kase Funding Pty Ltd, an Australian based litigation funder, formerly a lawyer of 30 plus years of experience , most recently as senior Partner of Dentons Perth office.


Dr James Searle (Managing Director)

Dr Searle has 34 years experience in base metals, precious metals and mineral sand deposits.  He has led successful exploration, project development and operational teams in Australia, Africa, Northern Europe, and Central Asia. Dr Searle has a BSc(Hons) in geology and a PhD from the University of Western Australia.  He is a Member of the Australian Institute of Mining and Metallurgy, and has 22 years of experience in executive and non-executive Director roles on Australian Stock Exchange listed public company boards. Dr Searle is currently also a non-executive Director of ASX listed Kinetiko Energy Ltd.


Jason Ferris (Non-executive Director)

Mr Ferris is a director of Woodchester Capital and has 20 years of experience in corporate finance. He holds an AFSL and an Australian Credit licence. He has been involved in over $3b in property finance since 2005. He has held board positions in Australia, South Africa and the United Kingdom.


Nicki Farley (Company Secretary)

Ms Farley has over 15 years of experience working within the legal and corporate advisory sector providing advice in relation to capital raisings, corporate and securities laws and general commercial transactions. Ms Farley also holds a number of company secretarial roles for ASX listed companies. Ms Farley holds a Bachelor of Laws and Arts from the University of Western Australia.


WWW.TITANIUMSANDS.COM.AU

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