Australian company continues exploration of mineral sands in Mannar Island
Titanium Sands Ltd, a company listed on the Australian Securities Exchange, says it has added garnet to resource estimate for Sri Lankan heavy mineral sands project in Mannar Island. More detailed scoping study results are expected to be released to the market once a resource upgrade is finalised, the company further says.
Titanium Sands Ltd announced that it has re-started the explorations in Mannar Island with local staff after COVID-19 curfew.
In mid-July 2020, Minister of Industry Wimal Weerawansa said that Sri Lanka Geological Survey and Mines Bureau had not issued a license to a company called Titanium Sands Ltd for such exploration. However, he said he had submitted a cabinet paper to appoint an expert committee to investigate and report the matter to the cabinet.
The company reports 264.93 million tonnes at 4.38% total heavy minerals and 0.35% garnet with all other mineral components, tonnage, total heavy minerals and allocations to resource categories remaining the same.
The company considers it a subsidiary but valuable addition to the mineral suite for the project with selling price estimates of AUD$357/tonne.
Titanium Sands Ltd continues to discuss offtake and strategic partner opportunities with various partners.
Strategic partnership opportunities are being sought in United Arab Emirates, Europe and China under mandate with local corporate advisory firms and offtake discussions are continuing with groups from Japan and India.
A scoping study announced on June 16, 2020, demonstrated the potential for an economically robust long-life dredging project.
With further resource drilling to convert more inferred resources to indicated, it is anticipated that the scoping study will be updated with more detailed information on production rates, capital costs and operating costs.
Further to the proposed high-grade zone exploration, Titanium Sands Ltd will then follow with exploration on previously identified zones.
The proposed exploration program will include the use of the company’s owned RC/aircore rig and it is anticipated the results of this program will be available by quarter one 2021.
Titanium Sands Ltd says it will work closely with the government to continue to invest into the Sri Lankan community via foreign investment and to create employment and wealth generation for the people of Sri Lanka.
Sri Lankan PR company SAPA has been appointed to assist Titanium Sands Ltd with its local public relations requirements and community messaging. Who is SAPA? This can be their website>>
Similarly, Sri Lankan legal firm Varner’s has also been appointed to assist with procedures and processes within Sri Lanka as the project begins to build. Who is this legal firm? This seems their website>>
Messaging to local communities includes understanding employment opportunities, processes involved in exploration and further as the project develops, and rehabilitation of zones post project and how that will benefit local communities.
TSL intends to create further employment opportunities during the project and also create income-producing plantations that are sustainable in nature and that will provide income and employment for generations to come.