Equinox Resources (ASX:EQN) said assay results from the Olegario South target within the Mata da Corda project in Brazil yielded titanium dioxide intervals over 20%, expanding the high-grade titanium corridor, according to a Tuesday filing with the Australian bourse.

Assays from 30 drill holes returned "significant" intercepts located within a heavy mineral assemblage, confirming a laterally extensive, near-surface mineralized unit, the filing said.

Two new targets have also been identified at the project, with final assays pending, according to the filing.

Shares rose 3% in afternoon trade Tuesday.