Titan Minerals (ASX:TTM) said results returned from four holes at the Linderos copper project in Ecuador demonstrated potential for a large-scale porphyry copper system, according to a Thursday Australian bourse filing.
The drilling was designed to target extensions to porphyry copper mineralisation at the Copper Ridge prospect. It returned a significant result of 735 meters at 0.23% grade of copper-equivalent from 385 meters.
The project is being operated by a subsidiary company of Hancock Prospecting, Hanrine Ecuadorian Exploration and Mining, under a joint venture and earn-in agreement.
Hanrine is fully funding an ongoing 10,000-meter diamond drilling program as part of their second project joint venture and earn-in commitment to earn an additional 25% interest in the project. Further diamond drilling is currently underway to define porphyry extensions.
The firm's shares fell almost 5% in recent trading on Thursday.
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