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Titanium Sands completes purchase of Bright Angel, expands Mannar Island tenements

The company expects another mineral resource update and completion of the scoping study in the coming months.

Titanium Sands Ltd - Titanium Sands completes purchase of Bright Angel Limited, expands Mannar Island tenements
The acquisition brings the Mannar Island Project resource to 90.03 million tonnes at 6.60% total heavy mineral

Titanium Sands Ltd (ASX:TSL) has completed the acquisition of Bright Angel Limited, which through its wholly-owned subsidiaries, holds a substantive 38 square kilometre tenure package that complements the company’s existing extensive tenure at Mannar Island in northwest Sri Lanka.

The acquisition tenure increases the Mannar Island project resource to a total of 90.03 million tonnes at 6.60% total heavy minerals, of which 66% is in the higher definition indicated resource category.

Shareholder approval

Having received shareholder approval at the company’s general meeting on February 21, 2020, the acquisition was completed following the issue today of 417.5 million ordinary shares and 208.75 million unquoted options exercisable at 5 cents per share, expiring on March 10, 2023, following the satisfaction (or waiver) of all conditions precedent to the acquisition.

Titanium Sands looks forward to updating shareholders over the coming months with another mineral resource update and completion of the scoping study.

Quick facts: Titanium Sands Ltd

Price: 0.068 AUD

ASX:TSL
Market: ASX
Market Cap: $52.95 m
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Titanium Sands reports near tripling of total heavy minerals resource at...

Titanium Sands Ltd's (ASX:TSL) managing director Dr James Searle speaks to Proactive's Andrew Scott soon after announcing they've almost tripled the total heavy minerals (THM) resource at the Mannar Island Project in Sri Lanka to 264.93 million tonnes at 4.38% THM. Describing it as a 'big...

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