Equinox Resources (ASX:EQN) said over 1,900 drill samples from the Mata da Corda project in Brazil resulted in high-grade titanium dioxide, averaging over 10% with a standard deviation of 3.3%, according to a Monday Australian bourse filing.
Additional drilling results from 63 drill holes with an average depth of 18.8 meters returned titanium dioxide intercepts, including 12 meters at over 15% titanium dioxide, 61.2 meters at about 12% titanium dioxide, and 24 meters at more than 13% titanium dioxide.
The company said 298 intercepts exceeded 10% titanium dioxide across 504.8 meters from 43 drill holes.
High-grade titanium, total rare earth oxides, and niobium pentoxide intercepts are concentrated within 10 to 15 meters from the surface, per the filing. The company started drilling and test work and plans to deliver its first mineral resource estimate in the first half of 2025.
Equinox Resources' shares rose 45% in recent trading on Monday.
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