The Technology Metals Australia Ltd (ASX: TMT) share price is surging today after the company's test work revealed titanium in its mining operations.
The Technology Metals share price is currently up 5.5% trading at 39 cents at the time of writing.
Technology Metals is focused on identifying exploration projects in Australia and overseas to discover mineral deposits. Its exploration focus is on vanadium in the mid-west region of Western Australia. It centres its current mining operations in Yarrabubba.
Technology Metals titanium findings
Technology Metals' test work on non-magnetic tails from two large samples of fresh massive magnetite composites confirmed a quality ilmenite, a byproduct containing titanium.
The excavations have resulted in 47% titanium, which is within the range of commercial feedstock for sulfate pigment manufacturers. Technology Metals intends to market the findings as an attractive blend feedstock.
It's an attractive blend feedstock for sulphate pigment producers due to its low levels of generally common deleterious elements.
Independent consultants that Technology Metals engaged to conduct quality benchmarking of its titanium findings estimate the results will achieve US$140 – $180/tonne in the medium term.
What management said
Technology Metals managing director Ian Prentice welcomed the findings, saying:
Confirmation of the ability to produce an attractive titanium by-product at Yarrabubba, as confirmed by industry leading consultants TZMI, in a period of high demand further underscores the unique opportunity we have with the range of products anticipated to be generated from Yarrabubba.
The titanium by-product produced from the tails stream indicates that this should be a very low cost and potentially very profitable product.
Technology Metals share price snapshot
The Technology Metals share price is up 5.4% over the past month and 14.7% in 2021 so far. In the last 12 months, it's increased from just seven cents per share to 39 cents, a 457% rise.
It's also beaten the basic materials sector by more than 410%.
