According to a letter of agreement between Titan and Japan Oil, Gas and Metals National (JOGMEC), JOGMEC can earn 50% undivided interest in the Border Block project by funding Cdn$6m in exploration over four years. JOGMEC accelerated funding on the project by providing an additional $500,000 for a total of $1.5m during the first earn-in period ending March 31, 2009.
The mobilization of the drilling crew and equipment to the Border Block project site have been completed by Aggressive Drilling. The phase three drilling of the project commenced on July 22, 2009. In order to test the prospective targets identified by recent time domain electromagnetic (TDEM) surveys, the company during this summer is planning a minimum of 1,500 metres of diamond drilling.
The Border Block project covers approximately 76,354 hectares/188,675 acres of area where historic exploration data identified favourable basement rocks capable of hosting uranium mineralization.
