It will pay a non-refundable US$100,000 advance on future production payments on the proviso commercial production begins within two years of the deal being done.

Terms of the deal also include Titan achieving a minimum of 60-100 tonnes per day within 3-5 years.

The actual payment terms for production weren't disclosed, though after the first three years, the amount will be revised each third year based on grade of the ore material being mined, increased on a graduating scale up to a maximum 4.5% NSR equivalent if average gold grades exceed 11 grams per tonne gold.

Titan will also have an option to buy the project outright for $3 million and a royalty.

Coriorcco is described as a drill-ready prospect featuring a number of outcropping veins with historical development on quartz veins of 0.8-2.5m mineable widths.

Titan's assets include a processing plant producing loaded carbon from a CIP gold circuit, with feed sourced from third party operators previously averaging 15 to 20gpt.

Titan is also currently progressing a proposed merger with Canadian company Core Gold aimed at creating a diversified Latin America focused ASX-listed gold company with assets both in Peru and  Ecuador.

Shares in Titan were unchanged at A2.2c in afternoon trade, capitalising the company at $56 million.