Toro Energy Partners With OZ Minerals in Exploration Heads of Agreement

Toro Energy Limited (ASX:TOE) announced it has entered into a Heads of Agreement with OZ Minerals Ltd to explore for nickel on two tenements located near Toro’s 100%
owned Lake Maitland uranium deposit in Western Australia.
As quoted in the press release:

Under the HoA, OZ can spend A$5 million to earn up to a 70 per cent interest in the non-uranium rights of the two tenements. OZ will spend an initial A$500,000 on exploration within 12 months of the satisfaction of conditions precedent under the HoA. OZ will be the operator under the agreement allowing Toro to remain focussed on the development of its uranium assets.
The primary focus for OZ will be nickel exploration on the Yandal One Nickel Prospect situated within the Yandal Greenstone Belt in Toro’s exploration licence, E53/1210. Australia’s largest nickel deposit, BHP Billiton’s Mount Keith, is located less than 60 kilometres to the west of the Yandal One Nickel Prospect.

Toro Energy Managing Director, Dr Vanessa Guthrie, stated:

Toro is a uranium focused developer and explorer, however we welcome the interest and support shown by OZ Minerals in exploring this exciting non-uranium opportunity. Given the location of the Yandal One Prospect relative to Mount Keith it makes good commercial sense to explore its potential with a strong and capable partner such as OZ Minerals.

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