Assays Confirm Further Massive Nickel Sulphides At Dusty Nickel Project, WA

HIGHLIGHTS

• Geochemical assays have confirmed that massive nickel (Ni) sulphides were intersected in the Dimma discovery drill holes previously identified with hand held portable XRF (hhpXRF) (refer to ASX announcements of 9 August and 8 September 2022)
  • Diamond drill hole TED41 intersected 4.31m of massive Ni-sulphide grading 1.16% Ni, 0.29% copper (Cu) and 0.386 g/t platinum (Pt) and Palladium (Pd) from 243.33m downhole; and
  • Diamond drill hole TED42 intersected 3.13m of massive Ni-sulphide grading 1.42% Ni, 0.17% Cu and 0.605 g/t Pt+Pd from 314m downhole
• Only ~4km of the 7.5km long Dusty Komatiite magnetic trend has been tested to date and Toro has already discovered four (4) zones of massive or semi-massive Ni-sulphide
• Together Toro’s four Dusty Ni-sulphide discoveries – Dimma, Jumping Jack, Houli Dooley and Dusty – are the first Komatiite hosted massive Ni-sulphides to be discovered in the region and remain open at depth

Commenting on these latest results, Toro’s Executive Chairman, Richard Homsany, said: “Toro continues to consistently deliver value adding results that suggest the Dusty Project has the potential to be a district-scale nickel discovery in a prime mining jurisdiction in Western Australia.

“These impressive results from Dimma, follow the recent confirmation of massive nickel sulphide mineralisation at the Jumping Jack Prospect, located some 400m along trend.

“Toro has only drill tested some 4km of the 7.5km long Dusty Komatiite magnetic trend resulting in the discovery four zones of massive and semi-massive Ni-sulphide mineralisation, all of which remain open at depth. We strongly believe there is considerable potential to continue to grow the footprint of this nickel system with additional drilling and we look forward to providing updates on this strategy soon.”

The Dusty Nickel Project (‘the Project’) is located in the Yandal Greenstone Belt, 50km east of the world class Mt Keith Nickel Deposit (Figure 4).

Figure 1: Section of massive nickel sulphide intersected in TED41. See text for further details.

Analysis of returned geochemical assays of drill core samples from diamond drill holes TED41 and TED42, the discovery holes of the Dimma Ni-sulphide zone, confirm that massive Ni-sulphides were intersected over 4.31m from 243.33m downhole in TED41 and over 3.13m from 314m downhole in TED42.

The average geochemical grades of the massive sulphide zones were found to be:

TED41

• 4.31m at 1.16% Ni, 0.29% Cu, 0.386 g/t
  Pt+Pd from 243.33m downhole.

TED42

• 3.13m at 1.42% Ni, 0.17% Cu, 0.605 g/t
  Pt+Pd from 314m downhole.

Figure 2: East-West Cross-section (looking north) of the Jumping Jack discovery holes, diamond drill holes TED41 and TED42, along with the most recent holes drilled into the discovery area, TED54 and TED55. See text for further details.

The Dimma massive Ni-sulphides are the fourth zone of massive to semi-massive Ni-sulphide so far discovered along the Dusty Komatiite.

Massive and semi-massive Ni-sulphides were first discovered at Dusty (refer to ASX announcements of 13 and 16 July 2020), approximately 1.2km along the Dusty Komatiite to the NNW of Dimma.

A second zone of semi-massive Ni-sulphide was discovered at Houli Dooley (refer to ASX announcement of 21 April and 24 August 2021), approximately 800m to the NNW of Dimma, where no other follow-up drill holes have yet to be successfully drilled.