Drilling Continues To Unlock Potential Scale Of Massive Nickel Sulphide District In WA

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that diamond drill hole TED55 has intersected ~2m of continuous massive Ni-sulphide mineralisation from 147.2m downhole at its Dimma Nickel Discovery in Western Australia.

HIGHLIGHTS

• Diamond drill hole TED55 has intersected approximately 2m of continuous massive Ni- sulphide mineralisation from 147.2m downhole
• Hand-held spot analysis by portable XRF (hh-pXRF) suggests that Ni grades within the massive Ni-sulphide range between 1.5 and 3.4% Ni*
  
• TED55 intersection extends the Dimma massive Ni-sulphide mineralisation towards the surface – drilling suggests it now extends continuously from TED55 down-dip (apparent) for approximately 160m to the intersections at TED42 and TED53
  
• All five drill holes completed to date at Dimma have returned massive and semi-massive Ni-sulphide mineralisation namely (approximate grades only from spot analyses of hh- pXRF - refer to cautionary statement below):
  
  • 14.8m zone of visible Ni-sulphides from 232.9m downhole including 3.6m of massive Ni-sulphide, potentially grading between 1.45 and 3.66% Ni from 244.1m (TED41)
    
  • 20.5m of visible Ni-sulphides from 296.6m downhole including 2.5m of continuous massive Ni-sulphide, potentially grading between 1.0 and 3.1% Ni from 314.7m (TED42)
    
  • 8.9m of visible Ni-sulphides from 327.1m downhole including 2.4m of continuous massive Ni-sulphide mineralisation from 332.4m, potentially grading between 1.4% and 5.1% Ni (TED53)
    
  • 39m of visible Ni-sulphides from 159m downhole including 4.5m of continuous massive Ni-sulphide, potentially grading between 1.9 and 3.1% Ni from 194.3m (TED54)
    
• Dimma massive Ni-sulphide discovery remains open along strike and at depth
• Massive Ni-sulphides in TED55 are geologically associated with the base of the Dusty Komatiite consistent with the four other drill holes at Dimma and all other intersections of massive Ni-sulphide within the Dusty Komatiite to date
• Dimma is one of four (4) massive and semi-massive Ni-sulphide discoveries at Toro’s 100% owned Dusty Nickel Project, located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit (see Figure 3 below)
• 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

*(hh-pXRF analysis results should be used as a guide only and should not be used as a substitute for laboratory based geochemical analysis - refer to Appendix 1 for performance of the hh-pXRF results analysis against certified reference material)

Management Comment

Commenting on the latest further massive Ni-sulphide intersection from Dimma, Toro’s Executive Chairman, Richard Homsany, said:

“TED55 is yet another exceptional drilling result for the Company and for the Dimma Ni-sulphide discovery. The Dimma discovery is shaping up to be something of potential significance, with five holes drilled and five intersections of massive and semi-massive Ni-sulphide so far intersected.

This TED55 result now suggests the Dimma massive Ni-sulphide zone extends over some 160m of continuous dip extent from 147.2m downhole in TED55 to 314.7m downhole in TED42 and it remains open at depth as well as along strike, north and south. Although we await laboratory geochemistry, the hand-held portable XRF spot analyses suggest all five intersections of massive Ni-sulphide at Dimma are high grade.

The Dusty Nickel Project has vast potential for further Ni-sulphide mineralisation with only limited testing so far completed along some 3.5km of the 7.5km long Dusty Komatiite magnetic trend. Already four zones of massive and semi-massive Ni-sulphide mineralisation have been discovered along the areas drilled at Dusty, all four of which are still open. There are still kilometres more komatiite yet to be tested further south at our Yandal One Nickel Prospect.

The Dusty Ni-sulphide discoveries are the first massive Ni-sulphide discovered in this region of the Yilgarn and are in an area that, to our knowledge, had not been drilled to fresh basement prior to Toro’s drilling.

We are enthusiastic about our exciting nickel discoveries, which are near the uranium deposits of our world-class Wiluna Uranium Project. We look forward to reporting further assays from our Dusty Nickel Project in the near-term.”

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