High Grade Gold in Rock Chip Samples from New England Target Area, South of Golden Ways

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce the high grade gold (Au) assay results from rock chip samples collected at the New England Target Area, directly south of the Golden Ways Target Area (Figure 1) on the Company’s 100% owned Yandal Gold Project (‘the Project’) (Figure 2), including one sample of 70g/t Au. These results expand the already highly prospective Golden Ways Target Area some 2km to the south and once again confirm the significant gold prospectivity of the entire area.

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HIGHLIGHTS

• High grade gold (Au) has been returned in geochemical assay results from rock chip samples collected from the New England Target Area, directly south of the Golden Ways Target Area.
  
• Key assay results greater than 1 g/t Au from New England include:
  • Sample YGP_R413 – 70.4 g/t Au
  • Sample YGP_R492 – 27.8 g/t Au
  • Sample YGP_R330 – 22.4 g/t Au
  • Sample YGP_R427 – 12.4 g/t Au
  • Sample YGP_R429 – 8.75 g/t Au
  • Sample YGP_R334 – 7.62 g/t Au
  • Sample YGP_R496 – 6.8 g/t Au
  • Sample YGP_R497 – 2.51 g/t Au
  • Sample YGP_R502 – 1.98 g/t Au
  • Sample YGP_R333 – 1.64 g/t Au
  • Sample YGP_R303 – 1.32 g/t Au
  • Sample YGP_R515 – 1.2 g/t Au.
• Of the 85 rock specimens collected from the field work exercise in the New England Target Area, 13 samples returned gold concentrations greater than 0.1g/t (100ppb) Au and a further 17 samples returned anomalous gold concentrations greater than 0.01g/t (10ppb) Au.
• The rock chip sampling program has successfully opened up the New England Target Area and extended the highly prospective gold exploration area of Golden Ways some 2km further south.
• Further field work and rock chip sampling at Golden Ways has also upgraded prospects into potential drill target areas outside the two main outcropping veins previously targeted-significant assay results greater than 1 g/t Au from Golden Ways include:
  • Sample YGP_R301 – 2.22 g/t Au
    
  • Sample YGP_R457 – 2.1 g/t Au
  • Sample YGP_R349 – 1.51 g/t Au
  • Sample YGP_R303 – 1.36 g/t Au
  • Sample YGP_R450 – 1.34 g/t Au
  • Sample YGP_R377 – 1.24 g/t Au
  • Sample YGP_R476 – 1.06 g/t Au.
• Toro will interpret the assay results in the context of its current understanding of the geology and plan for drill testing.
• The high grade gold assay results from the rock chip sampling program at New England further highlight the exploration potential of the area, including Golden Ways, for the discovery of economic gold mineralisation.

Field work programs were recently completed by Toro aimed at further investigating the prospectivity of Golden Ways for gold mineralisation outside the two main central veins, that underwent first phase drilling in late 2020 (refer to ASX announcement of 30 September 2020), as well as extending the area of exploration focus further to the south to include a historical prospect known as New England. The field work included rock chip sampling across Golden Ways and some 2km further to the south to what is now referred to as the New England Target Area, and culminated in 229 samples being collected for both geological and gold prospectivity purposes. 85 of the samples were collected from the New England Target Area and sent for geochemical analysis. The samples were not collected as part of a systematic surface rock chip sampling program, rather as representations of observations during geological investigations. Not all samples were collected for their potential to contain gold.

The assay results show significant high grade gold anomalism in the New England Target Area (Figure 1), with 12 samples returning greater than 1g/t Au concentrations, and four of those (all from different locations) being above 10g/t Au. One sample, YGP_R413, a piece of float rock next to some historical workings, returned a very high grade 70.4g/t gold assay concentration. 13 samples returned gold concentrations greater than 0.1g/t (100ppb) Au and a further 17 samples returned anomalous gold concentrations greater than 0.01g/t (10ppb) Au. The anomalous Au rock chip samples were largely associated with outcropping and sub-cropping quartz veining and quartz vein wall rock, or within the walls of historical trench workings. A table of the significant Au assay results with the grid reference location of each sample is presented in Appendix 1 and a JORC Table 1 in respect of the Project is contained in Appendix 2.

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