Thickest Intersection To Date Extends Dimma Massive Nickel Sulphide Discovery To 112m Down-Dip

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that diamond drill hole TED54 has extended the massive nickel sulphide mineralisation of the Dimma Discovery in Western Australia towards the surface with an intersection of approximately 6.2m of massive and semi-massive Ni-sulphide mineralisation from 192.6m downhole, inclusive of 4.5m of continuous massive Ni- sulphide mineralisation from 194.3m downhole (Figure 1).

HIGHLIGHTS

• Diamond drill hole TED54 has intersected at least 6.2m of massive and semi-massive Ni-sulphide from 192.6m downhole including 4.5m of continuous massive Ni-sulphide mineralisation from 194.3m downhole
  
• Latest intersections have extended the Dimma massive Ni-sulphide mineralisation towards the surface so that it now extends over 112m down-dip (apparent) from the TED54 intersection
  
• Blebby Ni-sulphides with individual accumulations of up to 4cm in diameter have also been intersected above the semi-massive Ni-sulphide for at least 12m from 159m downhole
• Hand-held spot analysis by portable XRF (hh-pXRF) suggests that Ni grades within the massive Ni-sulphide range between 1.9 and 3.1% Ni*
  
• Massive Ni-sulphides in TED54 are geologically located at the base of the Dusty Komatiite consistent with the two other drill holes at Dimma and all other intersections of massive Ni-sulphide within the Dusty Komatiite to date
• Geochemistry from hh-pXRF analyses of TED54 core suggests entire zone of Ni- sulphide mineralisation within komatiite could be up to 39m thick commencing 159m downhole
  
• Dimma is one of four (4) massive and semi-massive Ni-sulphide discoveries at Toro’s 100% owned Dusty Nickel Project (see below), located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit (see below).
  
• All three drill holes drilled so far at Dimma have all intersected massive Ni-sulphide indicating the discovery remains open in all directionsOnly ~3.5km 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 massive Ni-sulphide intersection from Dimma, Toro’s Executive Chairman, Richard Homsany, said: “This latest outstanding drill result at the Dusty Nickel Project is shaping up as our best yet. It is the thickest downhole intersection of continuous massive Ni-sulphide Toro has discovered. It now extends the Dimma massive Ni-sulphide discovery over three drill holes and some 112m of continuous dip extent. Although we await laboratory geochemistry, the hand-held portable XRF spot analyses suggest all three intersections of massive Ni-sulphide at Dimma are high grade.

This result confirms the vast potential for further Ni-sulphide mineralisation on the Dusty Nickel Project. We have only completed limited testing of some 3.5km of the 7.5km long Dusty Komatiite magnetic trend and have already discovered four zones of massive or semi-massive Ni-sulphide. All four of these have only had limited drilling and are still considered open in most directions.

This is particularly the case at Dimma where, with only three holes successfully completed, the Dimma nickel mineralisation is still open in every direction. Toro believes that this is very new territory for Ni- sulphide exploration in the Yilgarn. No drilling to our knowledge has adequately penetrated the basement beneath the cover on the Dusty Nickel Project prior to Toro’s drilling and these are the first massive Ni- sulphide discoveries in the area.

Toro is in the unique position of having both a world-class uranium asset and a high-quality nickel discovery within its portfolio and we are well positioned to advance both projects this year. We look forward to reporting assays from Dimma in the near-term.”

Figure 1: Example of diamond drill core of massive Ni-sulphide intersected in TED54, the third hole drilled at the Dimma Discovery, positioned above the discovery hole, TED41. The section of core in the photograph is approximately 1.0m long and starts from 196.75m downhole. See text for further deta

Above the massive Ni-sulphide, TED54 also intersected 12m of blebby Ni-sulphide, with individual sulphide accumulations up to 4cm in diameter, from 159m downhole. The massive Ni-sulphide mineralisation at the Dimma discovery now extends some 112m down-dip (apparent) over three drill holes, TED53, TED41 and TED42, with the recent intersection being the shallowest so far at approximately 166m from the surface (approximate true depth) (Figure 3).

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