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Toro Energy
Investor Insight
Toro Energy’s significant uranium resource in a tier 1 jurisdiction places the company in a compelling position to leverage a bullish uranium market and the mineral’s strategic role in global decarbonization.
Overview
Countries worldwide are working towards decarbonization and paying more attention to clean energy sources. About 10 percent of the world's electricity is produced from 440 power reactors, and more countries like Japan, Germany, the UK and the US are revitalizing their nuclear energy capacities to reduce fossil fuel production while improving energy security.
Australia produces 12 percent of the world’s uranium, behind Canada (13 percent) and Kazakhstan (43 percent). It is also home to the Wiluna uranium project, a well-established uranium resource, which is also the flagship asset of Toro Energy (ASX:TOE), a uranium exploration and development mining company that actively seeks to uncover value from other commodities in its existing highly prospective project ground.
As of September 24, 2024, Toro holds JORC-compliant uranium resources of 112.7 million pounds (Mlbs) uranium oxide (U3O8), which includes the flagship Wiluna project, Dawson Hinkler deposit (100 ppm U3O8 cut-off), and Theseus and Nowthanna deposit (200 ppm U3O8 cut-off).
The 100-percent-owned Wiluna uranium project includes three key deposits – Lake Maitland, Centipede-Millipede and Lake Way – and offers significant uranium exposure of 87.8 million tons (Mt) at 381 ppm for 73.6 Mlbs U3O8 at 100 ppm cut-off (JORC 2012). It is located only 30 kilometers southeast of Wiluna in Central Western Australia.
The Wiluna uranium project has received state and federal approval (subject to required amendments) and has been granted mining leases.
Considerable research over recent years has identified processing redesign opportunities from unique geological attributes within the uranium deposits, but particularly at Lake Maitland, as well as the ability to extract the inherent vanadium held within the uranium ‘ore’ for a vanadium by-product.
Within the uranium mineralization envelope, the Wiluna project is estimated to contain 141.8 Mt vanadium oxide (V2O5) at 286 ppm for 89.3 Mlbs of V2O5 at 100 ppm V2O5 cut-off (JORC 2012), as of September 24, 2024.
The unique geology of the Lake Maitland deposit and the processing redesign have allowed for a mining and processing option exclusively for Lake Maitland, that could be economic on its own or be the economic spearhead of a longer-term, larger Wiluna mining operation (dependent on market conditions and approvals). The stand-alone Lake Maitland option, aided by the economic efficiency of the new processing design, results in a transformational potential increase in production from the Lake Maitland deposit.
The scoping study for the stand-alone Lake Maitland uranium-vanadium operation option shows potential for exceptional financial returns with a pre-tax NPV of AU$832.8 million, a short payback period of 2.5 years, 48 percent internal rate of return, and low capex of AU$291 million (US$203 million), based on price assumption of US$85/lb U3O8, US$5.67/lb V2O5 and a 70 cents US$:AU$ exchange rate.
In September 2024, the Lake Maitland deposit has been re-estimated using a resource envelope more in line with the other Wiluna uranium deposits; allowed the lowering of the cut-off grade to 100ppm U3O8, expanding Lake Maitland resources by 12 percent and that of the entire Wiluna project by 17 percent (when the expansions at Lake Way and Centipede-Millipede are also included).
The design phase of Toro Energy’s beneficiation and hydrometallurgical pilot plant is on track and in line with plans to finalise construction at the end of 2024-beginning of 2025. . The pilot plant will test the improved beneficiation and hydrometallurgical circuit developed by Toro from bench scale research at a closer-to-production scale and as single streams. It will also test potential ore from the three uranium-vanadium deposits that Toro believes will make up an extended Lake Maitland operation – these include Lake Maitland, Lake Way and Centipede-Millipede.
The company will commence a large sonic core drill program to provide bulk, but targeted potential ore, for the upcoming pilot plant program in 2025.
The Lake Maitland deposit is part of a joint venture partnership with two reputable Japanese corporations, Japan Australia Uranium Resource Development. (JAURD) and Itochu.
Toro has been actively evaluating the prospectivity of its Wiluna asset portfolio for minerals other than uranium, including nickel and gold.
Toro’s Dusty nickel project is located on the northern, eastern and southern shores of Lake Maitland and the Lake Maitland uranium deposit and is focused on two main target areas: Dusty and Yandal One. These properties will be the subject of a proposed demerger, following Toro’s recent strategic review of its non-core assets and future plans to solely focus on its uranium development opportunities and its flagship Wiluna project.
Toro Energy’s management team and board of directors have extensive experience in the mining industry, with combined expertise that includes working at major mining houses, exploration companies, uranium mining operations, corporate financing and government and community relations.
Company Highlights
- Toro Energy is a well-established Western Australian uranium exploration and development company that actively seeks to uncover value from other commodities in existing highly prospective ground.
- Toro holds JORC-compliant uranium resources of 112.7 Mlbs uranium oxide across its Western Australian projects.
- Toro’s 100-percent-owned flagship Wiluna uranium project, located 30 kilometers southeast of Wiluna in Central Western Australia, 87.8 Mt at 331 ppm for 73.6 Mlbs U3O8 at 100 ppm cut-off over three deposits: Lake Maitland, Centipede-Millipede and Lake Way.
- The company has defined a significant maiden vanadium resource of 89.3 Mlbs of V2O5 at a 100ppm V2O5 cut-off inside the uranium mineralisation envelope.
- Scoping study completed for a stand-alone Lake Maitland uranium-vanadium operation shows potential for exceptional financial returns.
- In addition to its flagship uranium project, Toro’s strategic evaluation of the Lake Maitland tenure has resulted in the discovery of massive nickel sulphide and vein-hosted gold, which include the Dusty nickel project and the Yandal gold project.
- Following a recent strategic review, Toro is considering to solely focus on its uranium development opportunities and demerge its portfolio of non-core projects, including the nickel, gold and base metal assets in Western Australia.
- The company is led by a management team and board of directors with direct experience in the uranium exploration and mining as well as base metal exploration industry.
Key Projects
Wiluna Uranium Project
Toro Energy’s flagship asset is located only 30 kilometers from the town of Wiluna in the northern goldfields region within central Western Australia. The Wiluna project contains 87.8 Mt at 381 ppm for 73.6 Mlbs U 3O8 at 100 ppm cut-off over three deposits: Centipede-Millipede, Lake Way and Lake Maitland. The asset has been de-risked and optimized to improve yield and has successfully incorporated the processing of a vanadium resource as a by-product. A scoping study was completed for a stand-alone Lake Maitland uranium-vanadium operation.
Project Highlights:
- De-risked Uranium Project: Toro Energy has de-risked the Wiluna uranium asset by:
- Obtaining state and federal environmental approvals. Retrospective amendment to substantial commencement date condition will be required as well as amendment to mining proposal required as a result of further studies which significantly enhanced the project (refer below)
- Securing mining leases
- Identifying a simple yet effective mining process
- Extensive laboratory testing of a new and efficient beneficiation and processing technique inclusive of the extraction of vanadium for a valuable by-product.
- Uranium Exploration assets: Toro also owns 100 percent of three other exploration projects in Western Australia that have a total uranium resource of 39.1 Mlbs Nowthanna (200ppm U3O8 cut-off), Dawson Hinkler (100ppm U3O8 cut-off) and Theseus (200ppm U3O8 cut-off).
- Lake Maitland Pit Expansion: A 2022 pit expansion for a stand-alone Lake Maitland mining and processing operation, based on an updated uranium price, the inclusion of vanadium as a by-product, revised OPEX based on a the new beneficiation and processing flow sheet, increased the potential volume of uranium ore
- Initial Scoping study at proposed Lake Maitland Uranium-Vanadium Operation: Initial scoping study results following the 2022 pit expansion highlight the project’s potential for robust financial returns, increasing the asset to US$608 million in potential gross product value (assumes a US$70/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- 2024 Scoping Study Financial Metrics Update: A refresh of the scoping study on the stand-alone Lake Maitland operation which incorporates current financial metrics and improved uranium pricing has been recently completed resulting an increase in pre-tax NPV to $832.8 million and 48% IRR (assumes a US$85/lb U3O8, US$5.67/lb V2O5 price and a US$: AU$0.70 exchange rate).
- Further Expansion of Scoping Study: to incorporate amenable ore from Toro’s Lake Way and Centipede-Millipede uranium deposits into the proposed processing operation at Lake Maitland.
- Expanded Resource at Lake Maitland, Lake Way and Centipede-Millipede deposits: Expansion of the stated U3O8 and V2O5 resources at all three uranium-vanadium deposits was conducted by reducing the stated U3O8 and V2O5 resource cut-off grades to 100 ppm (from 200 ppm):
- The stated Lake Maitland U3O8 resource expands by 12 percent or 3.2 Mlbs to 29.6 Mlbs contained U3O8, with a reduction in average grade to 403 ppm U3O8
- The stated Centipede-Millipede U3O8 resource expands by 25 percent or 5.98 Mlbs to 29.95 Mlbs contained U3O8, with a reduction in average grade to 351 ppm U3O8.
- The stated Lake Way U3O8 resource expands by 15 percent or 1.79 Mlbs to 14.12 Mlbs contained U3O8, with a reduction in average grade to 406 ppm U3O8.
- The stated Lake Maitland V2O5 resource expands by 74% or 13.4Mlbs to 31.4Mlbs contained V2O5, with a reduction in average grade to 285ppm V2O5. The stated Centipede-Millipede V2O5 resource expands by 17 percent or 6.6 Mlbs to 45.2 Mlbs contained V2O5, with a reduction in average grade to 281 ppm V2O5.
- The stated Lake Way V2O5 resource expands by 9.5 percent or 1.1 Mlbs to 12.7 Mlbs contained V2O5, with a reduction in average grade to 307 ppm V2O5.
- Pilot Plant Design Commissioned: A detailed pilot plant design is being undertaken to further assess the new processing flowsheet for Lake Maitland at a closer to ‘operational’ scale. The pilot plant design is on track incorporating all aspects of both uranium and vanadium production. A sonic core drilling program will commence to deliver potential ore to the pilot plant currently in design for Wiluna.
- Robust Local Infrastructure: The assets are within an established mining center, which means much of the required infrastructure is readily available. The project has access to power and water, which reduces initial development costs.
- Joint Venture Partnership: Toro Energy has entered into a joint venture partnership with JAURD and Itochu for its Lake Maitland deposit. Both corporations have the right, but not the obligation, to earn a combined 35 percent interest in the project upon contributing US$39.6 million, and an additional proportionate share of expenditure thereafter, once a positive final investment decision has been made based on a definitive feasibility study.
The Dusty Nickel Project – Discoveries of Massive Nickel Sulphide
Toro’s Lake Maitland tenure is located in the Yandal Greenstone Belt within the Yilgarn Craton of Western Australia, a gold district within a world-class gold and nickel province. With little exploration for non-uranium minerals ever conducted on the properties, Toro considers the project area highly prospective for nickel, gold and base metals.
In 2020, Toro made a blind discovery of massive and semi-massive nickel sulphides associated with the base of a 7.5-kilometer unbroken length of previously unknown komatiite (Dusty komatiite) – arguably the first massive nickel sulphides discovered in the Yandal Greenstone Belt, which is located 50 kilometers east of the world-class Mt. Keith nickel deposit. The Dusty nickel project is located near the Lake Maitland uranium deposit and contains two key target areas: Dusty and Yandal One.
Continued exploration and diamond drilling on the project has resulted in four discoveries of massive/semi-massive nickel sulphide zones to date with only 4.5 kilometers tested so far at a single depth along a 7.5-kilometer komatiite magnetic trend. Only limited testing for massive nickel sulphides has been undertaken to date of an approximately 15-kilometer strike length of known komatite - ultramafic target rock. With such limited drilling on the Lake Maitland tenure, it is yet to be known whether other similar magnetic anomalies are also komatiite-ultramafic rock and how much more rock is prospective for massive nickel sulphides on Toro’s 100-percent-owned Dusty nickel project.
Project Highlights:
- Four zones of massive nickel sulphide discovered: Toro has discovered four zones of massive and semi-massive nickel sulphides: Dusty, Houli Dooley, Jumping Jack and Dimma. Significant diamond drill results from these discoveries to date include:
- DUSTY
- 9 meters at 2.07 percent nickel from 250.9 meters downhole (TED07) including:
- 2.0 meter at 4.01 percent nickel from 250.9 meters downhole; and
- 2.0 meters at 3.85 percent nickel from 255.5 meters downhole.
- 2.6 meters at 3.45 percent nickel from 184.5 meters downhole (TED04).
- 7.2 meters at 1.05 percent nickel and 0.26 percent copper from 252 meters downhole (TED22).
- 9 meters at 2.07 percent nickel from 250.9 meters downhole (TED07) including:
- HOULI DOOLEY
- 3.05 meters at 1.59 percent nickel from 297.75 meters downhole (TED14).
- JUMPING JACK
- 3.45 meters at 1.42 percent nickel from 240.2 meters downhole (TED37).
- 2.44 meters at 1.16 percent nickel from 231.6 meters downhole (TED38).
- DIMMA
- 4.31 meters at 1.16 percent Ni from 243.3 meters downhole (TED41).
- 3.13 meters at 1.42 percent Ni from 314 meters downhole (TED42).
- 4.6 meters at 1.61 percent Ni from 194.2 meters downhole, including 3m at 1.09 percent Ni from 166 meters downhole (TED54).
- 2.1 meters at 1.83 percent Ni from 147.1 meters downhole (TED55).
- DUSTY
- Yandal OneTarget Area: The Yandal One Target Area is located some 17 kilometers south of the Dusty discoveries and with limited drilling, Toro has proven the existence of another komatiite with the potential to host massive nickel sulphide.
Toro Yandal Gold Project
The Lake Maitland tenure is located only 20 kilometers northeast of the world-class Bronzewing and Mt McClure gold mines within the same Greenstone Belt, the Yandal, within one of the most famous gold provinces in the world, the Yilgarn Craton.
Early exploration by Toro at the Golden Ways target area in the north of the project has uncovered surface rock chip samples of up to 70 g/t gold and significant drilling results, including:
- 5 meters at 4.4 g/t from 22 meters (TERC24)
- Including 2 meters at 9.93 g/t from 22 meters
- 4 meters at 3.3 g/t from 28 meters (TERC25)
- Including 1 meter at 10.9 g/t from 28 meters
- 2 meters at 3.79 g/t from 10 meters (TERC38)
- Including 1 meters at 7.33 g/t from 10 meters
- 3 meters at 1.41 g/t from 9 meters (TERC36)
- Including 1 meters at 2.76 g/t from 10 meters
Management Team
Richard Homsany - Executive Chairman
Richard Homsany has extensive experience in the resources industry, having been the executive vice-president for Australia of TSX-listed Mega Uranium since April 2010. He has worked for North Ltd, an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate, before its takeover by Rio Tinto.
Homsany is an experienced corporate lawyer and certified practicing accountant (CPA) advising numerous clients in the energy and resources sector, including publicly listed companies. He was corporate partner at international law firm DLA Phillips Fox (now DLA Piper), where he advised clients on a range of transactions and matters including capital raising, IPOs, stock exchange listing, mergers and acquisitions, finance, joint ventures, divestments and governance.
He is a fellow of the Financial Services Institute of Australasia (FINSIA) and a member of the Australian Institute of Company Directors. He has a commerce degree and honors degree in law from the University of Western Australia, and a graduate diploma in finance and investment from FINSIA (State Dux).
Homsany has significant board experience with publicly listed companies in Australia and Canada. He is the chairman of ASX-listed copper explorer Redstone Resources. and TSXV-listed iron ore and gold explorer Central Iron Ore Limited. Homsany is currently the chairman of the Health Insurance Fund of Australia Limited.
Michel Marier - Non-executive Director
Michel Marier joined Sentient in 2009 as an investment manager. Before joining Sentient, Marier worked eight years in the private equity division of la Caisse de dépôt et placement du Québec. Marier holds a master’s degree in finance from HEC Montreal and is a CFA charter holder.
Richard Patricio - Non-executive Director
Richard Patricio is the CEO and president of Mega Uranium, a uranium-focused investment and development company with assets in Canada and Australia.
In addition to his legal and corporate experience, Patricio has built a number of mining companies with global operations. He holds senior officer and director positions in several junior mining companies listed on the TSX, TSX Venture, AIM and NASDAQ exchanges. He is currently also a director of NexGen Energy (TSE:NXE, Mkt Cap. C$2.7 billion). He previously practiced law at a top-tier law firm in Toronto and worked as an in-house general counsel for a senior TSX-listed company. He received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Dr. Greg Shirtliff – Geology Manager
Dr. Greg Shirtliff has over 20 years of experience in industry-related geology and geochemistry, including a PhD in mine-related geology and geochemistry from the Australian National University. Since his studies, Dr Shirtliff has spent some 20 years in various roles in the mining and exploration industry ranging from environmental, mine geology, resource development, exploration and management roles in exploration and technical projects inclusive of engineering and metallurgical. His roles have included a number of years at ERA-Rio Tinto’s Ranger Uranium Mine, as the senior geoscientist for Cameco Australasia and more recently as the lead geologist and technical manager for Toro Energy, where he is the exploration and technical lead responsible for increasing the viability of the company’s uranium and mineral resources, developing and directing the company’s uranium and non-uranium exploration strategy, aiding the company technically through EPA approval for a uranium mine, and guiding the engineering and metallurgical through to scoping level economic assessment.
Dr Shirtliff has had recent exploration success at Toro Energy, discovering multiple zones of massive nickel sulphide mineralization along the Dusty Komatiite, arguably the first massive nickel sulphide mineralization discovered in the Yandal Greenstone Belt in Western Australia.
Dr Shirtliff holds directorships on privately owned consultancy and prospecting companies and is a long-standing member of the Australian Institute of Mining and Metallurgy and the internationally recognized Society of Economic Geologists.
Katherine Garvey - Legal Counsel and Company Secretary
Katherine Garvey is a corporate lawyer who has significant experience in the resources sector. Garvey advises public (both listed and unlisted) and proprietary companies on a variety of corporate and commercial matters including capital raising, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues. She has extensive experience drafting and negotiating various corporate and commercial agreements including farm-in agreements, joint ventures, shareholders’ agreements, and business and share sale and purchase agreements.
Garvey is a senior associate at Cardinals Lawyers and Consultants, a corporate and resources law firm in West Perth, and company secretary of the Health Insurance Fund of Australia Limited. Garvey is also legal counsel (Australia) to TSX-listed Mega Uranium, and company secretary to TSXV-listed Central Iron Ore.
Marc Boudames - Financial Controller
Marc Boudames is experienced in statutory financial reporting, taxation, ERP systems, business analytics, corporate transactions, due diligence, mergers & acquisitions, finance, joint ventures and divestments. He previously worked at RSM Bird Cameron, as general manager –finance & administration for ASX-listed Redport Ltd and Mega Uranium (Australia), a Canadian TSX-listed mining and equity investment company focused on global uranium properties and multi-mineral exploration. He has worked for multiple companies across various industries, including listed and public companies associated with the mining and oil and gas sectors, such as WesTrac, CB&I and Spotless Group.
Uranium development and exploration in Western Australia
Terra Clean Energy Corp. Completes First Three Drill Holes on Fraser Lakes Uranium Deposit with Encouraging Initial Results
TERRA CLEAN ENERGY CORP. (“Terra” or the “Company”) (CSE: TCEC, OTCQB: TCEFF, FSE: 9O0), is pleased to announce the completion of the first three drill holes at the South Falcon East Uranium Project (the “Property”) which hosts the Fraser Lakes B Uranium Deposit. Drilling will continue throughout March and is expected to complete over 2000 meters (m) of drilling.
The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine (Figure 1). The Company entered into an option agreement with Skyharbour Resources Ltd. (“Skyharbour”) in October of 2022 whereby the company can earn up to a 75% interest in the Property.
The Company is currently conducting a 2000-2200 m helicopter supported drill program at the Property. Three diamond drill holes have been completed on the Fraser Lakes B Uranium Deposit, for a total of 802 m. A fourth hole in progress. (Figure 3)
“We are extremely encouraged by the results of the first three drill holes as we continue to see minerlization in each of the first three holes as well as what we believe to be an expansion of the deposit to the North. As stated below, Hole SF063 returned a continuous mineralized zone of pegmatities from 173 meters to 224 meters with some decent grades.” Based on the initial results from Hole SF063 we have decided to reorganize the remaining meters of this program to focus on further defining this new area of interest and chasing clay alteration not yet seen on the property to date, with hopes of finding a high grade unconformity uranium deposit.” said Greg Cameron CEO of the Company.
Hole SF063 was planned to examine an interpreted cross fault offsetting the mineralization and geology on the east end of the Fraser Lakes B Uranium Deposit. This hole was drilled to a depth of 393 meters and intersected multiple structures and a 51 m wide interval of mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. Highlights include:
- 0.03% eU over 12.0 m from 173.55 to 185.55 m,
including 0.06% eU3O8 over 0.7 m from 180.35 to 181.05 m
- 0.03% eU over 3.0 m from 213.65 to 216.65 m,
including 0.07% eU3O8 over 0.5 m from 215.95 to 216.45 m
The first structure intersected from 18 m to 47.5m contained zones of intense clay alteration typically found in relation to unconformity uranium deposits. The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium deposits moved through the rocks. The second structure from 306 to 315 m is a brecciated pelitic gneiss situated between two intervals of Archean gneiss. This structure is interpreted to be responsible for the geological offset being targeted. This will assist in updating the target model in this area. The intersections of a clay altered structure and a thick sequence of mineralized pegmatites and pelitic gneiss have expanded the mineralization and improved the prospectivity on the east end of the Fraser Lakes B Uranium Deposit.
”The results from the drilling so far are very encouraging,” commented Trevor Perkins, Vice President of Exploration for Terra Clean Energy Corp. “The first two holes have shown that the deposit is still open down dip to the north and northwest. Hole SF0063 has shown that there is significant potential for upgrading the deposit on the east end. We are excited to see where this can lead”, continued Mr. Perkins.
Drilling is continuing with one hole in progress in the T-Bone lake area to examine the conductive package and alteration intersected in the area in historical drilling. Pad preparation is underway to return to the area around SF0063 and follow up on the clay alteration and pegmatites. Efforts will be made to follow the alteration and pegmatites to where they intersect, as this should be an area of fluid pooling and upgrading of mineralization within the deposit.
Hole SF061 was planned to test for a down dip extension of mineralization intersected in hole FP-15-05 and was drilled to a depth of 209 m. Drilling intersected a 35 m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.02% eU3O8 over 2.2 m from 150.25 to 152.45 m, including 0.05% eU3O8 over 0.6 m from 151.65 to 152.25 m.
Historical diamond drill hole FP-15-05 was drilled by Skyharbour in 2015 and returned multiple zones of mineralization over a 14m interval, including 6m of .10% U308 (including a 2m of 0.165% U3O8 (from 135m) and 2.5m of 0.172% U3O8 (from 145m).
Hole SF062 was planned to test for an along strike extension of mineralization intersected in holes FP-15-05 and SF0061, and was drilled to a depth of 200 m. Drilling intersected a 21 m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.03% eU3O8 over 2.2 m from 141.75 to 144.15 m, including 0.05% eU3O8 over 0.4 m from 143.15 to 143.55 m.
While both of these holes extended the mineralization down dip and along strike to the north and northwest, they did not intersect the higher grades encountered in hole FP-15-05. This is due to the potential variability within the pegmatite swarm. As long as the mineralized pegmatites are present, higher grades will be encountered within the overall mineralized zone.
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Figure 1: South Falcon East Uranium Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
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Figure 2: 2025 Drill Target areas at the South Falcon East Uranium Project
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Figure 3: 2025 - Completed drill holes at South Falcon East Uranium Project
Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. The Company will provide more detailed results once geochemical analysis of the collected core samples is completed, reviewed and confirmed.
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon, Saskatchewan under the care of Terra personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on visual inspection, downhole probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 to 1.0 metre continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using the lost wax method. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Terra and the SRC in accordance with Terra’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole Mount Sopris 4OTGU or 2GHF probes of varying sensitivities which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU3O8”) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
About Terra Clean Energy Corp.
Terra Clean Energy (formerly Tisdale Clean Energy Corp) is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B Uranium Deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF TERRA CLEAN ENERGY CORP.
“Greg Cameron”
Greg Cameron, CEO
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., the Company’s Vice President, Exploration, and a Qualified Person as defined by National Instrument 43-101.
*The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedarplus.ca on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Greg Cameron, CEO
Terra Clean Energy Corp
Suite 303, 750 West Pender Street
Vancouver, BC V6C 2T7
Eclipse Metals and Boss Energy Sign Binding Option & Earn-In Agreement for Liverpool Uranium Project
Highlights
- Eclipse Metals and Boss Energy enter into a binding option and earn-in agreement to advance exploration at the Liverpool Uranium Project (the Project)
- Boss Energy is committing $250,000 to exploration during the 12-month option period
- Following the exercise of the option:
- Boss Energy has the right to earn up to an 80% interest in the Project by providing up to $8 million in exploration funding – divided into two stages – over a 7-year period; and
- As part of the staged earn-in, Boss Energy must spend a minimum of $ 1.5 million on exploration before it is able to withdraw from the agreement.
- Upon earning an initial 49% interest in the Project, Boss Energy will have the option to earn up to an 80% interest in the Project.
- Boss Energy and Eclipse Metals will form an unincorporated joint venture (JV) to explore and develop the Project
- Upon successful earn-in, Boss Energy will have the option to purchase an additional 10% interest from Eclipse, bringing its total interest in the Project to 90%, for $50 million.
- This strategic alliance enables Eclipse to focus on its rare earth assets in Greenland, while still maintaining its strong interests in the Australian uranium sector.
A summary of the material terms and conditions of the binding option and earn-in agreement is set out in Annexure A.
Commenting on the Company’s strategic alliance with Boss Energy, Eclipse Metals Executive Chairman Carl Popal said:
“Partnering with Boss Energy is a key milestone for Eclipse Metals and the advancement of the Liverpool Uranium Project.
“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region.
“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities. Our key projects in Greenland, with their rich rare earth and industrial mineral potential, and other Australian assets remain central to our mission of contributing to the global critical minerals supply chain.”
ABOUT THE LIVERPOOL URANIUM PROJECT
The Liverpool Uranium Project comprises five exploration licences – EL27584, ELA31065, ELA31770, ELA31771, and ELA31772 – covering 1,229 square kilometers. Notably, the Devil's Elbow prospect within EL27584 has yielded high-grade surface uranium assays, including results up to 5.8% U₃O₈, as well as significant gold and palladium mineralisation (EPM announcement 20 April 2020).
The Company’s previous exploration programs focused on the area around the Devil’s Elbow, Terrace and Ferricrete uranium prospects, concentrating on high-priority areas defined by historical geochemical and radiometric anomalies within EL27584 and relatively unexplored ground south of the Ranger Fault.
The Devil’s Elbow prospects show strong similarities to the Jabiluka uranium and gold mine, which was discovered in 1971. Jabiluka is located 20km to the north of the Ranger Uranium Mine and about 75km west of the Devil’s Elbow. At Jabiluka, uranium and gold mineralisation occurs in an altered section of the Cahill Formation, near reverse faulting structures that are like those at the Devil’s Elbow prospect.
Figure 1: The Liverpool Uranium Project
STRATEGIC SIGNIFICANCE
This strategic alliance combines Eclipse's deep knowledge of the Project with Boss Energy's proven expertise in uranium exploration and production. The Alligator Rivers Uranium Field is renowned for its high-grade deposits, positioning both companies to capitalise on the region's significant potential.
Boss Energy intends to begin exploration activities on the Project during the 12-month option period, which will include mineral prospectivity mapping, target generation and validation of targets.
This strategic alliance underscores Eclipse's commitment to expanding its diverse portfolio of mineral projects, while aiming to create shareholder value, and contribute to the global supply of critical minerals.
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This article includes content from Eclipse Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AR3 Intersects Shallow Uranium Occurrence at Overland
Highlights:
- New shallow Uranium occurrence identified: Drill hole OV047 encountered a 6 meter interval of carbonate-cemented sediments from 27 meters, with anomalous gamma and pXRF uranium readings.
- Potential for the presence of an additional uranium model: Hole OVO47 demonstrates potential for near-surface, calcrete-hosted mineralisation (see Figure 1) - similar to uranium deposits1 mined in Namibia2 - in addition to AR3’s initial palaeochannel hosted ISR amenable uranium deposit targets.
- Accelerated follow-up drilling: Drilling program will re-commence in the week beginning 10 March 2025 to follow up the shallow uranium occurrence intersected in hole OV047.
- Rapid assay and minerology analysis: Samples generated from hole OV047 are being prioritised for assay and mineralogical determinations.
- Palaeovalley extension confirmed with multiple Uranium targets: Drilling has successfully defined the southern extension of a key palaeovalley within the southern portion of EL7001 and extending into EL6678 (See Figure 2).
- Engage with this announcement at the AR3 investor hub.
AR3 Managing Director and CEO, Travis Beinke, said:
“The intersection of a shallow uranium occurrence in OV047 is a significant step forward in our exploration program at Overland. The identification of shallow mineralisation, coupled with the confirmation of the palaeovalley's southern extension, underscores and reinforces the - potential of this project.
Our systematic approach to exploration and targeted drilling, continues to deliver results. We are excited to accelerate our follow up drilling to further delineate the extent of this new uranium occurrence and test the numerous high-priority targets we have identified. We look forward to reporting further results as we continue our drilling program through to the end of April."
Figure 1: Strip log displaying drillhole OV047 lithology, natural gamma responses (cps) and pXRF uranium responses (ppm U). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
The 2025 program, which began 30 January 2025, has focused on mapping the newly defined palaeovalley (refer ASX release 21 January 2025) further south within EL7001 and onto the Sheer Gold Farm-In tenure, EL66783. A total of 22 drillholes has been completed, totaling 3,010 meters, illustrated in Figure 2.
Target 1 of EL6678, drillhole OV047 has intersected a 6 meter interval containing anomalous gamma and pXRF Uranium (U) responses. Gamma responses peaked at 741 counts per second (cps), with maximum pXRF uranium response of 105ppm U. This surficial uranium occurrence is similar to uranium mineralisation found in Namibia’s surficial uranium deposits, like Paladin Energy’s Langer Heinrich Mine. Similar calcrete-hosted deposits are also found in Western Australia4 at Cameco Corporation’s Yeelirrie deposit and Toro Energy’s Wiluna project.
The identification of another potential uranium occurrence model at Overland highlights the region’s fertility, where uranium in solution enters the basin and is captured at various geochemical interfaces within the sedimentary sequences. Drillhole OV047 shows anomalous uranium responses over a 6 meter interval from 27 meters and displayed the highest gamma response yet seen at the base of oxidation interface with reduced sediments. These findings suggest potential for both deeper palaeochannel hosted, in-situ recoverable (ISR) deposits and shallow surficial deposits in this setting.
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This article includes content from Australian Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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