Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that geochemical assays have confirmed that diamond drill hole TED55 intersected a further 2.1m of massive Ni-sulphide at the Dimma Ni Discovery site (Figure 1) within the Company’s 100% owned Dusty Nickel Project (Figures 2). The Dusty Nickel Project (‘the Project’) is located in the Yandal Greenstone Belt, 50km east of the world class Mt Keith Nickel Deposit (Figure 2).

HIGHLIGHTS

• Toro is advancing two potential Tier-1 assets in WA – the Wiluna Uranium Project and the Dusty Nickel Project – both with considerable upside and unlocked value.
• Geochemical assays confirm diamond drill hole TED55 intersected massive Nickel (Ni) sulphides at the Dimma Ni discovery within Toro’s 100% owned Dusty Nickel Project.
• Geochemical assays confirm that TED55 intersected:
  • 2.1m of massive Ni-sulphide grading 1.83% Ni, 0.29% copper (Cu) and 0.55 g/t platinum (Pt) plus (+) palladium (Pd) from 147.1m downhole.
• Confirmation that TED55 extends the sub-vertical zone of massive Ni-sulphide intersected at Dimma through five drill holes suggestive of a continuous lens at least 160m in down-dip length and open at depth.
• Dimma massive Ni-sulphide discovery remains open along strike and at depth.
• Dimma is one of four (4) massive and semi-massive Ni-sulphide discoveries within the Dusty Nickel Project (see below), located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit (see below).
• Only ~4.5km of the 7.5km long Dusty Komatiite magnetic trend has been tested to date and Toro has already discovered four zones of massive or semi-massive Ni-sulphide.

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

“This is yet another outstanding intersection of massive Ni-sulphide at the Dimma Nickel discovery. We believe Dimma has considerable potential with all five drill holes intersecting massive Ni-sulphide to date leaving the discovery open both at depth and along strike, north and south.

All four discoveries Dusty Nickel Project remain open at depth with Houli Dooley still yet to be tested with a successful follow-up hole, and no drilling yet to be completed between Dimma and Jumping Jack, some 400m away. With all four discoveries along strike over some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project will continue to deliver excellent exploration results as it reveals itself as an asset of considerable value. Furthermore, the four discoveries have been made with only limited testing of some 3.5km of the 7.5km long Dusty Komatiite magnetic trend.

Toro remains committed to advancing its world-class uranium asset and high-quality nickel discovery, which are in close proximity to each other in a prime mining jurisdiction in WA. Toro is confident that with further work both assets will continue to rapidly emerging as stand-alone mining projects and Toro will evaluate its options to maximise their value.”

The results of the laboratory based geochemical analysis confirmed that diamond drill hole TED55 intersected 2.1m of massive Ni-sulphide grading 1.83% Ni, 0.29% copper (Cu) and 0.55 g/t Pt+Pd from 147.1m downhole.

Importantly, the TED55 massive Ni-sulphide intersection extends the sub-vertical zone of massive Ni- sulphide mineralisation discovered at Dimma through five drill holes and suggests it so far represents a continuous lens of mineralisation of at least 160m down-dip length from 147.1m downhole in TED55 to 314.7m downhole in TED42 (refer to Figure 3). It remains open at depth and open along strike. The recent TED55 intersection is only around 124m from the surface vertically (approximate true depth).

The massive Ni-sulphide intersection in TED55 is located in the same stratigraphic position as the other four massive Ni-sulphide intersections at Dimma, TED41 (the discovery hole), TED42, TED53 and TED54, associated with the base of the Dusty Komatiite (see Figure 1). This is the same stratigraphic position as all the other three massive and semi-massive Ni-sulphide discoveries on the Dusty Nickel Project to date, Jumping Jack, Houli Dooley and Dusty.

The Dimma discovery is located approximately 400m to the SSE of the recent Jumping Jack discovery, along strike of the Dusty Komatiite, which is in turn located approximately 400m SSE of the Houli Dooley discovery and 800m SSE of the original Dusty discovery (refer to Figure 1). There has been no drilling between Jumping Jack and Dimma due to the current location of the Toro exploration camp and hardstand facilities, however Toro considers that this is an obvious future area for drilling going forward once those facilities have been relocated.

All drill hole details and significant figures relevant to this ASX announcement can be found in Appendix 1 and Appendix 2 respectively. The JORC Table 1 can be found in Appendix 3.

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