Toro Energy

Quarterly Activities Report For Period Ending 30 June 2023

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three months ended 30 June 2023.


HIGHLIGHTS

Corporate

  • Cash and liquid financial assets valued at $3.2 million as at 30 June 2023
  • Funds support further development of the Wiluna Uranium Project, the Dusty Nickel Project and provide working capital for the Company

Wiluna Uranium Project, Western Australia

  • Further to the excellent Scoping Study results released in the final quarter last year, evaluation activities ongoing in connection with the optimisation of the Wiluna Uranium Project

Dusty Nickel Project, Western Australia

  • Diamond drill hole TED55 has intersected approximately 2m of continuous massive Ni-sulphide mineralisation from 147.2m downhole, with hand-held spot analysis by portable XRF (hh-pXRF) suggesting 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
  • Geochemical assays received during the quarter confirm:
    • Diamond drill hole TED37 intersected 3.45m of massive Ni-sulphide grading 1.42% Ni, 0.19% copper (Cu) and 0.76 g/t platinum (Pt) and Palladium (Pd) from 240.1m downhole including 1.45m of massive Ni-sulphides grading 2.2% Ni, 0.36% Cu and 1.27 g/t Pt+Pd from 242.2m downhole
    • Diamond drill hole TED38 intersected 2.44m of massive Ni-sulphide grading 1.16% Ni, 0.2% Cu and 0.77 g/t Pt+Pd from 231.65m downhole
    • Diamond drill hole TED41 intersected 4.31m of massive Ni-sulphide grading 1.16% Ni, 0.29% Cu and 0.386 g/t Pt+Pd from 243.33m downhole; and
    • Diamond drill hole TED42 intersected 3.13m of massive Ni-sulphide grading 1.42% Ni, 0.17% Cu and 0.605 g/t Pt+Pd from 314m downhole
    • TED53 intersected 4.31m of massive and semi-massive Ni-sulphide grading 1.37% Ni, 0.13% Cu and 0.539 g/t Pt+Pd from 332m downhole, being twice as thick as first thought and as announced on 12 April 2023
    • TED54 intersected two zones of Ni-sulphide, a 4.6m zone of massive Ni-sulphide grading 1.61% Ni, 0.22% Cu and 0.56 g/t Pt+Pd from 194.2m downhole and second zone consisting of 9m of blebby and disseminated Ni-sulphide grading 0.79% Ni from 162m downhole, inclusive of 3m grading 1.09% Ni from 166m downhole.
  • Together the four Dusty Ni-sulphide discoveries, Jumping Jack, Dimma, Houli Dooley and Dusty, 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 – are the first Komatiite hosted massive Ni-sulphides to be discovered in the region and remain open at depth

*(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 in release of 24 May 2023 for performance of the hh-pXRF results analysis against certified reference material).

URANIUM PORTFOLIO SUMMARY

Wiluna Uranium Project, Western Australia

Toro’s 100% owned Wiluna Uranium Project consists of the Lake Maitland, Lake Way, and Centipede- Millipede Deposits (see Figure 1). Together, these deposits of the Wiluna Uranium Project contain some 52 Mt grading 548ppm U3O8 for 62.7 Mlbs of contained U3O8 at a 200ppm U3O8 cut-off (JORC 2012 – refer to ASX announcements of 15 October 2015, 1 February 2016, 21 October 2019 and 30 November 2021), together with the vanadium resource of 96.3Mt grading 322ppm V2O5 for 68.3Mlbs of contained V2O5 at a 200ppm V2O5 cut-off as referred to above (JORC2012 – Inferred – refer to the Company’s ASX announcement of 21 October 2019).

Further to the excellent Scoping Study results released in the final quarter last year, the Company continued its evaluation activities in respect of the optimisation of the Wiluna Uranium Project during the June 2023 quarter.


Click here for the full ASX Release

This article includes content from Toro Energy Ltd, 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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