Toro Energy (ASX: TOE) is a uranium explorer operating in Western Australia, the Northern Territory, South Australia and in the African country of Namibia.
The company’s Western Australian Wiluna Project is at an advanced stage in government assessment and approval. The project hosts two shallow, generally less than 10m deep, calcrete deposits with a Measured, Indicated and Inferred resource of 24.4Mlbs of contained uranium
Toro Energy delivers 32% boost to 50.1Mlbs uranium resource at Wiluna region
Toro has delivered a 32% increase in resource in the Wiluna region, signifying the benefit of its exploration programs and regional consolidation. Toro is aiming to be Australia’s next uranium producer.
Toro Energy (ASX: TOE) continues to unlock the potential of the Wiluna Uranium Project in Western Australia, and today delivered yet another boost in an updated resource.
The Wiluna Regional base has increased 32% to 50.1 million pounds of contained U3O8, which is comprised from 52.25 million tonnes at 434 parts per million (ppm) for 22,641 tonnes of contained uranium at 200ppm U3O8 cut-off.
Greg Hall, managing director, said that Toro was moving closer to being Australia’s next uranium producer.
"The resource upgrade of the Centipede and Lake Way deposits and recent successful pilot plant processing testwork enhance the continuing technical feasibility study of the Wiluna Project, currently in the public review phase of government assessment."
Wiluna resources in the Centipede and Lake Way deposits have been upgraded with additional drilling, with 58% of the project resource now in the higher confidence categories of Measured and Indicated.
Highlighting the progression of the project, Toro is already seeking Government approvals to commence mining of these two deposits.
The new total for the Wiluna Uranium Project resources are now categorised as, 0.3 million pounds Measured, 13.6 million pounds Indicated and 10.0 million pounds Inferred.
Wiluna project - Centipede and Lake Way breakdown
The Centipede resource increased by 4% in metal tonnes to 12.3 million pounds U3O8, comprised from 11.32 million tonnes 493ppm for 5,579 tonnes contained uranium at 200ppm U3O8 cut-off, which was mainly due to further refinement of the resource model.
At Lake Way, better definition of the mineralised envelope has resulted in 11.6 million pounds U3O8, from 9.96 million tonnes at 530ppm for 5,280 tonnes contained uranium at 200ppm U3O8 cut-off, which represents an 8% decrease.
Hall, told Proactive Investors today, that the company are currently undertaking an additional 3,500 metres of drilling (around 250 to 290 holes) to continue to lift the Wiluna Project resource into Measured and Indicated.
"We have a substantially larger campaign planned for next year which will continue the Wiluna Project definition, but also commence more detailed drilling on our acquisitions."
Wiluna regional - Millipede, Dawson Hinkler Well and Nowthanna
Hall added, “This full update on the Wiluna Project resources and Wiluna Regional resources supports our decision to progress with the Wiluna Uranium Project, and to continue to seek further uranium project opportunities within a 200 kilometre radius of Wiluna.
“The acquisitions from U308 Ltd, MMG, MPI and now Impact, CITIC and others in the past twelve months consolidate Toro into a very strong position in the Wiluna region.
“Toro released the Environmental Review and Management Programme (ERMP) for the Wiluna Uranium Project in Western Australia on 25 July for a 14 week public consultation phase of government assessment. It is the first of Western Australia’s modern era uranium projects to reach this important milestone,” he said.
The regional resource model has included the newly established resource at Millipede for the first time.
The evaluation has realised 6.64 million pounds U3O8 (6.01 million tonnes at 500ppm for 3,008 tonnes of contained uranium at 200ppm U3O8 cut-off).
At Dawson Hinkler, a significant increase of 46% in metal tonnes was realised on the previous resource as a result of improved definition of the mineralised envelope as well as the inclusion of mineralisation to the west at Toro’s Albion Downs prospect.
The evaluation realised 8.98 million pounds U3O8 (13.07 million tonnes at 312ppm for 4,074 tonnes of contained uranium at 200ppm U3O8 cutoff).
At Nowthanna near Meekatharra, an update of the recently acquired resources on Toro owned tenements realised 10.5 million pounds U3O8 (11.9 million tonnes at 400ppm for 4,700 tonnes of contained uranium at 200ppm U3O8 cutoff).
