Toro Energy Limited Commences Uranium Drilling In Namibia
10.05.2011 | ABN Newswire
10:31 AEST May 10, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Nova Energy Namibia Pty Ltd (\'Nova\' - owned by Deep Yellow Ltd, Toro Energy Limited (ASX: TOE) and Sixzone Investments) will commence an approximate 10,000m reverse circulation drilling program this week on their tenements in Namibia. Deep Yellow Limited (ASX: DYL), operating through Reptile Uranium Namibia (Proprietary) Limited, will manage this program designed to test the \'Alaskite-style\' uranium potential of EPL 3669. The approximate drill lines are shown on Figure 1 (see link at the bottom of the release) and are subject to strict environmental and rehabilitation conditions.
The drilling will evaluate the western strike extension of uranium mineralisation recently reported by Extract Resources at the Pizarro prospect (8m metres @ 638 ppm U3O8), along with other targets related to low magnetic responses contained within a stratigraphic and structural corridor. Holes will be drilled to a nominal 150m depth. All holes will be gamma probed and anomalous zones will be assayed.
The drilling program is expected to take about 6 to 8 weeks depending on results. Reconnaissance drilling on EPL 3670 will complete the drill program for 2011.
Deep Yellow completed their earn-in commitment of A$3.5m expenditure in early 2011 and hold 65% ownership of Nova, Toro Energy has retained 25% equity and has committed to participate in this drill program. Sixzone Investments have a 10% equity share in Nova.
For the complete Toro Energy announcement including Figure 1, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/183059.pdf
About Toro Energy Limited:
Toro Energy Limited (ASX: TOE) (PINK: TOEYF) is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro's flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company's first uranium production by late 2012/early 2013.
Toro has three other exploration and development projects in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa. Toro is well funded with a supportive major shareholder in OZ Minerals.
Contact:
Greg Hall
Toro Energy
Tel: +61-8-8132-5600
Email: info@toroenergy.com.au
http://www.toroenergy.com.au