Toro Energy Limited - Exciting Uranium Results From Theseus Drill Program
16.05.2012 | ABN Newswire
09:40 AEST May 16, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Toro Energy Limited (ASX:TOE) is pleased to announce new uranium intersections from the 2012 drilling program at its 100% owned Theseus Uranium Project in WA.
Peak results from use of the Prompt Fission Neutron Tool (PFN) downhole logging tool report over 0.6% pU3O8, with consistent widths and grades using a 200 parts per million (ppm) pU3O8 cut off.
In line with drill results from 2011; 14 out of the 20 holes drilled so far report mineralised intervals greater than 200ppm pU3O8 including:
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LM0085 3.77m @ 717ppm pU3O8 From 111.73m 0.27% GT
including 0.91m @ 2105ppm pU3O8
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LM0086 2.54m @ 646ppm pU3O8 From 110.53m 0.16% GT
including 0.55m @ 2336ppm pU3O8
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LM0089 2.05m @ 566ppm pU3O8 From 118.15m 0.12% GT
including 0.55m @ 1541ppm pU3O8
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LM0090 10.74m @ 275ppm pU3O8 From 124.24m 0.3% GT
including 0.74m @ 748ppm pU3O8
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(using a minimum interval of 0.5m @ >200ppm pU3O8 as cut off)
These results give Toro confidence in the grade and tonnes of the Exploration Target Range (ETR) for the remaining area of Theseus Project still to be drilled. Toro estimated an ETR of 20Mt to 40Mt @ approximately 400 to 500 ppm U3O8, for 10,000t to 20,000t U3O8 or 22Mlb to 44Mlb U3O8, # as advised in ASX release on 15 Nov 2011.
The results also confirm Toro's geological model for the southern area of the Theseus Project. Three mineralised zones have been intersected to date, the first around 70m below surface, with the main zone starting at around ~110-112m and now a third zone at 120m. In drillhole LM0090, the two lower zones coalesce and report 10.74m @ 275ppm pU3O8 from 112.9m. A summary of drill results is given in Appendix 1, with drillhole locations shown on Figure 2.
Further drilling is already underway to expand the ETR area footprint.
Discussion
The cross section in Figure 1 above provides an interpretation of these results in the southern area of the Theseus deposit. The mineralised area is nearly 700m wide, is confirmed to extend for at least two kilometres and is open to the south and north.
Drilling commenced on 1 May 2012 in the southern part of the Theseus Project area as shown on the inset in Figure 2. On average, two mud rotary holes are completed per day and then logged with a full geophysical suite, including the PFN downhole logging tool. Holes are then grouted and rehabilitated. The first phase of drilling was designed to evaluate, on a broad spacing, the southern 2km section of the Theseus Project. Drillholes are initially planned at 300m spacing, along traverses approximately 500m apart. Around drillholes that report intersections above the 200ppm pU3O8 cut off, further 'infill' drillholes are then positioned at 100m, North-South-East-West centres.
Toro Managing Director, Mr Greg Hall said: 'It is exciting to see the first drill results of 2012 confirming the uranium potential in the southern part of the Theseus Project. It is also pleasing to see consistent widths and grades with the possibility of exploitable ISR uranium mineralisation.'
# CAUTIONARY STATEMENT: The Exploration Target Range is conceptual in nature and there has been insufficient exploration completed to define this material as a Mineral Resource. There is no certainty that the further work referred to herein will result in the determination of a Mineral Resource
About Toro Energy Limited:
Toro Energy 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 advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.
Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.
Contact:
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au