www.toroenergy.com.au
Toro Energy (ASX: TOE) is well placed to operate one of the first new Western Australian uranium mines. The company is also an explorer in Western Australia, the Northern Territory, South Australia and in the African country of Namibia.
The Wiluna Project is at an advanced stage in government assessment and approval, with Toro planning to commit to construction late next year for first production in 2013. 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 (U3O8) in the current project approved.
Toro Energy moves closer to acquiring 40% stake in Nowthanna uranium deposit
Toro Energy (ASX: TOE) has reported Impact Minerals' (ASX: IPT) sale of its 40% beneficial interest in the Nowthanna uranium deposit in Western Australia to Toro is in progress, and is expected to be complete by the end of September.
The sale comprises 100% of the Quinns Lake Project (E51/1075) and 20% of E51/1072, which is part of the Yarraburra Nickel Joint Venture. Toro has agreed to purchase the remaining 80% of E51/1072 from the other parties in the JV.
Impact will receive $713,000 cash and 5,485,000 Toro shares at completion. Half of the shares will be escrowed for 6 months and the remaining half will be escrowed for 12 months.
Through the direct shareholding in Toro, Impact will retain significant upside to the targeted first production from late 2013 from Toro's Wiluna uranium project, 150 kilometres east of Nowthanna, as well as its extensive portfolio of uranium prospective exploration assets in Australia and Namibia.
Impact has also announced the commencement of a major reverse circulation and diamond drill program at the Botswana Uranium Project.
Drilling is testing for large deposits of uranium hosted by Karoo sandstone and by Proterozoic sedimentary rocks and basement granite and granite‐gneiss.
The reverse circulation drill program started in the Moiyabana area and 19 holes for 1,420 m have been completed on widely spaced drill lines up to several kilometres apart.
At the Red Hills Prospect 17 holes for about 3,229 metres on three lines up to 1 kilometres apart have been completed.
The drill rig is currently at the Mogome Prospect where at least a further 1,200 metres of RC drilling is planned to test uranium‐anomalous leucogranite, gneiss and migmatite.
The first results are expected soon and these will determine the scope of the diamond drill program.
The company has also completed a major airborne magnetic gradiometer and radiometric survey over the northern part of the Xade Complex in central Botswana. The data has been received and a detailed interpretation is in progress.
