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 returns peak value of nearly 9,000ppm eU3O8 at Theseus
Toro Energy (ASX: TOE) has wrapped up the exploration program at Theseus project in Western Australia for this season, but not before releasing some very promising results.
The highlight from the latest drilling is 3.44 metres at 1,137 parts per million (ppm) eU3O8, which includes the peak result of nearly 9,000ppm.
The tenor of the mineralisation in this hole provides further evidence of the encouraging potential, with significant areas yet to be tested.
Adding some more interest to Theseus, there are still more drill results pending and an exploration target range to be released - with is forecast to be announced within a month.
Initial geological evaluation
Toro has undertaken an initial interpretation of drilling results from the project, and have identified that the main mineralised zone is associated with the transition between oxidized and reduced (i.e. organic-rich and pyritic) sediments.
The reduced interval is up to 18 metres thick and forms the lower part of the palaeochannel fill.
Drilling to date indicates that the reduced interval is locally over 500 metres wide and extends for more than 10 kilometres along the palaeochannel axis. Sands that host the mineralisation are bounded by clay and overlain by up to 100 metres of clay-dominant sediments.
