Adelaide, Mar 21, 2007 (ABN Newswire) - Toro Energy Limited (ASX: TOE), is pleased to announce that detailed exploration of one of South Australia's prime Gawler Craton uranium projects has commenced.
An air-core rig has commenced drilling on the Warrior Project palaeochannels within EL's 3040, 3369W and 3372. As announced on 25 July 2006, Toro has entered into a Joint Venture agreement with Stellar Resources on two of these tenements, EL3372 and EL3369W (Toro earning 70%), which are to the immediate north and south of the tenement EL3040 (Toro earning 75% from Range River Gold Ltd). Based upon ongoing successful results, Toro plans to spend more than $3 million over the next four years on this highly prospective project.
An initial program of 200 air-core holes (~10,000m) is planned, with the objectives of scoping the potential of previously identified mineralisation and defining possible extensions at the Warrior Project, in preparation for more formal resource definition work to be commenced later in the calendar year.
About TORO ENERGY LIMITED
Toro Energy Limited (Toro Energy) is an Australian-based mining company. Toro Energy was formed through the amalgamation of the uranium interests of Oxiana Limited (Oxiana) and Minotaur Exploration Limited (Minotaur Exploration) in South Australia. Toro Energy focuses to acquire uranium exploration and development rights over 42 properties covering a total area of 26,069 square kilometers in recognized uranium provinces of South Australia. These properties offer potential for commercial discoveries of sedimentary uranium deposits in three geological settings: in Tertiary and Permian age palaeochannel sediments; in unconformity-related deposits associated with red-beds overlying Proterozoic basement, and in vein-hosted and intrusive-related deposits within Proterozoic basement.
Contact
Kevin Skinner Senior Consultant FIELD PUBLIC RELATIONS
231 South Road MILE END SA 5031 Tel: (08) 8234 9555 Fax: (08) 8234 9566 Mob: 0414 822 631 kevin@fieldpr.com.au
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