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:
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.
Toro Energy Limited