Toro confirms high-grade uranium at Theseus

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THE DRILL SERGEANT: Toro Energy has announced the completion of the recent drilling program at its 100 per cent-owned Theseus Uranium Project in Western Australia.

Theseus is developing into a major uranium discovery, potentially mineable with low cost In-Situ Recovery (“ISR”) technology.

In 2012, a total of 122 mud rotary holes were completed for approximately 16,000 metres during the months of May and June.

Toro has now defined five kilometre-scale mineralised zones which are open in four directions at the regional scale.

Key highlights from this latest drilling programme include:

  • Confirmation of high-grade uranium zones within the Theseus Project envelope as currently defined, including 0.79 metres at 1.17 per cent pU3O8 from 124.32m in LM0175 [0.92 per cent GT];
  • Development of predictive “tools” to elucidate higher-grade mineralisation at the “nose” of individual roll-fronts, evidenced by the success of two specifically targeted drillholes;
  • LM168 reporting: 3.34m at  0.08 per cent pU3O8 from 106.47m [0.27%GT];
  • LM170 reporting: 1.09m at 0.11 per cent pU3O8 from 101.34m[0.12%GT].

 

Drill plan of the Theseus Prospect showing drillhole collars ranked by %GT, and updated mineralised footprint. Source: Company announcement

Toro is presently compiling all relevant geophysical and geological data and completing a comprehensive QA/QC review program designed to assist with producing an Inferred Resource estimation for Theseus in August.

“Drilling in 2012 has further strengthened Toro’s belief that the Theseus greenfields discovery could develop into a potential ISR operation in the future,” said Toro managing director, Greg Hall in the company’s announcement to the Australian Securities Exchange.