Toro confirms Theseus uranium discovery

THE DRILL SERGEANT: Almost uranium miner Toro Energy has confirmed current drilling from its Theseus prospect in Western Australia has demonstrated it to be a large uranium mineralised system measuring at least 7.5 square kilometres in area.

The company said uranium mineralisation reported has defined grades at levels that it considers, warrant further economic analysis.

Significant averaged intersections received from the drilling program include:

4.46 metres at 837 parts per million uranium equivalent from 98.11 metres, including 1.54 metres at 1909 parts per million uranium equivalent from 98.47;

1.8m at 430ppm uranium equivalent from 102.08m;

3.54m at 378ppm uranium equivalent from 105.63m, including 0.44m at 1469ppm uranium equivalent from 106.57m;

4.84m at 293ppm uranium equivalent from 107.54m, including 0.66m at 1032ppm uranium equivalent from 108.6m; and

9.02m at 619ppm uranium equivalent from 100.38m, including 0.78m at 1156ppm uranium equivalent from 101.14m and 1.46m at 2204ppm uranium equivalent from 102.58m.

“We are excited and encouraged by the size, extent and grade of uranium mineralisation so far intersected,” Toro Energy managing director Greg Hall sadi n the company’s announcement to the Australian Securities Exchange.

“The minimum extent of the system is now five kilometres by 1.5 kilometres in area and is open in all directions.

“Toro now intends to ramp up its drilling effort at the prospect.

“Toro’s systematic approach to defining the location of the higher grade uranium mineralisation in Theseus is key to ensuring the system is well defined before more closely spaced drilling is used to define a resource prepared in accordance with the JORC code.”

Toro claimed the lithological and mineralogical association at Theseus to be similar to the 4 Mile and Beverley uranium deposits in South Australia.

Both of these benchmark uranium deposits are amenable to In Situ Recovery (ISR).

ISR is an operating system where slightly acidified water is pumped to depths of 150m through confined sand layers, extracting and transporting uranium to a surface processing plant.

“The geological environment and the consistency of the mineralised zones at Theseus, albeit at an early stage, continue to support the possibility of ISR extraction methods as a potential development scenario for Theseus although the development scenarios and economics remain undefined at this time,” Toro Energy said.