Toro encounters record uranium at Millipede

THE DRILL SERGEANT: Toro Energy (ASX: TOE) has received initial drilling results from the company’s largest ever drilling campaign to be conducted at its approved Wiluna uranium project in Western Australia.

The drilling has intersected the highest ever recorded grades of uranium mineralisation at Millipede deposit, which Toro said represents a major improvement in previously reported results.

 

Location of the Millipede deposit in the Wiluna project. Source: Company announcement

 

Results from drilling at the Millipede deposit have exceeded the company’s expectations.

The highest grade intersection returned 1.4 per cent uranium at just one metre below the surface, surpassing all previous recorded grades.

A continuous high grade mineralisation zone was also identified of over 0.1 per cent uranium, up to 1.5m thick at only 1.3m below surface.

The campaign began in April 2014 at the Centipede, Millipede, Lake Way and Lake Maitland deposits, which represent 56.6 million pounds (at a 200 ppm cut-off) of the total regional resource of 76.5 million pounds, which form the basis of the current project economic model which has approval for the processing facility and Centipede and Lake Way deposits.

The Millipede deposit has been referred to the Western Australian and Federal governments for environmental approval.

“The new high grade intersections are extremely encouraging and further confirm Toro’s belief that the Wiluna deposits comprise robust grades and mineralisation at shallow depths,” Toro Energy managing director Dr Vanessa Guthrie said in the company’s announcement to the Australian Securities Exchange.

“Each drilling campaign Toro has undertaken at Wiluna has shown higher grade mineralisation than has been historically indicated.

“Toro continues to advance the approved Wiluna project which stands out as the one of the few projects globally that is approved and capable of being financed to bring new product to the market as the uranium price recovers.”

Toro said it expects to have full results of the drilling program across all four deposits by the end of the current September quarter.

Email: info@toroenergy.com.au

Website: www.toroenergy.com.au