Toro unlocking Wiluna’s value as uranium market strengthens

Toro Energy (ASX:TOE) is advancing the design phase of its beneficiation and hydrometallurgical pilot plant in line with plans to begin its operation in the second half of 2024 at the Wiluna Uranium Project in Western Australia. 

The $44.5 million market capitalisation company says the pilot plant will test the entirety of the ‘successful’ bench-scale research completed by Toro to date at a closer to production scale. 

The plant will also test all of the components of the newly proposed processing circuit that were tested successfully on an individual basis, within a production flow stream for the first time. 

The plant will be designed to go beyond the Lake Maitland stand-alone operation and assume an extended mining operation to the Lake Way and Centipede-Millipede deposits, which are prospective for uranium and vanadium mineralisation. 

In addition to potential bulk ore from Lake Maitland, the plant will test a new processing technique on potential bulk ore from Centipede-Millipede and Lake Way.

The facility will be equipped to take at least 20 dry tonnes of potential ore through 2 campaigns of testing and beneficiation circuit and 2 campaigns of testing the hydrometallurgical circuit. 

It will be constructed, commissioned and operated at Strategic Metallurgy’s facility in Perth. 

Toro will proceed to plan the drilling required to collect the bulk ore samples ready for piloting early in H2 2024, once design and construction of the plant is complete.  

The company also announces it is working to refresh and update the Lake Maitland Scoping Study to evaluate the financial outcomes using the latest more favourable commodity pricing and exchange rate guidance. 

Executive Chairman Richard Homsany says the company remains committed to “developing the asset so that it can be brought into production when government policy and uranium markets align”.

“As Toro continues to advance the Wiluna Uranium Project towards production, the potential value of the project, amidst the backdrop of a strengthening global uranium market, keeps growing. 

The Wiluna Uranium Project is an asset of global significance. 

The pilot plant is an important step towards further demonstrating the potential scale and value of this asset, and developing it to production.”

Toro Energy is a uranium developer and explorer with projects in Western Australia, although the company’s tenure is also prospective for gold and base metals. 

The company’s wholly owned Wiluna Project sits near the township of Wiluna on the Goldfields Highway some 750km northeast of Perth and comprises the Lake Maitland, Lake Way, and Centipede-Millipede deposits. 

Together, the deposit contains some 52 million tonnes (Mt) grading 548 parts per million (ppm) uranium (U3O8) for 62.7 million pounds of contained uranium at a 200ppm cut-off. 

This is in addition to a vanadium resource of 96.3Mt grading 322ppm V2O5 for 68.3Mlbs of contained V2O5 at a 200ppm V2O5 cut-off. 

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Toro Energy: bull-ish by name, bullish by nature

If there exists a ‘commodity of the moment’, uranium would surely be a strong contender. 

Its steady price gains throughout 2023 have in recent weeks turned into an all-out bull run, sparked partly by a warning in mid-January by the world’s largest producer, Kazatomprom, that it was likely to fall short of its production targets over the next two years. The Kazakhstan-based company, which accounted for 23% of global uranium production in 2022, cited poor supplies of sulphuric acid and delays in developing new deposits as factors that might make meeting its targets “challenging”.

The news followed a similar update from Cameco (TSX:CCO) in early September, in which the Canadian company — the world’s second-largest producer, accounting for 12% of global production — said challenges at its Cigar Lake and Key Lake operations were expected to impact its 2023 production figures.

But the volatility has been good for price buoyancy. Not only did uranium blast through the US$100-a-pound ceiling for the first time since 2007, but uranium-related stocks have also been climbing since the start of 2024 — Deep Yellow (ASX:DYL) by 34%, Bannerman Energy (ASX:BMN) and Paladin Energy (ASX:PDN) by roughly 23%, and Boss Energy (ASX:BOE) by 30%, as of Friday, 19 January.

Even junior companies have been riding the wave. Shares in Perth-based explorer Toro Energy (ASX:TOE) have slid since last week, but were up 25% since the start of the year — perhaps a sign that investors are betting not-yet-producers to one day fill apparent weak spots in the uranium supply chain.

Having listed on the ASX in 2006, Toro owns the flagship Wiluna Uranium Project in central Western Australia, the Dusty nickel and Yandal gold and base metals projects in the northern Goldfields region, the Theseus Uranium Project near Lake Mackay, and minor stakes in other projects across Australia, Namibia, and Canada.

But as supply chain jolts and the evolution of public opinion conspire to drive forward an increasingly compelling market, how might an early stage player like Toro Energy feature in the years to come?

Dusty and Yandal

While uranium is its dominant focus, Toro retains exposure to nickel, gold and base metals through its Dusty and Yandal projects. Though they share a portion of their tenure with the Wiluna Uranium Project, both Dusty and Yandal sit in a highly prospective corner of the Yandal Greenstone Belt, some 50km east of BHP’s (ASX:BHP) Mt Keith nickel deposit and 15km northeast of Northern Star’s (ASX:NST) Bronzewing and Yandal Resources’ (ASX:YRL) Mt McClure gold deposits.

The Dusty project was the focus of a diamond drilling program launched in late 2022, focusing on the Dimma nickel sulphide discovery — the southernmost of 4 massive and semi-massive nickel sulphide discoveries made at Dusty to date. The Dimma discovery — along with the Jumping Jack, Houli Dooley and original Dusty discoveries — sits within the same geological setting at the base of the Dusty Komatiite, of which just 4.5km of the total 7.5km trend has been tested.

“We believe Dimma has considerable potential with all five drill holes intersecting massive Ni-sulphide to date, leaving  the discovery open both at depth and along strike, north and south

Diamond drilling at the Dimma discovery led to a steady trickle of promising assays throughout the year — including 2.1m at 1.83% nickel, 0.29% copper, and 0.55 grams per tonne (g/t) platinum and palladium — as well as the confirmation or extension of several nickel sulphide zones.

“We believe Dimma has considerable potential with all five drill holes intersecting massive Ni-sulphide to date, leaving  the discovery open both at depth and along strike, north and south,” Toro Energy Chairman Richard Homsany said in September.

“All four discoveries [at the] Dusty Nickel Project remain open at depth, with Houli Dooley still yet to be tested with a successful follow-up hole, and no drilling yet to be completed between Dimma and Jumping Jack, some 400m away. With all four discoveries along strike over some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project will continue to deliver excellent exploration results as it reveals itself as an asset of considerable value.”

Drilling between the Dimma and Jumping Jack discoveries is currently prohibited by the location of Toro’s exploration camp and hardstand facilities. The company, however, has said this will be an obvious area for drilling once these facilities have been relocated.

While no exploration work was carried out at Toro’s Yandal Project in 2023, the most recent round of drilling in 2020 confirmed the prospectivity of gold veins at shallow depths.

“Given the consistency of the presence of gold in the veins,” Toro said in its 2021 Annual Report, “it is likely that higher grade gold is present between drill holes and that the veins remain open at depth.”

Theseus and Wiluna

Though the Theseus Uranium Project — discovered by Toro in 2009 on the Western Australia/Northern Territory border — boasts a JORC-compliant resource estimate measuring 6.9 million pounds of uranium oxide at 493 parts per million (ppm), exploration and development activities have been somewhat quiet.

That resource estimate, published in December 2012, also outlined an exploration target for the broader Theseus Project of 28 million to 35 million tonnes at between 450ppm and 520ppm triuranium octoxide (U3O8).

Of course, the quietness could be attributed to the leaps and bounds being made at the Wiluna Uranium Project, which hosts its own resource measuring 79 million tonnes at 482ppm for 84 million pounds of contained U3O8, based on a cut-off grade of 200ppm.

In October 2022, Toro published a scoping study for a standalone uranium and vanadium operation at Wiluna’s Lake Maitland deposit. Completed by SRK Consulting Australasia, the study outlined capital costs of $270 million, a pre-tax net present value (NPV) of $610 million, average yearly EBITDA of $98 million, annual processing capacity of 1.94 million tonnes, all-in sustaining costs of US$28.02 per pound of U3O8 for the mine’s proposed 17.5 years of life, and a payback period of just 2.5 years.

A pilot plant design for the Wiluna project was then commissioned in August 2023, which contemplates processing vanadium as a by-product of uranium production. 

“The board is pleased to commission the pilot plant design following on from the outstanding scoping study results for the lake maitland uranium deposit, which illustrate the quality and global significance of Toro’s uranium assets,” Homsany said at the time.

“The modest capital and operating costs result from many years of extensive research and development by Toro to optimise the processing flowsheet

“The modest capital and operating costs result from many years of extensive research and development by Toro to optimise the processing flowsheet.”

In a sign of things to come, Homsany also expressed his confidence that the scoping study results could be further optimised by Lake Maitland’s close proximity to Wiluna’s Centipede-Millipede and Lake Way deposits. Lo and behold, Toro announced in mid-January 2024 that an extension study — evaluating the inclusion of material from Centipede-Millipede and Lake Way into a processing operation at Lake Maitland — was well underway.

“We are pleased that strengthening uranium market conditions continue as we develop and seek to maximise the value of the Wiluna Uranium Project, especially our evaluation of extending our Lake Maitland uranium-vanadium processing operation to include materials from our nearby 100% owned uranium deposits, Centipede-Millipede and Lake Way,” Homsany said.

“The uranium resources at Lake Way and Centipede-Millipede are strategically located and considerable, and need to be thoroughly evaluated for viability.”

Lining the coffers

Indeed, Toro is staring down the barrel of some serious work, which of course requires some serious fundraising. The current pace and strength of the global uranium market has, fortuitously, presented a formidable opportunity to do just that.

Earlier this week, Toro announced it had secured firm commitments from institutional and sophisticated investors for a $12.3 million placement, the proceeds of which will support the pilot plant program as well as drilling and metallurgical testing at Wiluna. A separate share purchase plan is intended to raise a further $2 million.

That announcement, published on 22 January, sought to double down on the uranium sentiment, noting the changing perceptions of nuclear energy and the recent announcement by the United States — plus 20 other countries — that their nuclear power use will likely triple by 2050. Security of supply, however, remains critical.

“As global uranium markets continue to strengthen and public sentiment and government support align, Toro remains committed to developing the Wiluna Uranium Project to maximise its value,” Homsany said.

“With further work, Toro is confident its assets will emerge as attractive standalone projects and we very much look forward to the year ahead.”

Write to Oliver Gray at Mining.com.au

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Originally from Perth, Oliver has a keen interest long-form journalism. He has written for a number of publications and was most recently Contributing Editor of The Market Herald’s opinion section, Art of the Essay.

Toro taps investors for $12.3 million

Toro Energy (ASX:TOE) has received firm commitment for a $12.3 million  placement of about 23 million new fully paid ordinary shares at $0.52 per share. 

Toro has also launched a share purchase plan (SPP) to raise at least $2 million at the same price as the placement. 

The $57.97 million market capitalisation company will use the funds to support further development of the Wiluna Uranium Project in Western Australia. 

The offer price is a 13.3% discount to the last close on 17 January 2024 and a 13.2% discount to the 5-day volume weighted average price (VWAP). 

Canaccord Genuity (Australia) and Euroz Hartleys are acting joint lead managers and bookrunners to the placement.

Toro has received ‘strong’ support from offshore and domestic institutional investors. 

The capital raised will be used towards a pilot plant program as part of the Lake Maitland Prefeasibility Study (PFS) and to test samples across Wiluna. It will also be used for drilling at Lake Maitland and other prospects for further metallurgical testwork.

Executive Chairman Richard Homsany says the company remains committed to developing its Wiluna Project as the global uranium markets continue to strengthen. 

“As global uranium markets continue to strengthen and public sentiment and government support align, Toro remains committed to developing the Wiluna Uranium Project to maximise its value. With further work, Toro is confident its assets will emerge as attractive stand-alone mining projects and we are very much looking forward to the year ahead.”  

Toro Energy is a uranium developer and explorer with projects in Western Australia, although the company’s tenure is also prospective for gold and base metals.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Toro Energy refreshes Lake Maitland Scoping Study

Toro Energy (ASX:TOE) has initiated another assessment of the Scoping Study completed in 2022 of the Lake Maitland Uranium-Vanadium Project amid improving market conditions.

Mining engineers at SRK Consulting Australasia (SRK) will be carrying out the updated study, which will be evaluating financial outcomes using the latest, more ‘favourable’ commodity pricing and exchange rate guidance. 

Toro, which has a market capitalisation of $57.97 million, says the pit optimisation will also be reassessed. 

Executive Chairman Richard Homsany says assessing Lake Maitland will run in conjunction with the company’s extension study, as this news service previously reported.

“A stand-alone Lake Maitland uranium vanadium processing operation is potentially quite robust and viable. 

Preserving the optionality available to Toro moving forward, whether to develop a standalone Lake Maitland deposit or a broader Wiluna Project amongst various production and processing scenarios, is a very valuable aspect of our uranium asset.” 

Toro says the potential standalone Lake Maitland operation contemplates the possible viability of only mining potential uranium ore from the uranium deposit and processing it in a facility directly onsite, next to the mining pit. 

Further, none of the other uranium deposits owned by the company would be utilised. 

The Scoping Study also contemplates producing a uranium peroxide product for sale, which involves stripping vanadium from the uranium processing flow stream. This is liberated from the uranium ore mineral, a potassium uranium vanadate, along with the uranium during leaching, to produce a low value sodium hexavanadate, as a by-product. 

Further, the study assumed a price of US$70 per pound U3O8 and US$5.67/lb V2O5 with an exchange rate of US$:A$0.70 to arrive at an net present value (NPV) pre-tax of $610 million over a 17.5 year mine life. The study also showed an annual average production of 1.3 million pounds U3O8 and 0.7 million pounds V2O5 and payback of 2.5 years. 

Last week, the price of uranium tipped past US$100/lb for the first time in 16 years, with some analysts forecasting the price to rise higher this year.

Toro notes the Lake Maitland pit optimisation increased potential production by 8 million pounds U3O8 and 11.9 million pounds V2O5 based on these assumptions. 

Toro Energy is a uranium developer and explorer with assets in Western Australia. The company’s Wiluna Uranium Project comprises the Centipede, Millipede, Lake Maitland, and Lake Way deposits. 

As of 30 September 2023, the company had $3.909 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au       

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro Energy evaluating options to bolster Lake Maitland operation

Toro Energy (ASX:TOE) is evaluating incorporating material from its Lake Way and Centipede-Millipede uranium deposits into a proposed processing operation at the Lake Maitland Project in Western Australia, amid conducting an extension study. 

The $50.72 million market capitalisation company engaged mining engineers SRK Consulting (Australasia) to undertake the extension study. 

The study highlighted that Lake Way’s and Centipede-Millipede’s uranium resources are needed to evaluate for viability as additional material at any Lake Maitland uranium-vanadium processing operation. 

Executive Chairman Richard Homsany says the uranium resources at both deposits are ‘strategically located and considerable’. 

“The inclusion of additional material into the Lake Maitland uranium-vanadium processing operation has the strong potential to add significant value to the Wiluna Uranium Project.”

Toro says the extension study aims to provide updated pit inventories at both deposits from pit optimisation outcomes. These will be used as inputs into a future updated Scoping Study for the Wiluna Uranium Project. 

A Scoping Study for Lake Maitland was conducted by SRK and metallurgical and processing engineers at Strategic Metallurgy, which outlined the project’s potential to deliver robust financial returns.

Toro reports one of the ‘stand-out’ growth opportunities uncovered from the Scoping Study is the proposed production schedule does not include any mineral resources from the company’s other wholly owned uranium deposits. 

This could lead to an increased mine life, total production, and revenue, which will result in adding considerable value to the overall project. 

Another opportunity that arises from the Scoping Study was the ‘strong’ potential to increase production at the project. The extension study will evaluate whether this extends the potential processing of ‘high-grade’ uranium resource well beyond the 7th year. 

Upon concluding the pit optimisation of the Lake Way and Centipede-Millipede this will in-turn define the potentially economic mining inventories of these deposits, for inclusion in an updated life of mine production schedule and updated financial model for the broader Wiluna project. 

Toro Energy is an uranium developer and explorer with assets in Western Australia. 

As of 30 September 2023, the company had $3.909 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Aaliyah Rogan at Mining.com.au    

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro charges into Lake Maitland extension study

Toro Energy (ASX:TOE) has begun an extension study to incorporate material from the Lake Way and Centipede-Millipede uranium deposits into the proposed processing operation at its Lake Maitland Uranium-Vanadium operation.  

The $52.59 million market capitalisation company says the study will be completed by mining engineers at SRK Consulting Australasia, which prepared the Scoping Study for Lake Maitland alongside metallurgical and processing engineers at Strategic Metallurgy.  

Toro says a ‘stand-out’ growth opportunity identified from the Lake Maitland Scoping Study is that the proposed production schedule does not include any mineral resources from the Lake Way and Centipede-Millipede deposits. 

Including these deposits in the study has the potential to increase the project’s mine life, total production and revenue, therefore adding ‘considerable value’ to the entire Wiluna Uranium Project.   

Toro notes stage one of the study will include a pit optimisation of both Lake Way and Centipede-Millipede to provide updated pit inventories at both deposits. 

These will be used as inputs into a future updated Scoping Study for the entire project that incorporates all of Centipede-Millipede and Lake Way in addition to Lake Maitland.  

As it stands, the first 7 years of the proposed Lake Maitland operation are proposed to process high-grade uranium material. Toro says the new study will test whether this ‘high-grade’ operation can extend for well beyond the first 7 years and have a ‘transformational’ effect on the value of the broader Wiluna project.  

Speaking on the initiative, Toro Energy Executive Chairman Richard Homsany says: “As strengthening uranium market conditions continue to align with valuable technical and development improvements at the Wiluna Uranium project, the board is delighted to report this initiative to add significant value to Wiluna via the extension of our Lake Maitland uranium-vanadium processing operation. 

The quality and valuation of Toro’s uranium assets are expected to enhance and progress rapidly. The uranium resources at Lake Way and Centipede-Millipede are very substantial and naturally need to be evaluated for viability as additional material at any Lake Maitland uranium-vanadium processing operation. 

The quality and valuation of Toro’s uranium assets are expected to enhance and progress rapidly”

Aside from the strong potential to increase production at Lake Maitland, in particular, Toro looks forward to evaluating whether this may extend the processing of high-grade uranium resource well beyond the 7th year of production.

Global uranium markets are strengthening. With Toro’s continuing work streams at Wiluna, Toro is confident that there is significant scope to comprehensively build upon the foundations of the strong Lake Maitland Scoping Study outcomes. 

Toro remains committed to demonstrating that its Wiluna Uranium Project is an asset of global significance that can be brought into production when government policy and uranium markets align.”     

The company also reports that a pilot plant design is now underway to test a new processing flowsheet for uranium and vanadium products after processing revisions returned ‘very strong’ estimated financial outcomes in the Lake Maitland Scoping Study, excluding Lake Way and Centipede-Millipede. 

Toro’s Lake Maitland pit optimisation increased potential production by 8 million pounds of triuranium octoxide (U3O8) and 11.9Mlbs vanadium pentoxide (V2O5), adding about US$625 million of additional product value based on the price assumptions outlined in the Scoping Study. 

Toro Energy is a uranium explorer and developer committed to building an energy business with its flagship Wiluna project as the centrepiece. 

The company’s Wiluna project comprises the Centipede, Millipede, Lake Maitland, and Lake Way uranium deposits, located about 30km to the south of the town of Wiluna in Western Australia’s northern goldfields. 

Toro had $1.119 million cash and cash equivalents at hand as of 30 June 2023. However, it launched a share placement on 11 September to raise $4.5 million. 

The funds raised from the placement will be put towards the development of the Lake Maitland project. 

Write to Adam Drought at Mining.com.au

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Toro raising $4.5 million for Lake Maitland Project

Toro Energy (ASX:TOE) has received firm commitments to raise $4.5 million via a placement to support further development of the Lake Maitland Project. 

Canaccord Genuity Limited acted as lead manager and bookrunner to the placement. 

The $52.3 million market capitalisation company will issue 450 million new fully paid ordinary shares at $0.01 per share, together with a free-attaching listed option with an exercise price of $0.015. 

This comes alongside a 24-month term from the date of issue on the basis of one option for every 2 placement shares subscribed for and issued. 

Directors of the company may participate in the placement up to $250,000, subject to the receipt of prior shareholder approval. 

Toro says the placement offer price represents a 16.7% discount to its last close on 6 September 2023 and a 15.6% discount to its 5-day volume weighted average price (VWAP).

Funds from the placement will be primarily used towards the development of Lake Maitland, alongside providing working capital for Toro. 

The company says the funds raised will support a Scoping Study extension and resource drilling to upgrade the vanadium resource, as well as a pilot plant program as part of the Lake Maitland Prefeasibility Study (PFS). 

Commenting on the capital raise, Toro Energy Executive Chairman Richard Homsany says: “Toro is pleased with the outcome of this fundraising and is delighted to welcome new highly reputable investors to its register and increased investment from existing shareholders. 

Toro is enthusiastic about advancing its potential tier-one asset in Western Australia – the world-class Wiluna Uranium Project

On behalf of the board, we would like to thank the lead managers and all investors who supported the transaction. Toro is enthusiastic about advancing its potential tier-one asset in Western Australia the world-class Wiluna Uranium Project. 

Toro also owns the high-quality Dusty Nickel Project in close proximity. These projects both have considerable upside and unlocked value. With further work, Toro is confident its assets will continue to emerge as stand-alone mining projects.”

Toro Energy is an ASX-listed uranium developer and explorer with assets in Western Australia. The company’s tenure in Western Australia is prospective for gold and base metals.

Write to Aaliyah Rogan at Mining.com.au     

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro uncovers massive nickel sulphide at Dimma

Mid-tier global uranium company Toro Energy (ASX:TOE) has uncovered a further 2.1m of massive nickel sulphide from diamond drilling at the Dimma nickel discovery site within its wholly owned Dusty Nickel Project in Western Australia. 

The $52.30 million market capitalisation says results from drillhole TED55 confirm the up-dip extension of Dimma, and also extend the sub-vertical zone of massive nickel sulphide through 5 drillholes. 

Toro reports this is indicative of a continuous lens at least 160m in down-dip length and open at depth. 

Dimma is also confirmed to remain open along strike and at depth. 

Key results include TED55 with 2.1m of massive nickel sulphide grading 1.83% nickel, 0.29% copper, and 0.55g/t platinum plus palladium from 147.1m downhole. 

The company notes this new intersection is located in the same stratigraphic position as the other 4 massive nickel sulphide intersections at Dimma, as well as the other 3 massive and semi-massive nickel sulphide discoveries at the project (Jumping Jack, Houli Dooley, and Dusty). 

Dimma is located only 400m to the south-southeast of Jumping Jack. The area dividing both discoveries has seen no drilling due to the current location of the Toro exploration camp and hardstand facilities. 

However, Toro considers this is an obvious future area for drilling going forward once those facilities have been relocated. 

To date, only 4.5km of the 7.5km long Dusty Komatiite magnetic trend has been tested. 

Commenting on the results, Toro Energy Executive Chairman Richard Homsany says: “This is yet another outstanding intersection of massive Ni-sulphide at the Dimma Nickel discovery. We believe Dimma has considerable potential with all 5 drillholes intersecting massive Ni-sulphide to date leaving the discovery open at both depth and along strike, north, and south. 

All 4 discoveries [at the] Dusty Nickel Project remain open at depth with Houli Dooley still yet to be tested with a successful follow-up hole, and no drilling yet to be completed between Dimma and Jumping Jack, some 400m away. 

With all 4 discoveries along strike over some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project will continue to deliver excellent exploration results as it reveals itself as an asset of considerable value. Furthermore, the 4 discoveries have been made with only limited testing of some 3.5km of the 7.5km long Dusty Komatiite magnetic trend. 

Toro remains committed to advancing its world-class uranium asset and high-quality nickel discovery…”

Toro remains committed to advancing its world-class uranium asset and high-quality nickel discovery, which are in close proximity to each other in a prime mining jurisdiction in WA. Toro is confident that with further work both assets will continue to rapidly emerge as stand-alone mining projects and Toro will evaluate its options to maximise their value.” 

Toro Energy is a uranium company which currently has a ‘highly prospective; project development and exploration portfolio.The company’s Dusty project is located in the Yandal Greenstone Belt, about 50km east of the ‘world-class’ Mt Keith Nickel deposit. 

Toro Energy had $3.2 million cash and liquid financial assets at hand as of 30 June 2023, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

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Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Toro Energy commissions pilot plant design for Wiluna Uranium Project, WA

Toro Energy (ASX:TOE) has commissioned a pilot plant design for the Wiluna Uranium Project in Western Australia on the back of its ‘outstanding’ recent Scoping Study results for the Lake Maitland deposit. 

The company, which has a market capitalisation of $43.58 million, says the pilot plant will be designed to test the newly developed processing flowsheet for Lake Maitland at closer to ‘operational’ scale. 

The design of the pilot plant will include 2 distinct operating stages: the beneficiation pilot plant and the hydrometallurgical pilot plant. 

Toro says the design will include the preparation of process design criteria and will result in a detailed mechanical equipment list alongside a series of process and instrumentation diagrams, as well as the plant layout and detailed construction drawings. 

Toro has commissioned metallurgical consulting group Strategic Metallurgy to conduct a detailed design of a pilot plant, with Strategic having already been ‘intricately’ involved in every step of the way through the years of research and development of Toro’s new processing flowsheet. 

Toro says it is ‘highly’ confident Strategic Metallurgy is best-placed to help the company progress through the next phase of its research and development work on the Wiluna Project. 

Commenting on the company’s plans to capitalise on the outcomes of the Lake Maitland Scoping Study released in late-2022, Toro Energy Executive Chairman Richard Homsany says: “The board is pleased to commission on the pilot plant design following on from the outstanding Scoping Study results for the Lake Maitland uranium deposit, which illustrates the quality and global significance of Toro’s uranium assets. 

The modest capital and operating costs results from many years of extensive research and development by Toro to optimise the processing flowsheet. 

“The modest capital and operating costs results from many years of extensive research and development by Toro to optimise the processing flowsheet”

Lake Maitland represents a significant proportion of the Wiluna Uranium Project’s resources and highlights the transformational effect of the stand-along Lake Maitland operation on the potential economics of the entire Wiluna Uranium Project. 

Toro remains very enthusiastic that we are on the precipice of a significant strengthening in uranium price, which can provide potential significantly higher returns than the financial returns published in the Lake Maitland Scoping Study, which assumed a US$70/lb U3O8 price, US$5.67/lb V2O5 price and a US$:A$0.70 exchange rate. 

We are also buoyed by the clear opportunity that the potential integration of additional resources from these deposits affords Toro to significantly increase production at a Lake Maitland processing operation and, in particular, extend the processing of high-grade uranium resources well beyond the seventh year of production.”

Toro Energy is an ASX-listed uranium development and exploration company focused on its portfolio of assets located in Western Australia. As of 30 June 2023, the company had $3.2 million cash at hand, according to its latest quarterly report published on 31 July 2023.

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro Energy eyes further development of Wiluna Uranium and Dusty Nickel projects, WA

Toro Energy (ASX:TOE) is using the $3.2 million cash in its coffers at the end of the June quarter to support further development at its Wiluna Uranium and Dusty Nickel projects in Western Australia. 

According to the company’s latest quarterly report published yesterday (31 July 2023), Toro is remaining focused on the long-term feasibility of uranium production from the Wiluna Project, from which it is permitted to mine up to 62 million pounds of measured or indicated uranium resources. 

Toro adds that given the Lake Maitland Uranium deposit represents a ‘significant’ proportion of the Wiluna Project’s resources of both vanadium and uranium, improvements at Lake Maitland will have the greatest potential for improving the economics of the Wiluna Project. 

At the Wiluna Project, Toro says further to the ‘excellent’ Scoping Study results released in Q4 2022, the company is continuing to evaluate optimisation opportunities within the project. 

In addition, the company reports that during the June quarter at the Dusty Nickel Project, diamond drillhole TED55 intersected about 2m of continuous massive nickel-sulphide mineralisation from 147.2m downhole, with handheld spot analysis by portable X-ray fluorescence (pXRF) suggesting nickel grades within the massive nickel-sulphide range between 1.5% and 3.4% nickel. 

This news comes after the company intersected 2 new zones of nickel sulphide within its Dimma discovery at the Dusty Nickel Project, as reported on 20 July 2023

The results of a laboratory-based geochemical analysis confirmed that drillhole TED53 intersected 4.31m of massive to semi-massive nickel sulphide grading 1.47% Ni, 0.13% Cu, and 0.539g/t Pt+Pd from 332m downhole. 

Toro reports this is twice as thick as previously thought when the result was first announced on 12 April 2023 following preliminary observations and analysis with a handheld pXRF instrument. 

The Dusty Nickel Project is located in the Yandal Greenstone belt, while the Wiluna Uranium Project is located in Western Australia, encompassing the Lake Maitland, Lake Way, and Centipede-Millipede deposits. 

Toro Energy is an ASX-listed uranium development and exploration company with assets in Western Australia. Toro’s tenure in Western Australia is also prospective for gold and base metals. 

Write to Aaliyah Rogan at Mining.com.au

Images: Toro Energy Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro Energy charges into 2 new nickel sulphide zones at Dusty Nickel Project in WA

Uranium explorer Toro Energy (ASX:TOE) has intersected 2 new zones of nickel sulphide mineralisation at its Dimma discovery site within the Dusty Nickel Project in Western Australia.

The $39.22 million market capitalisation company reports geochemical assay results confirmed that diamond drillhole TED54 intersected a thick downhole zone of massive nickel sulphide at the base of the Dusty Komatiite. Results from this hole include 4.6m @ 1.61% nickel, 0.22% copper, and 0.56g/t platinum and palladium from 194.2m.

Toro reports the assay results also confirmed that TED54 intersected a second zone of blebby and disseminated nickel sulphides near the top of the Dusty Komatiite rock unit, with results including 9m @ 0.79% nickel from 162m, including 3m @ 1.09% nickel from 166m.

The confirmation of massive nickel sulphide mineralisation intersected in TED54 also confirms the up-dip extension of the Dimma massive nickel sulphide discovery.

Toro says the intersection in TED54 extends the geochemistry-confirmed Dimma massive nickel sulphides over 4 drillholes, suggesting it represents a lens of continuous massive nickel sulphide mineralisation at least 116m long from TED54 to TED42, and it remains open at depth and along strike.

The lower massive nickel sulphide intersection associated with the base of the Dusty Komatiite in TED54 lies within the same stratigraphic position as the massive nickel sulphide intersected in all 3 other massive and semi-massive nickel sulphide discoveries on the Dusty Nickel Project to date, including Jumping Jack, Houli Dooley, and Dusty.

 

Toro reports there has been no drilling between Jumping Jack and Dimma due to the current location of the company’s exploration camp and hardstand facilities being in the way of planned drillhole collars, and the company notes this is a future area for drilling moving forward.

Commenting on the results, Toro Energy Executive Chairman Richard Homsany says: “We are delighted with the pipeline of stunning results being delivered from drilling at the Dimma nickel discovery.

Encouragingly, 2 zones of nickel sulphide mineralisation, including a lower zone of massive nickel sulphide, have been confirmed at Dimma, extending the known nickel mineralisation at the Dusty Project further towards the surface.

“We are delighted with the pipeline of stunning results being delivered from drilling at the Dimma nickel discovery”

The intersection of nickel sulphides at the top of the Dusty Komatiite in hole TED54 is the first such intersection at the Dimma discovery. It is considered significant in that it shows that there is the potential for lenses of mineralisation different and additional to the massive and semi-massive nickel sulphide associated with the base of the komatiite.

All 4 discoveries to date within the Dusty Nickel Project remain open at depth, and with all 4 discoveries along strike over only some 2km of the Dusty Komatiite, we believe further drilling will continue to prove up the district-scale potential of this asset.”

Toro Energy is a Perth-based uranium explorer with a suite of projects in Western Australia, including its flagship Wiluna Uranium Project, the Theseus Uranium Project, and the Dusty Nickel Project. The company is also a joint venture (JV) partner with Deep Yellow (ASX:DYL) for 3 exploration licences in Namibia.

On 31 March 2023, Toro had $4.475 million cash and liquid financial assets at hand, according to its latest quarterly report published on 28 April 2023.

Write to Harry Mulholland at Mining.com.au

Images: Toro Energy Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Toro Energy digs horns deeper into Dusty Nickel Project in WA

Junior explorer Toro Energy (ASX:TOE) has intersected fresh massive nickel sulphide mineralisation from diamond drilling at the Dimma discovery within its Dusty Nickel Project in Western Australia. 

The company says assays from diamond hole TED53 confirm the presence of a 4.31m massive and semi-massive nickel (Ni)-sulphide grading 1.37% Ni, 0.13% copper (Cu), and 0.539g/t platinum (Pt) plus palladium (Pd) from 332m downhole. This is ‘significantly thicker’ than previous hits.

Toro says the assay results confirm that this ‘high-grade’ nickel intersection is twice as thick as first thought after preliminary observations and analysis with hand-held portable x-ray fluorescence (hh-pXRF) instruments. 

The company adds further results returned from Dusty Nickel include diamond hole TED42, which confirmed additional massive Ni-sulphides up to 3.13m thick (downhole only) grading 1.42% Ni, 0.17% Cu and 0.605g/t Pt and Pd from 314m downhole. 

Toro notes this marks the fourth zone of massive or semi-massive Ni-sulphide discovered at the project within 4km of the 7.5km-long Dusty Komatiite magnetic trend tested to date. 

Further, due to a lack of drilling having been conducted further south or north of both these holes, Toro claims the Dimma discovery remains open along strike, north and south, as well as at depth.    

Shares in Toro Energy, which has a $48 million market capitalisation, were up 10% to $0.011 at 12:15pm AEST.

Addressing the results, Toro Energy Executive Chairman Richard Homsany says: “This is yet another excellent intersection of massive Ni-sulphide mineralisation at the Dimma Nickel Discovery. 

The fact that the high-grade nickel sulphide mineralisation is twice as thick as first through also provides us with encouragement for the amount of nickel that may be present at Dimma. This also builds on the impressive suite of results we have reported from our rapidly emerging Dusty Nickel Project over the past 6 months, as we continue to demonstrate the district-scale potential of this asset. 

“This is yet another excellent intersection of massive Ni-sulphide mineralisation at the Dimma Nickel Discovery” 

The potential strike at Dimma continues to grow, as there has been no drilling further south or north of TED53 or TED42, showing that the discovery remains open along strike, north and south. TED53 and TED42 are also the deepest holes drilled to date, showing the discovery remains open at depth. 

All four discoveries to date on the Dusty Nickel Project remain open at depth, and with all four discoveries along strike over only some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project has high potential to deliver considerable value for the company alongside its uranium assets.”  

Toro Energy is a uranium explorer and developer with a portfolio of assets located in Western Australia considered prospective for uranium, gold, and base metals. 

The company’s Dusty Nickel Project is located in the Yandal Greenstone Belt, about 50km east of the ‘world-class’ Mt Keith Nickel deposit. 

Toro had $4.475 million cash at hand at the end of 31 March 2023, as stated in its latest quarterly report released on 28 April 2023.

Write to Adam Drought at Mining.com.au

Images: Toro Energy Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Toro Energy continues to strike massive nickel sulphides at Dusty Project in WA

Toro Energy (ASX:TOE) has received new geochemical assays that confirm massive nickel-sulphide intersections in diamond drillholes at its Dusty Nickel Project in Western Australia. 

The company reports the analysis of the returned assays of the drill core samples include drillhole TED41, intersecting 4.31m @ 1.16% Ni, 0.29% Cu, 0.386g/t platinum (Pt) and palladium (Pd) from 243.33m; and drillhole TED42, intersecting 3.13m @ 1.42% Ni, 0.17% Cu, and 0.605g/t Pt+Pd from 314m

Commenting on the latest results, Toro Energy Executive Chairman Richard Homsany says: “Toro continues to consistently deliver value-adding results that suggest the Dusty Project has the potential to be a district-scale nickel discovery in a prime mining jurisdiction in Western Australia. 

These impressive results from Dimma follow the recent confirmation of massive nickel sulphide mineralisation at the Jumping Jack prospect, located some 400m along trend”

These impressive results from Dimma follow the recent confirmation of massive nickel sulphide mineralisation at the Jumping Jack prospect, located some 400m along trend. 

Toro has only drill tested some 4km of the 7.5km-long Dusty Komatiite magnetic trend, resulting in the discovery of 4 zones of massive and semi-massive Ni-sulphide mineralisation, all of which remain open at depth. 

We strongly believe there is considerable potential to continue to grow the footprint of this nickel system with additional drilling, and we look forward to providing updates on this strategy soon.”

 

The Dusty Nickel Project is located in the Yandal Greenstone belt, about 50km east of the ‘world-class’ Mt Keith Nickel deposit. 

Toro’s 4 Dusty nickel sulphide discoveries include Dimma, Jumping Jack, Houli Dooley, and Dusty. The company says these discoveries are the first komatiite-hosted massive nickel sulphides to be discovered in the region. 

Toro Energy is an ASX-listed uranium development and exploration company with projects across Western Australia. The company is focused on building an energy metals business, with its flagship Wiluna Uranium Project as the centrepiece.

Images: Toro Energy Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro Energy confirms massive nickel sulphide mineralisation at Jumping Jack discovery, WA

Toro Energy (ASX:TOE) confirms it has struck massive nickel sulphides in holes drilled at the Jumping Jack discovery within the Dusty Nickel Project in Western Australia. 

The company says geochemical assays reported from diamond drillholes confirmed the intersections, with hole TED37 striking 3.45m of massive nickel-sulphide @ 1.42% Ni, 0.19% Cu, and 0.76 grams per tonne (g/t) Pt+Pd from 240.1m, including 1.45m @ 2.2% Ni, 0.36% Cu, and 1.27g/t Pt+Pd. 

The company says Jumping Jack is 1 of 4 zones of massive to semi-massive nickel sulphides discovered so far along the Dusty Komatiite, situated in the Yandal Greenstone Belt. 

Jumping Jack is 1 of 4 zones of massive to semi-massive nickel sulphides discovered so far along the Dusty Komatiite

Together, the 4 Dusty nickel-sulphide discoveries are the Jumping Jack, Dimma, Houli Dooley, and Dusty. 

Additionally, Toro notes these recent assays follow previous exploration success, which confirmed nickel sulphide mineralisation at the Dimma discovery extends to 160m down-dip and remains open at depth. The company says the other three discoveries also remain open at depth. 

The company’s wholly owned Dusty Nickel Project is located in the Yandal Greenstone Belt, about 50km east of the world-class Mt Keith nickel deposit and 15km northeast of the Bronzewing Gold Mine.

Toro Energy is an ASX-listed uranium company focused on its ‘highly prospective’ project development and exploration portfolio. The company holds exploration interests in Namibia and Africa, alongside an investment in Strateco Resources in Quebec, Canada.

Write to Aaliyah Rogan at Mining.com.au

Images: Toro Energy Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro Energy intersects 2m of continuous massive nickel mineralisation at Dimma Nickel Discovery, WA

Toro Energy (ASX:TOE) reports diamond drillhole TED55 intersected about 2m of continuous massive nickel-sulphide mineralisation from 147.2 downhole at the Dimma Nickel Discovery within the Dusty Nickel Project in Western Australia. 

The company says hand-held spot analyses by portable XRF (hh-pXRF) of the core implies local nickel grades potentially range between 1.5% and 3.4% Ni. 

Toro adds the intersection extends the massive nickel sulphide mineralisation at Dimma towards the surface, and the drilling suggests it extends continuously over some 160m of down-dip extensions from 147.2 downhole in drillhole TED55 to 314.7m downhole in drillhole TED42.

Commenting on this latest intersection, Toro Energy Executive Chairman Richard Homsany says: “The Dimma discovery is shaping up to be something of potential significance, with 5 holes drilled and 5 intersections of massive and semi-massive nickel-sulphide so far intersected. 

Although we await laboratory geochemistry, the hand-held portable XRF spot analyses suggest all 5 intersections of massive Ni-sulphide at Dimma are high-grade. 

We are enthusiastic about our exciting nickel discoveries, which are near the uranium deposits of our world-class Wiluna Uranium Project”

We are enthusiastic about our exciting nickel discoveries, which are near the uranium deposits of our world-class Wiluna Uranium Project. We look forward to reporting further assays from our Dusty Nickel Project in the near term.”.

Toro reports the massive Ni-sulphides in TED55 are geologically associated with the base of the Dusty Komatiite consistent with the other 4 drillholes at Dimma, alongside the other intersections of massive Ni-sulphide within the Dusty Komatiite to date. 

The Dimma discovery is located 400m to the south-south-east of the recent Jumping Jack discovery, along strike of the Dusty Komatiite. Dimma is 1 of 4 massive and semi-massive nickel-sulphide discoveries at the company’s wholly owned Dusty Nickel Project. 

Toro Energy is an ASX-listed uranium development and exploration company. The company’s portfolio of assets is located in Western Australia, and its tenure is also prospective for gold and base metals.  

Images: Toro Energy Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Toro flags potential ‘significant’ increase in ore following pit re-optimisation at Lake Maitland Uranium Deposit

Toro Energy (ASX: TOE) reports that it has achieved a ‘significant’ increase in potential ore following a scoping level re-optimisation of the mining pit at the Lake Maitland Uranium Deposit within its Wiluna Uranium Project in Western Australia.

The company notes that this completed pit re-optimisation work has validated Lake Maitland as a stand-alone uranium-vanadium operation, and as the preferred first resource to be mined for the greater Wiluna Uranium project.

The recently-completed study has outlined a series of key improvements including:

  • Significant lowering of the average grade of U3O8 for the potential Lake Maitland ore to 370ppm U3O8 from 631ppm U3O8;
  • 167% increase in potential ore to 35.2Mt from 13.2Mt;
  • 50% increase in potential uranium production to 23.5 Mlbs U3O8 from 15.8 Mlbs U3O8;
  • Potential production of 12.2 Mlbs of vanadium pentoxide (V2O5) as a by-product;
  • An increase in the size of the Lake Maitland mining pit with a revised pit rim cut-off grade of 109ppm U3O8, well below the 200ppm U3O8 cut-off for the stated resource; and
  • A 74% increased forecast mine life to 17.6 years from 10.1 years despite a 54% increase in processing throughput for the revised processing plant.

Toro notes that the studies are based on lower-level technical and economic assessment, and do not provide a guarantee that the study’s conclusions will be realised. Re-optimisation results are based on the following material assumptions:

  • Us$70/lb U3O8 price and US$5.67/lb V2O5 price;
  • AUD: USD exchange rate of US$0.75; and
  • Most recent Lake Maitland resource estimate

Addressing the update, Toro Energy Executive Chairman Richard Homsany said: “The re-optimisation of the Lake Maitland pit is a very significant step towards realising the true value and potential of our 100% owned Wiluna Uranium Project in WA. These results have materially elevated, at a scoping study level, the potential ore to be mined and U3O8 to be produced at Lake Maitland.

– Our investment in R&D activities over a number of years has led to potential:

– OPEX and CAPEX cost efficiencies of material economic significance; 

– Vanadium production at very low marginal cost, and 

– Major increase in Lake Maitland U3O8 production over an extended mine life.

Re-locating the processing plant from Centipede to Lake Maitland reduces the haulage cost significantly to potentially result in a very significant economic benefit to a stand-alone Lake Maitland operation. These outstanding Study outcomes provide us with confidence that Lake Maitland will be transformational for the value of the Wiluna Uranium Project.

Toro is now very well positioned to continue enhancing value at Lake Maitland over the coming months”

Toro is now very well positioned to continue enhancing value at Lake Maitland over the coming months. We look forward to using the pit optimisation outcomes to advance the engineer’s evaluation of the capital cost of a stand-alone Lake Maitland uranium-vanadium operation. We are enthusiastic about the value creation of Lake Maitland applying to the benefit of the Wiluna Uranium Project as a whole.

Toro remains committed to disciplined, targeted and cost-effective work programmes across its core assets. We also look forward to providing further updates from the diamond drilling campaign currently underway at our Dusty Nickel Project.”

The company notes that the study has also incorporated improvements and potential cost reductions from Toro’s R&D activities together with the production of vanadium as a by-product.

In addition, the study has indicated that Lake Maitland can now potentially produce 78% of the 30.2 Mlbs U3O8 production from all four deposits across the Wiluna Uranium Project.

This will follow the relocation of the processing plant from Centipede to Lake Maitland, resulting in material haulage cost reduction.

Map displaying the location of Lake Maitland with the greater Wiluna Uranium Project.
Map displaying the location of Lake Maitland with the greater Wiluna Uranium Project. Image: Toro Energy Limited

Toro reports that it will move forward with a mining schedule developed from the pit optimisation to be used to estimate the capital cost of a stand-alone Lake Maitland uranium-vanadium operation.

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.