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
