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
