Toro Energy (ASX:TOE) is preparing for an upcoming Scoping Study update of the potential standalone Lake Maitland mining and processing operation in Western Australia, after completing re-optimisation of the mining pit.
The re-imposition work of the potential pit allows for mine scheduling to begin based on the newly proposed and updated pit, which is the next phase of engineering work for the upcoming study update.
SRK Engineers have been engaged to conduct the full Scoping Study update, which is expected to be finalised this quarter.
The proposed mining pit re-optimisation was based on a new resource estimate for the potential uranium and vanadium resources at Lake Maitland. Lake Maitland’s resource totals 33.3 million tonnes of uranium @ 403 parts per million for 29.6 million pounds and 50 million tonnes of vanadium @ 285ppm for 31.4 million pounds.
Toro Energy notes the proposed mining pit re-optimisation also includes updated financial data and assumptions, alongside an assumed increase in all cost inputs according to the Consumer Price Index.
The Lake Maitland operation sits within the Wiluna Project which aims to become one of Australia’s newest uranium producers. The Wiluna Project lies 30km from the town of Wiluna in Western Australia.
Toro Energy is a uranium developer and explorer focused on its portfolio of projects in Western Australia. The company’s tenure is also considered prospective for gold and base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Toro
