Toro horns in on expanded uranium and vanadium resource territory  

Toro Energy (ASX:TOE) has expanded the stated uranium and vanadium resources at both the Centipede-Millipede and Lake Way deposits, as part of its Wiluna Project in Western Australia.   

Executive Chairman Richard Homsany says the stated resource expansion and ongoing pilot plant work are “important pillars of its refreshed feasibility study”, and will “further demonstrate the significant returns on offer at Wiluna”.  

“Toro’s commitment to fast-track the development of the Wiluna Uranium Project towards production, amongst the backdrop of a rapidly strengthening uranium market, continues to unlock considerable value.

Importantly, Toro remains on track to align the finalisation of our optimal development strategy at Wiluna with the potential shift on government policy regarding uranium development in Western Australia.”  

The $45 million market capitalisation company has expanded the resources by reducing the uranium and vanadium resource cut-off grades at both deposits to 100 parts per million (ppm) from 200ppm. 

Contained uranium resources at Centipede-Millipede have been increased by 25% to 38.7 million tonnes (Mt) at 351ppm for 29.95 million pounds (Mlbs), while the vanadium resource has seen a 17% increase to 73.1Mt at 281ppm for 45.2Mlbs

At Lake Way, contained uranium has increased by 15% to 15.78Mt at 406ppm for 14.12Mlbs, while contained vanadium has witnessed an increase of 9.5% to 18.7Mt at 307ppm for 12.7Mlbs.  

The decision to reduce the cut-off grade is in response to a ‘rapidly changing’ uranium market towards positive economics for its uranium resources, potential mining scenarios without boundaries beyond current stated resource cut-off grades, and to allow for better comparison of its total resource base to that of its uranium peers. 

Before restating the Lake Maitland deposit resource, it will be re-estimated with a uranium resource envelope that better matches the design criteria used for the other Wiluna deposits. 

Toro will also audit the Nowthanna and Dawson Hinkler resource for potential stated resource expansions at a lower cut-off grade.    

Toro Energy is a uranium developer and explorer with projects in Western Australia, which are also considered prospective for gold and base metals.

The company’s Wiluna Project sits 30km from the township of Wiluna in Western Australia’s northern goldfields and is the centrepiece of Toro’s desired energy metals business. 

As of 31 January 2024, Toro Energy had $15.1 million cash at hand, according to its latest investor presentation.  

Write to Adam Drought at Mining.com.au

Images: Toro Energy
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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.