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
Images: Toro Energy