Toro doubles uranium resource
Cameron England
The Adelaide Advertiser
TORO Energy has doubled the projected uranium resource at its Napperby project in the Northern Territory to 3.13 million pounds.
The Adelaide company yesterday announced the inferred resource estimate was based on assay results from 305 holes drilled last year.
Another drilling campaign began in May this year, with a further resource update planned for the fourth quarter of this year.
Toro managing director Greg Hall said the new resource estimate, announced yesterday, would be included in a scoping study which Toro aimed to complete by November.
"We have scheduled a scoping study across Napperby for later this year to refine the initial extraction parameters of this shallow deposit, the mineralisation of which extends well beyond the currently defined JORC (Joint Ore Reserves Committee), Australian standards resource," Mr Hall said.
"The mineralisation is less than 8m below surface and should lend itself very favourably to selective mining."
Mr Hall said the scoping study would include initial mine designs and provide a first indication of mining grades, which were expected to be higher than the inferred resource grade.
Toro has an option to buy the Napperby project from Deep Yellow after evaluating the resource and economics over three years, based on a capped $6-per-pound purchase price.
Toro Energy shares closed steady at 22c yesterday.
The Adelaide company yesterday announced the inferred resource estimate was based on assay results from 305 holes drilled last year.
Another drilling campaign began in May this year, with a further resource update planned for the fourth quarter of this year.
Toro managing director Greg Hall said the new resource estimate, announced yesterday, would be included in a scoping study which Toro aimed to complete by November.
"We have scheduled a scoping study across Napperby for later this year to refine the initial extraction parameters of this shallow deposit, the mineralisation of which extends well beyond the currently defined JORC (Joint Ore Reserves Committee), Australian standards resource," Mr Hall said.
"The mineralisation is less than 8m below surface and should lend itself very favourably to selective mining."
Mr Hall said the scoping study would include initial mine designs and provide a first indication of mining grades, which were expected to be higher than the inferred resource grade.
Toro has an option to buy the Napperby project from Deep Yellow after evaluating the resource and economics over three years, based on a capped $6-per-pound purchase price.
Toro Energy shares closed steady at 22c yesterday.