09:51 AEST Dec 6, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.
Adelaide, Australia (ABN Newswire) -
Toro Energy Limited (ASX:TOE) is pleased to report the successful and exclusive application for exploration tenement E80/4747 in the Lake Mackay region of Western Australia, incorporating the Pokali Copper Prospect.
Until recently, this prospect was an advanced exploration project owned by Ashburton Minerals Limited (ASX:ATN) and includes broad intersection of low-grade 'IOCG-style' mineralisation, such as 246 m at 0.22% Cu, including 12 m at 1.1% Cu. The former licence area became available recently due to the unanticipated expiry of its six-year term.
Toro is pleased to obtain uranium rights to this tenement, but does not consider the copper project a core asset and as such has undertaken negotiations with the former owner, ATN, to farm out the non-uranium rights for the tenement. In return, Toro will secure exploration access to an adjoining Ashburton tenement, E80/3920, which has significant uranium potential. The key terms of the farm out as set out in a formal Heads of Agreement ('HoA') are:
- Toro retains 100% uranium rights to E80/4747 and obtains 100% uranium rights to ATN's E80/3920.
- Toro retains free carried 10% equity in E80/4747 for two years following grant of access.
- Toro provided with Ashburton's regional database.
In addition to the HoA outlined above, Toro believes there is potential for a broader-commodity exploration program over Toro's Lake Mackay tenements, in light of exciting discoveries in the greenfields Fraser Ranges to the south. Toro has previously highlighted the intrusive-related nickel potential of the Pokali area.
About Toro Energy Limited:
Toro Energy is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro’s flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has advanced the Approvals process with an anticipated date of mid-2012, construction through 2013 and first uranium sales in 2014.
Toro has a new uranium project at Theseus in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa.
Contact:
Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW:
www.toroenergy.com.au
