Toro Energy intersects more high grade uranium at Theseus, points to large uranium system
Toro Energy (ASX: TOE) continues to intersect high grade uranium mineralised zones at the wholly owned Theseus uranium project in Western Australia.
For the last phase of the program, Toro focused on testing the extent of higher-grade zones within the eight kilometres of palaeochannel previously defined.
Drilling at 100 metre spacing has intersected higher grade zones of mineralisation in three locations.
The mineralised zone at the Theseus Project palaeochannel system is now confirmed over a minimum strike length of 8km and averages 500 metres wide, varying in thickness from 1 metre to 9 metres.
This palaeochannel system is considered open to the northwest and to the southeast with a secondary, mineralised, 2 kilometres long tributary that is also open to the east.
The latest results are pointing to a large uranium mineralised system.
Highlights from the final phase of the in-hole gamma results from the mud rotary program include:
- 1.52 metres at 0.15% uranium [0.22%GT] from 116.61 metres, including 0.46 metres at 0.44% uranium;
- 3.44 metres at 0.13% uranium [0.45%GT] from 111.4 metres, including 1.34 metre at 0.31% uranium; and
- 3.74 metres at 0.17% uranium [0.65%GT] from 100.2 metres, including 2.62 metres at 0.23% uranium.
Importantly, the tenor and grade of intersection results above at >0.1%GT would be considered ore-grade for a typical in-situ recovery operation.
Greg Hall, managing director, commented on the positive results, "The most recent drilling results from the Theseus Project point to a large uranium mineralised system with the right ingredients for in-situ recovery.
"The potential size of the system is very encouraging for Toro.
"Further work already underway will provide more information on the uranium mineral species and the potential to extract uranium in a leach solution, but we have been especially encouraged by the tenor of intersections late in the program where ore-grades seen elsewhere are now being regularly intersected at Theseus."
Extensive 2011 drilling program
The 2011 drilling program comprised in total 51 aircore holes for 6700 metres and 64 mud rotary holes for 8500 metres, which have now all been completed.
Providing another boost to the project, the addition of the extra geophysical information gained from the mud rotary drilling is enabling Toro to build a geological model to constrain higher-grade mineralisation and provide targets for drilling in 2012.
Once a full analysis of the geophysical data is completed early in November, an exploration target range for 2012 will be announced for the Theseus Project.
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