Toro Energy (TOE)

Shares / Stock Code

TOE

Stock Exchange / Sharemarket

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Toro Energy (TOE) is a leading uranium explorer formed through the amalgamation of the uranium interests of Oxiana Ltd and Minotaur Exploration Ltd in Western Australia, South Australia and the Northern Territory in Australia, and Namibia and Guinea in Africa. TOE's key advanced projects are the Wiluna project and the Napperby project. Currently TOE has 17 exploration interests in Australia and three in Africa. The company recently signed MOU to acquire uranium interests in Morocco. The company listed on Australian stock market (ASX) on 24 March, 2006.

Toro Energy's tenements in South Australia provide access to over 26,000 km square in South Australia's Gawler and Curnamona Cratons. The tenements are close to the Olympic Dam project which is the largest uranium resource in the world. TOE's major shareholders have a strong pedigree of corporate development and exploration success; Oxiana is one of the largest resource companies in Australia, Minotaur Exploration a leading explorer in South Australia.

In the uranium market, spot sales are restricted to the existing customer base as the end destination of all uranium shipments are strictly controlled. Competitors include ERA and PDN which are Australian-based uranium producers while international competitors include Rio Tinto's South African Rossing mine. Other significant producing countries include Canada, Nigeria and Russia. As of June 30, 2009, the Company’s wholly owned subsidiaries included Minotaur Uranium Pty Ltd, Oxiana Energy Pty Ltd, Nova Energy Pty Ltd, Nova Energy (Africa) Pty Ltd and Nova Energy (Namibia) Pty Ltd.

Toro Energy - Nonning Project

The Nonning project on the southern margin of the Gawler Range Volcanic Province is focussed on a new interpretation of palaeodrainage systems emanating from inliers of Gawler Range Volcanics and Hiltaba Granite; the likely basement source rocks for uranium. The palaeodrainage system is poorly-defined and not drill tested. The volcanics and granites themselves have potential for IOCG-U deposits.

The project also encompasses highly-prospective Palaeoproterozoic metamorphics under the volcanics, which host the nearby Meninnie Dam basemetals deposit. Assessment continues by Menninnie Metals under a JV agreement with Minotaur Exploration. Gravity and IP survey data was acquired during late 2008 southwest of Nonning Homestead in an area totally concealed by ~20–50 metres of Cainozoic sediments.

The Nonning Project joint venture area covers 312km2 of prospective ground on tenement EL3535 (Nonning) situated approximately 70km north of Kimba on northern Eyre Peninsula, South Australia. Mesoproterozoic Gawler Range Volcanics (GRV) basement rocks are interpreted by PIRSA as underlying most of the tenement, resting unconformably on the Palaeoproterozoic rocks of the Hutchinson Group and Lincoln Complex in the south of the area.

There has been no previous uranium exploration on the Nonning project. Toro Energy has undertaken assay of two metre composite samples of the sediments and weathered basement material, from a hole drilled by JV partner Minotaur in 2006 (NN06R01). Only one assay response was above the detection limit, being 9ppm U3O8 at a depth interval of 42-44m. A hand held scintillometer used on site recorded background levels for the entire sampled section above basement rock. The hole was drilled to 188m and no elevated gamma results were noted in the basement material.

Minotaur (ASX Minotaur, 12th June 2008) entered into a Joint Venture with Menninnie Metals Limited, a subsidiary of Terramin Australia Limited (ASX code: TZN) (80% Terramin, 20% Zinifex Australia Limited) to explore for base and precious metals at the Nonning Project.