Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
ASX:TOE) at its 100%-owned Theseus uranium prospect in Western Australia continues to expand the large uranium mineralised system, with the aerial extent now defined over an 8km2 area. Although the grade tenor at Theseus remains to be defined in detail, this aerial extent is larger than the combined footprint of comparable systems such as the various deposits of the Frome embayment in South Australia. The mineralisation trend remains open in all directions except to the northwest.Toro is encouraged by the fact potentially economic tenor intersections with grade (ppm) -thickness (m), or GT, of greater than 1500, continue to be found on the wide spaced grid:
– 5.4m @ 460ppm eU3O8 [2464GT] from 107.93m in LP00194 using 100ppm eU3O8 cut off including 1.2m @ 1145ppm eU3O8 from 109.5m using a 500ppm eU3O8 cut off
– 1.6m @ 982 ppm eU3O8 [1571GT] from 102.07m in LP00200 using 100ppm eU3O8 cut off including 1.1m @ 1316ppm eU3O8 from 102.3m using a 500ppm eU3O8 cut off
Since the previous Theseus ASX release (18 August, 2011), gamma probe results for a further 12 holes, LP192 – LP203, are now available. These include two holes returning results of economic interest (>1500GT, reported above), five returning mineralisation zones confirming the regional mineralised trend (>100ppm), four returning no significant intersection and one requiring re-drill due to completion issues.
A total of 31 aircore holes has now been drilled in the planned 60 hole program. Over the past 10 days, the drill holes were spaced at a nominal 800m to 1.2km, designed to define the western and northern edges of the uranium mineralised system at Theseus. This was essential, given the intersections in LP00194 of 5.36m @ 460ppm eU3O8 [2464GT] and LP00191 of 9.06m @ 620ppm eU3O8 [5616GT] failed to close the mineralised system in this direction.
The aircore program will continue for another 2-3 weeks, moving this week to the yet to be drilled southern half of the prospect. A mud rotary drill rig has also been sourced and should be on site shortly. This rig will drill intermediate holes between high grade intersections as well as assist in covering the full grid. Each mud rotary hole will be down-hole probed with a range of geophysical tools with results being used to build a detailed understanding of the prospect’s geology and mineralisation.
Aircore drilling will continue to test the discovery at 500m to 1km spacing to cover the original grid drill plan of 5km x 8km area.
On the most northern drill traverse, drill hole LP00200 was drilled as a twin of LP00199, when this hole was abandoned failing to intersect the basement. The uranium intersection in LP00200 is nearly three times as high in grade as drill hole LP00199, indicating closer spaced drilling is essential to fully evaluate this prospect.
Toro Managing Director, Mr Greg Hall, commented:
“The high grade gamma results from LP194 and LP200 are highly encouraging with greater than 1500GT results providing an early indication of potential economic grades of mineralisation in an in-situ recovery scenario. It is early days and we are yet to undertake flow tests or other key tests. However, the essential geological building blocks appear to be in place.”
“The addition of a mud rotary drill rig for the program will accelerate drill production and allow important geological information to be collected. We are looking forward to the next set of drill results from the field so we can continue to build the geological and mineralisation picture.”
For the complete Toro Energy announcement including figures and tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-184272.pdf
About Toro Energy Limited
Toro Energy Limited (ASX:TOE) (PINK:TOEYF) 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 technical work leading to a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company’s first uranium production late 2013.
Toro has three other exploration and development projects in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa. Toro is well funded with a supportive major shareholder in OZ Minerals.
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