Published on Tuesday February 01 2011
Australian Uranium Explorer, Toro Energy Limited is pleased to announce that, following expenditure of more than A$1 million and successful completion of five Reverse Circulation (RC) and thirteen aircore drill holes, Toro has achieved a majority 50.01% ownership interest in the Birrindudu Uranium Joint Venture ("JV") in far northeastern Western Australia.
Birrindudu Uranium Joint Venture (WA)
The Birrindudu Uranium Project consists of nine exploration tenements (1,613sq km), covering the regional unconformity between the Tanami Domain and the Birrindudu Basin. The geological setting is analogous with the Alligator Rivers uranium field in the Northern Territory that hosts Ranger and Jabiluka uranium ore bodies. Toro and Cameco (TSE:CCO) (NYSE:CCJ) are jointly exploring for high-grade uranium near the unconformity, using a modified Athabasca Basin model, focussing exploration on conductive basement structures and alteration plumes evident in electromagnetic data. Toro will be the first Manager and Operator of the JV.
During 2010, thirteen aircore holes for 950m were drilled in the western part of the project area and five RC drill holes for 804m were drilled testing airborne EM anomalies (Ringer Soak and Ventura respectively).
The most encouraging results were from RC drill holes BR0001 and BR0003 at the Ventura prospect where dark grey, pyritic and now confirmed graphitic alteration was intersected in Gardiner Sandstone over a 30m wide interval. Highly anomalous potassium and aluminium along with anomalous copper, lead, zinc, silver, arsenic, selenium and uranium occur over this interval. This shallow zone is interpreted to be an alteration plume from a deeper mineralised source, perhaps at or near the unconformity and represents an exciting follow-up drill target scheduled for testing in 2011.
Comment by Toro Energy Managing Director, Mr Greg Hall: "The results from this first pass drilling program at Birrindudu confirm our exploration model for unconformity-style uranium mineralisation. I congratulate the exploration team on what has been an excellent technical success in a new greenfield prospect. The Joint Venture partners look forward to further exciting drill results in this highly prospective area during the course of 2011."
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