Proactive Investor's  Instablog

Toro Energy (ASX: TOE) has received $500,000 from Minotaur Exploration (ASX: MEP) as part of a sales agreement announced earlier in the year.

As part of the transaction, Toro and its wholly-owned subsidiary Minotaur Uranium Pty Ltd have agreed to cancel their rights to Uranium minerals in ELs 3761 and 3762 and EL 4745.

Minotaur has now completed the sale of its Gawler Craton tenements to BHP Billiton (ASX: BHP) for $10 million.

Toro discovers plus 1% pU3O8 intersection at Theseus

Toro's main focus remains on the high grade Theseus Uranium Project, which is drawing closer to a maiden Resource, with the company continuing to prove up the potential of the project becoming a large scale, economically robust in situ recovery uranium deposit.

Highlighting the prospectivity of Theseus, earlier in the month Toro announced a very high grade intersection of 0.82 metres at 1.14% pU3O8 from 124.3 metres.

Recently the company delivered further potential upside to the scale of the project with the release of positive disequilibrium results following detailed studies of drill sample data.

The key conclusions of the disequilibrium study were:

- A consistently positive disequilibrium ratio of 1.34 (all samples) and 1.54 (for samples reporting above 300 parts per million uranium); and
- A disequilibrium factor of 1.34 can therefore be applied to all gamma-radiation data taken from Theseus.

Importantly, if this disequilibrium factor is applied to all gamma-radiation data, the size and grade of the exploration target will increase.

Theseus currently has an exploration target of 20 to 40 million tonnes at 400 to 500 parts per million, for 10,000 to 20,000 tonnes U3O8 or 22 to 44 million pounds U3O8.

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