Toro Energy (ASX: TOE) has received physical confirmation of high grade uranium mineralisation located within fine sands and silts at its Theseus Project, following the receipt of assays from three core drill holes.
The assays delivered a peak result of over 10 centimetres of 1.64% cU3O8 in LM184.
Highlights across the mineralised zone include:
- LM184: 0.85 metres at 0.29% cU3O8 (0.25 m%GT) from 108 metres;
- LM185: 0.48 metres at 0.21% cU3O8 (0.11 m%GT) from 122.7 metres; and
- LM183: 0.9 metres at 0.06% cU3O8 (0.06 m%GT) from 103.74 metres.
Importantly, with the delivery of these most recent assays it appears the actual uranium grade of the Theseus deposit is likely to be higher than previously reported.
This was determined through the following significant observations:
- The assays demonstrate that over these mineralised intervals both the Prompt Fission Neutron (NYSE:PFN) and gamma values report significantly lower pU3O8 and eU3O8;
- The comparison of grade thickness values confirms that adjustments to both the PFN and gamma values will be needed to accurately measure uranium concentration at Theseus; and
- The assay results lend additional support to the disequilibrium factor of 1.4 previously reported from the closed lead canister work.
Furthermore, drill holes previously reported as below the GT cut-off of 0.1m% may in fact exceed the cut-off using the actual uranium content as measured by uranium assays.
This may have implications for the extent of defined mineralisation and ultimately project scale.
Greg Hall, managing director, said: "Drilling these cored intervals has provided support to previous geotechnical results on positive disequilibrium within the higher grade intervals.
"Mineralisation also appears to be within a saturated, confined aquifer system that adds to the potential of mining with ISR methods in the future.
"Toro is also very encouraged by the confirmation in core of uranium mineralisation being associated with permeable fine silty sands."
Growing a major uranium discovery
Theseus has an exploration target of 20 to 40 million tonnes at 400 to 500 parts per million for 22 to 44 million pounds of U3O8.
The mineralised envelope at Theseus now covers a contiguous area of at least 6 kilometres by 1 kilometre that is open to the east, southeast, north and northwest.
Theseus provides Toro with significant blue sky and the potential for a second project in the medium term.
It also indicates the potential evolution of a new uranium basin with significant regional-scale potential.
A maiden JORC Resource for Theseus is expected to be completed soon.
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