Until recently this prospect was an advanced exploration project owned by Ashburton Minerals (ASX: ATN) and includes broad intersections of low-grade iron oxide copper gold (IOCG)-style mineralisation, such as 246 metres at 0.22% copper including 12 metres at 1.1% copper.
The former licence area became available recently due to the unanticipated expiry of its six-year term.
While Toro is pleased to obtain the uranium rights to the tenement, the company does not consider the copper project a core asset and as such has undertaken negotiations with former owner Ashburton Minerals to farm out the non-uranium rights for the tenement.
In return, Toro will secure exploration access to an adjoining Ashburton tenement, E80/3920, which has significant uranium potential.
Toro and Ashburton have entered into a formal Heads of Agreement under which Toro retains 100% uranium rights to E80/4747 and obtains 100% uranium rights to Ashburton's E80/3920.
Toro will retain a free carried 10% equity in E80/4747 for two years following grant of access, and is to be provided with Ashburton's regional database.
Also, Toro believes there is potential for a broader-commodity exploration program over its Lake Mackay tenements, as a result of new discoveries in the greenfields Fraser Ranges to the south.
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