Toro Energy (ASX:TOE) has finalised the acquisition of two key uranium tenements within the Wiluna region, 150 kilometres west of Toro's Wiluna Uranium Project in Western Australia.
The two exploration tenements cover approximately 70% of the Nowthanna uranium deposit near Meekatharra.
Meanwhile, Toro is aiming to deliver a revised JORC resource update for the Wiluna Region this month. Nowthanna will constitute a portion of the revised consolidated resource.
On a 100% basis, the Nowthanna deposit has an Inferred JORC Resource of 10.37 million tonnes at 446ppm uranium for 4,600 tonnes (10.1Mlb) of contained U3O8 at a 200ppm cut-off grade.
Full legal documentation, formalising the terms of the transaction outlined in the non binding term sheet, has now been executed with a group of vendors led by Impact Minerals (ASX:IPT).
The vendors included CITIC Nickel Pty Ltd, Talbot Group Investments Pty Ltd, Spar Resources Pty Ltd, John Rowntree and Teddy Tech Pty Ltd, for the purchase of two exploration tenements, E51/1072 and E51/1075.
The acquisition fits neatly with similar regional transactions by Toro in the past 12 months that secured uranium tenements in WA from U308 Limited (ASX: UTO), MPI Nickel Pty Ltd (a subsidiary of Norilsk Nickel Australia Pty Ltd, transaction in process) and the Minerals and Metals Group.
All host either uranium resources or defined uranium mineralisation, as part of the company's regional consolidation strategy.