- Toro Energy (TOE) discovers a fourth accumulation of “massive” nickel sulphides within its Dusty nickel project in WA
- The discovery intersection, named “Dimma”, lies within the same stratigraphic position as the company’s other three discoveries, Dusty, Houli Dooley and Jumping Jack to the north
- Executive Chairman Richard Homsany says the “excellent” nickel discoveries continue and keeps increasing the value of the Dusty nickel project
- The drill rig will remain in place and steepen the drilling angle to test for nickel sulphides 20 to 30 metres downdip of the Dimma intersection
- Shares in Toro Energy are up 13.3 per cent to trade at 1.7 cents at 10:31 am AEST
Toro Energy (TOE) has discovered a fourth accumulation of massive and semi-massive nickel sulphides along the Dusty Komatiite within its Dusty nickel project in WA.
The new discovery, named “Dimma”, lies around 400 metres south-southeast of the Jumping Jack discovery, along strike of the Dusty Komatite.
The intersection is 3.6 metres thick, starting from 244.1 metres downhole in diamond hole TED41. Drilling also intersected semi-massive nickel sulphides of around 20 centimetres thick within the hanging wall zone from 231 and 232.9 metres downhole.
Multiple spot analyses using a handheld portable x-ray fluorescence instrument suggested local nickel concentrations within the 3.6-metre intersection of between 1.45 and 3.66 per cent nickel.
Commenting on the discovery, Executive Chairman Richard Homsany said these “excellent” nickel discoveries continue and keeps increasing the value of Dusty Nickel.
“It is clear that the project’s huge upside, which we consistently promote, is indeed genuine, is being realised by Toro and is value accretive for our shareholders.
“Toro’s exploration success demonstrates the uncapped potential nickel endowment at the Project and is a result of our efficient and targeted exploration campaigns.”
Mr Homsany also mentioned the scoping study for the company’s Lake Maitland uranium-vanadium mining operation evaluation is progressing well.
The study will include all of the process improvements and potential significant cost reductions identified by Toro over the years of research and development.
Logging and geochemical sampling of TED41 core is now underway, with results expected before the December quarter.
The drill rig will remain in place and steepen the drilling angle to test for nickel sulphides 20 to 30 metres downdip of the Dimma intersection.
Shares in Toro Energy were up 13.3 per cent to trade at 1.7 cents at 10:31 am AEST.