Australian exploration and development company Toro Energy has expanded the stated uranium and vanadium resources at the Centipede-Millipede and Lake Way uranium/vanadium deposits by reducing the resource cut-off grades from 200 parts per million (ppm) to 100 ppm.
The decision to reduce the cut-off grade is in response to the rapidly changing uranium market towards positive economics for Toro’s uranium resources, potential mining scenarios with pit boundaries beyond current stated resource cut-off grade, and to allow for better comparison of Toro’s resource base to that of its uranium peers, many of whom also report stated resources at 100 ppm cut-off.
The new, expanded Centipede-Millipede resource increased contained uranium oxide (U3O8) by 25%, or 5.98-million pounds, to 38.7-million tonnes at 351 ppm for 20.95-million pounds. The contained vanadium increased by 17%, or 6.6-million pounds, to 73.1-million tonnes at 281 ppm for 45.2-million pounds.
At Lake Way, contained U3O8 increased by 15%, or 1.79-million pounds, to 15.7-million tonnes at 406 ppm for 14.12-million pounds and the contained vanadium increased by 9.5%, or 1.1-million pounds, to 18.7-million tonnes at 307 ppm for 12.7-million pounds.
“The stated resource expansion and ongoing pilot plant work are important pillars of our refreshed feasibility study and will further demonstrate the significant returns on offer at Wiluna,” said Toro executive chairperson Richard Homsany.
He added that Toro was on track to align the finalisation of its optimal development strategy at Wiluna with the potential shift in government policy regarding uranium development in Western Australia.