The company inferred a mineral resource of 6.3mt at a grade of 493ppm U3O8 for 6.9Mlb U3O8.
Toro has also defined an updated exploration target range of 28 – 35 Million tonnes of ISR Uranium at 450-520ppm U3O8 for 28Mlb to 40Mlb U3O8.
The company further plans to target higher-grade uranium at more than 1000ppm with future drilling and also expand the deposit’s overall footprint through extension drilling.
Toro managing director Greg Hall said that the confirmation of an initial inferred mineral resource is encouraging for the company.
"The next stage of drilling, planned for 2013, will be key to unlocking the full potential of this resource which has delivered high grade intersections geologically open in many directions.
"Key technical studies continue to highlight positive outcomes for a potential ISR uranium mine.
"Although early days, the confirmation of an Inferred Mineral Resource at Theseus opens up the "blue sky’ of a new uranium province in Australia for Toro shareholders comparable to those in South Australia, Wyoming and Kazakhstan," Hall said.
