Toro Energy Limited (ASX: TOE) has initiated its extension study to the proposed Lake Maitland Uranium-Vanadium operation, located in Western Australia. The study will be completed by mining engineers at SRK Consulting Australasia (SRK). SRK and other engineers at Strategic Metallurgy prepared the scoping study for Lake Maitland which highlighted the project’s potential to deliver robust financial returns.
Toro commencing the Lake Maitland extension study focuses on incorporating material from Lake Way and Centipede-Millipede uranium deposits into proposed processing operation at Lake Maitland.
“As strengthening uranium market conditions continue to align with valuable technical and development improvements at the Wiluna Uranium Project, the Board is delighted to report this initiative to add significant value to Wiluna via the extension of our Lake Maitland uranium vanadium processing operation,” Toro’s Executive Chairman, Richard Homsany, said.
“The quality and valuation of Toro’s uranium assets are expected to enhance and progress rapidly. Whilst Lake Maitland represents a significant proportion of the Wiluna Uranium Project’s resources, and the Scoping Study results clearly illustrate the transformational effect of the stand-alone Lake Maitland operation on the potential economics of the entire Wiluna Uranium Project.”
Pilot plant designs are underway to test new processing flow sheets for both uranium & vanadium products, with processing revisions resulting in very strong estimated financial outcomes for the scoping study (excluding Lake Way & Centipede-Millipede.)
Phase one of the extension study will include a pit optimization of the Lake Way and Centipede- Millipede uranium deposits. The Lake Maitland pit optimization was successful to increase potential production by 8mlbs U3O8 and 11.9Mlbs v2O5 – over US$625M of additional product value based on the above price assumptions.
The first seven years of the Lake Maitland Uranium Vanadium operation is proposed to process high-grade uranium material, in which a new study will test whether this high-grade operation can extend beyond the seven years and have a transformational effect on the value of the broader Wiluna Uranium Project.
For further information, please visit: www.toroenergy.com.au
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