Annual amalgamated technical report for period 18 September 2013 to 17 September 2014 GR311 Wiso Project

Abstract

This second Annual Amalgamated Technical Report for ELs 27123 (Jarra Jarra), 27138 (Cooloola) and 29395 (Jarra Jarra West) (known as the 'Wiso Project') covers work carried out during the period from 18th September 2014 to 17th Sept 2014. Toro is principally seeking to discover uranium in the project area. The main geological models employed are surficial uranium, palaeochannel uranium and sandstone-hosted uranium. The geology is dominated by a veneer of Tertiary sediments estimated to be up to 250 m thick, overlying a 2-3 km thick interval of Neoproterozoic to Palaeozoic Wiso Basin sedimentary rocks. Metamorphic and intrusive rocks of the Aileron Province occur in the southern fringe of the project, where they abut a steep faulted margin of the Wiso Basin, and are likely to be present under the Wiso Basin. There is almost no outcrop in the project area and geophysics will be pivotal to exploration and establishing the thickness of cover. No on-ground exploration has been carried out during the reporting period. A field trip was undertaken in 2013 as part of an annual visitation of exploration ground in the NT by the previous exploration manager and in 2014 another field trip was undertaken by the new exploration manager as part of a program of familiarisation with the same, although somewhat more consolidated, exploration ground in the NT. The second expedition was timed so that it coincided with a meeting with the traditional owners and the Central Lands Council (CLC) whereby Toro detailed their background and the type of work they were proposing to be carried out on ELA29997, which if approved, will form part of the Wiso project, joining tenements EL27123 and EL27138 together and making the Wiso Project, one single continuous land package. The 2013-2014 reporting period heralded a period of transition from one exploration team to another. This resulted in a considerable amount of time spent on re-evaluating the tenements that make up the Wiso Project, inclusive of re-evaluating the acquired airborne electromagnetics ('AEM') over all of the tenements. This re-evaluation did not result in any change to the interpretation. The datasets are still interpreted to define a series of palaeochannels within an otherwise flat Tertiary basin, as well as salinity contrasts within that basin. In July 2013, Toro began negotiating a JV with Areva Austalia, a subsidiary of Areva, the worlds largest nuclear corporation. This was a protracted legal negotiation that wasn't finalised until September 2014. Areva have taken over as operator of the Wiso Project as a result of the successful JV agreement. During the time of the JV negotiations Toro undertook a study to determine the economic viability of different types and sizes of uranium discoveries on all of its exploration ground in Australia given certain market conditions and given certain market forecasts for the long term uranium contract price. The conclusions from that study included the need for large higher grade sandstone hosted deposits amenable to In Situ Leach (ISR) mining to be present at Wiso for the discoveries to be economic in the near future or multi-deposit discoveries of smaller Beverly scales.