Toro JV Project Final surrender report EL 27001

Abstract

Tenement EL 27001 was granted to Toro Energy Ltd on the 16 February 2012. Toro Energy subsequently announced it was entering a joint venture agreement with Northern Minerals for a group of seven tenements, including EL 27001, which together were named the Toro JV Project. The tenement is extensively underlain by Palaeoproterozoic Nanny Goat Volcanics. Much of the surface geology is dominated by unconsolidated Quaternary sediments. In some areas of the tenement, Tertiary ferricrete has developed over the Nanny Goat Volcanics. Northern Minerals is currently exploring the tenement as part of a wider exploration program covering contiguous tenements in the Tanami region of the Northern Territory. The targeted commodity is Heavy Rare Earths associated with xenotime mineralisation, similar to that discovered at the Wolverine prospect on the Western Australian side of the Browns Range Dome. Other occurrences of xenotime mineralisation have been reported from within the Tanami Region, including Northern Mineral's Boulder Ridge prospect. There was no on-ground exploration completed on EL 27001 during the life of the tenement.