Toro JV Project Annual report for the period 16 February 2015 to 15 February 2016 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 mineralization, similar to that discovered at the Wolverine prospect on the Western Australian side of the Browns Range Dome. Other occurrences of xenotime mineralization have been reported from within the Tanami Region, including Northern Mineral's Boulder Ridge prospect. During the report period, no new on-ground exploration was completed on the tenement due to financial constraints experienced during the year..