Toro JV Project Annual Report for the period 16 February 2013 to 15 February 2014 EL 27000

Abstract

Tenement EL 27000 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 27000, which together were named the Toro JV Project. The tenement is interpreted to be completely underlain by an undifferentiated intrusive near the south eastern margin of the Browns Range Dome. Little to no outcrop occurs within the tenement, and the surface geology is dominated by unconsolidated Quaternary sediments. 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 mineralisation 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 project.