Toro JV Project Annual Report for the period 16 February 2015 to 15 February 2016 EL 27590

Abstract

Tenement EL 27590 forms part of a joint venture agreement between Northern Minerals and Toro Energy Limited. It was granted to Toro Energy Limited on the 16 February 2012. The tenement is underlain by the Palaeoproterozoic MacFarlane Peak Group, Tanami Group, including the Dead Bullock Formation, and Pargee Sandstone. In the east of the tenement, The MacFarlane Peak Group is unconformably overlain by the Mesoproterozoic Gardiner Sandstone. 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. A similar style of mineralisation occurs at the Boulder Ridge prospect on a neighboring tenement held by Northern Minerals. No on-ground exploration work was completed during the reporting period due to financial constraints experienced during the year.