Toro JV Project Annual Report for the period 16 February 2015 to 15 February 2016 Exploration License EL 26635

Abstract

Tenement EL 26635 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 26635, which together were named the Toro JV Project. The tenement is largely underlain by Palaeoproterozoic MacFarlane Peak Group and intrusive granite/granidiorite. In the north west of the tenement, these units are overlain by Mesoproterozoic sandstone of the Birrindudu Basin and Cambrian flood basalt of the Antrim Plateau Volcanics. 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 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. During the reporting period, no on-ground exploration was completed on the tenement due to financial constraints experienced during the year.