Walabana Project Annual and Final Report 18 September 2009 to 17 September 2017

Abstract

EL 27115 was granted to Toro Energy Limited (Toro) on 18 September 2009. The licence formed part of Walabanba Hills Project together with EL 26848 and EL 27876. TNG Limited signed a Heads of Agreement (HOA) with the Australian uranium exploration and project development company, Toro in April 2012. The agreement gave TNG the right to explore for all minerals except uranium within EL 26848, EL 27115, and EL 27876. TNG took out the JV agreement with a view to exploration for primary base metal sulphides, nickel and magnetite hosted vanadium-titanium, as found in the Mount Peake Fe-V-Ti deposit to the east. The Walabanba Project licences formed part of the demerger of base metal assets from TNG Ltd to Todd River Resources Limited which took place in April 2017. Since the licence was granted TEMPEST and HELITEM surveys have been carried out, and surface sampling and aircore drilling has also been undertaken. Four rock samples were collected and nine drillholes were completed by Toro Energy. A HELITEM survey was completed over a number of block areas and transects across the project area. Nine targets were identified within EL 27115. Subsequent to ground inspection, only one of these targets was followed up with a FLEM survey (T1d) but after geophysical review the target was deemed unviable and the licence has not been renewed.