fundamental analysis, page-9

“Warrior has been called the most significant palaeochannel uranium occurrencewithin SA’s Gawler Craton,” Toro’s Managing Director, Mr Greg Hall, said today.“Previous drilling, including work by Stellar this year, Minotaur Exploration last year, and PNC Exploration in the 1970s, has confirmed the widespread extent of uraniumwithin the Warrior palaeochannel,” Mr Hall said.
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It is undertaking a 7000m aircore drilling program to test sedimentary deposits within the Yaninee Palaeochannel system. Toro says exploration in the area in the early 1980s “discovered and partly outlined the palaeodrainage system with anomalous uranium concentrations but did not test the system further”.

Toro Energy has two projects in this area: Lake Frome and Bonython Hill. The Lake Frome project consists of two tenements believed to link with the Yarramba and Lake Charles Palaeochannel Systems (which host the Honeymoon deposit). The Bonython Hill tenement contains the same rock types as found at Radium Hill with a high potential to locate further vein style deposits using a combination of modern geophysical and geochemical approaches.

The Warrior Project area was explored by PNC Exploration (Australia) Pty Ltd (PNC) during the 1970’s and 80’s, and an historical non-JORC mineralised area was outlined. Minotaur Exploration and Stellar Resources both undertook extension drilling to the south of the Warriorchannel during 2005 and 2006. During late 2006 Toro Energy completed a small drillingprogram infilling and extending the known uranium mineralisation at Warrior within EL3040