Toro plans gold exploration

West Perth-based Toro Energy has announced a shift in strategy as the uranium-focused company begins a gold exploration program at its Lake Maitland project near Wiluna.

Within the Lake Maitland project is the company’s flagship Wiluna uranium project, which consists of six calcrete uranium deposits.

The newly announced Yandal gold project comprises about 143 square kilometres of land within Lake Maitland and the Yandal gold district.

The company said it has commenced planning for an exploration drilling program this year.

“The Lake Maitland project area has never been adequately explored for any mineral other than uranium, despite being within the prolific gold producing Yandal greenstone belt,” Toro said in a statement to the ASX.

“Government mapping of basement rocks based largely on regional magnetic geophysics and historical drilling shows that the productive Yandal geology extends into and through the Toro ground.

“Although gold will be the primary target of the exploration program on the Yandal gold project, Toro acknowledges the prospectivity of greenstone belts for other metals and will consider evaluating any corresponding anomalies that may arise and elevate them as genuine prospect targets if it sees fit to do so.”

The company said it remained focused on advancing its uranium project in parallel with the gold project.

Earlier this year, the company released interim results from a design study for the Wiluna project, which indicated significant cost reductions.

Shares in Toro finished up 3.7 per cent at 2.8 cents each.