Australian uranium explorer Toro Energy is set to acquire two additional prospective uranium exploration tenements in Western Australia, from Rhodes Resources, a subsidiary wholly owned by ASX-listed Liberty Resources.
Acquisition price of A $ 1-million will be satisfied through the issuance of five million ordinary shares of Liberty Toro, in a C $ 0.20 per share.
Toro said in a statement on Friday that the acquisition trail over Firestrike uranium discovery and potential extensions along strike in the near future about Toro's nearby Wiluna uranium project. It also took four of the uranium project is now marshalled by Toro in the growth strategy of uranium in Western Australia.
Liberty previously done two aircore drilling program at the Lake Street district. This resulted in a new calcrete hosted uranium discovery, now known as Firestrike.
Firestrike been defined in the corridors about 2.7 km and about 200 m wide, like other projects in the Toro district, occurred at very shallow depths, typically between 1 m and 5 m below the surface and with a thickness between 0, 5 m and 2 m.
Toro stated that after the acquisition is completed, which is expected around 18 November, the company will move to places included in the resource definition drilling program for the 2010 field season.
Additional drilling jobs needed to fully determine the mineralisation envelope, including sonic drilling to good geological control.
Uranium miners noted that the purpose is to determine the resources, prepared in accordance with ore reserves with the code committee, and as
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