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Uranium project developer Toro Energy has expanded the stated resources at the Dawson Hinkler deposit by reducing the resource cutoff grade from 200 parts per million (ppm) to 100 ppm uranium oxide.

As a result, the Dawson Hinkler deposit’s stated resource increased by about 115% to 20.29-million pounds contained and the average stated grade has decreased by 186 ppm, from 315 ppm.

The new stated resource is 44% indicated and 56% inferred.

“This is a considerable advancement for Toro, as the ability to now consider the inclusion of the Dawson Hinkler uranium deposit in the production profile of Toro’s Wiluna uranium project will significantly strengthen our pending feasibility study,” said Toro chairperson Richard Homsany.

Located only 15 km from Wiluna, the deposit has the potential to further enhance the potential returns at Toro’s flagship project.

The decision to reduce the cutoff grade is in response to an improving uranium market. Spot prices raced past $100/lb in January.