Toro Energy (ASX:TOE) updated the mineral resource estimate for the Lake Maitland deposit within the Wiluna uranium project in Western Australia amid rising uranium prices in the global market, according to a Tuesday filing with the Australian bourse.
Lake Maitland's uranium resource stands at 33.3 million tonnes of material at 403 parts per million (ppm) uranium for 29.6 million pounds of triuranium octoxide at a 100 ppm cutoff, the filing said.
Vanadium resource stands at 50 million tonnes of material at 285 ppm for 31.4 million pounds of vanadium pentoxide at 100 ppm cutoff, the filing added.
Shares of Toro Energy rallied past 13% in recent Tuesday trade.
Price (AUD): $0.22, Change: $+0.025, Percent Change: +13.16%
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