While Toro concedes grade is low, the 68 million pound vanadium resource is contained within the three uranium deposits planned to be mined at Wiluna.

Vanadium's main use is in the steel industry, with vanadium redox batteries a big potential future destination for the commodity given reportedly heavy investment in the space in China in particular.

Toro is currently in the midst of a A$3.5 million share purchase plan.

As well as its uranium project - that requires a significant improvement in the uranium price to underpin development - Toro also has ground considered prospective for gold.

Shares in Toro were at 1.5c Monday, capitalising the company at $32.5 million.