Greenvale Energy plans to have a drill rig on site by mid-May for what it describes as a standout opportunity at North Queensland’s Oasis uranium project.
The company today announced it had completed the acquisition of the project, 50km west of Greenvale, with the transfer of the exploration permit approved.
It has completed the payment of $200,000 cash to the vendors Maverick Exploration, Remlain and Mineral Intelligence, and issued 20,000,000 Greenvale shares.
“This is an exciting time for Greenvale shareholders as we complete the acquisition of the high-potential Oasis uranium project and mobilise field crews and drilling teams to site to ramp up exploration across our portfolio,” Greenvale executive chairman Neil Biddle said.
“With an existing high-grade deposit that has remained largely untouched for decades since its discovery in the 1970s and large radiometric anomalies, Oasis represents a standout opportunity for Greenvale shareholders.
“We are looking forward, weather permitting, to the start of drilling and ground-based exploration activities in the coming weeks.”
The acquisition boosts Greenvale’s uranium portfolio, which also comprises the Douglas River, Henbury, Elkedra and Tobermorey Projects in the Northern Territory.
Exploration activities are also ramping up in the Northern Territory, with in-fill magnetic/radiometric surveys underway and ground-based field exploration activities commencing.
It comes as the company continues its work to finetune a bitumen product from its Alpha torbanite project, about 50km south of the Central Queensland town of Alpha.
Greenvale Energy has engaged Monash University to commence Liquefaction Test Program 7 for the project at a cost of $622,000.
Its purpose is to produce bulk samples under the optimised conditions previous testwork identified for the production of a high-grade C170 bitumen product from Alpha feedstock.
“We’re systematically progressing through the required phases of test work at Alpha to enable us to produce a high-grade C170 bitumen product,” Mr Biddle said.
“Building on the positive results received from Test Program 6, we’re looking forward to generating bulk samples under these optimised test conditions to determine our progress towards achieving the viscosity levels required for C170 certification.”
