Greenvale Energy announced an expansion of its Australian energy portfolio with the acquisition of an 80% interest in the Douglas River Uranium Project.
The deal was secured through a binding heads of agreement with Gempart (NT), involving two tenements in the prolific Pine Creek Mineral Field in the Northern Territory.
The project, located approximately 200km south of Darwin, is considered highly prospective for uranium, tin, and gold.
Despite its rich geological setting, the southern Daly Basin area remains lightly explored.
Initial investigations identify multiple uranium/thorium ratio anomalies, with two compelling high-order radiometric anomalies in the eastern palaeo-channel suggesting potential for low-cost drilling.
Greenvale CEO, Mark Turner, commented on the company's strategic move, "This is a compelling addition to Greenvale’s portfolio, giving our shareholders exposure to a commodity which has exceptional market fundamentals because of the growing use of nuclear energy as an essential source of baseload energy for the global energy transition."
The Douglas Project's history of mineral exploration dates back to the late 1960s, with recent activities indicating strong potential for shallow, sandstone-hosted uranium deposits.
United Uranium's 2012 survey identified drill targets in the eastern paleochannel, offering immediate exploration opportunities.
Greenvale plans to initiate a 100m spaced airborne radiometric survey to refine current anomalies further.
The company's acquisition terms allow for completing a definitive feasibility study without time constraints, ensuring the project's steady development under favourable conditions.
Greenvale Energy is an ASX-listed engaged in the exploration and development of mineral resources in Queensland, Australia. Its flagship 100%-owned Alpha Torbanite Project is located approximately 50km south of the town of Alpha in Central Queensland.
At the time of reporting, Greenvale Energy’s share price was $0.029.