Greenvale acquires second high-potential yellowcake project

Greenvale acquires Tobermorey uranium project in NT
$250,000 back into coffers with divestment of EP145 project
Deal marks company’s second uranium acquisition after recently acquired Douglas project

Special Report: Greenvale Energy is to acquire a controlling stake in the Tobermorey uranium project in the NT, while also divesting its interest in the EP145 project to Mosman Oil and Gas.

The explorer has snapped up an initial 80% interest in the Tobermorey uranium project, 400km east-north-east of Alice Springs in the Eastern Arunta mineral field from Gempart for $10,000.

The deal gives yellowcake hunter Greenvale Energy (ASX:GRV) exposure to two large exploration licences across 971km2 which are highly prospective for sandstone-hosted uranium mineralisation, akin to proven deposits such as Napperby.

In 2018, Core Lithium (ASX:CXO) updated the resource at that project to 8.03Mlb U3O8 at 2000ppm.

GRV has also divested its farm-in deal to purchase the EP145 project and handed it back to Mosman Oil and Gas, with the full acquisition cost of $250,000 to be repaid – a strategic move to focus on more high-potential opportunities.

Interestingly, one of Gempart’s principles Alistair Mackie was formerly a geologist with the NT Geological Survey and the company has several JVs with ASX juniors including Trek Metals (ASX:TKM) and now GRV.

Uranium prospectivity

Tobermorey represents a complementary addition to Greenvale’s energy portfolio following its recent acquisition of the Douglas Uranium project in the Pine Creek mineral field in the Territory.

The company says the project comes with numerous walk-up drill targets, offering the potential for cost-effective exploration using shallow drilling methods.

These come in the form of multiple U/Th ratio and uranium anomalies occurring within an extensive uraniferous palaeodrainage hosted by 8m thick Tertiary limestone.

The largest anomaly is located on EL33621, trending south-east for 20km x 15km at its widest point.

Greenvale’s newly acquired Tobermorey uranium project. Pic: GRV

“This represents another attractive addition to our growing Australian energy portfolio, complementing the recently acquired Douglas project,” GRV CEO Mark Turner said.

“Like Douglas, the Tobermorey project has proven prospectivity for large-scale sandstone-hosted uranium deposits in an attractive geological setting and comes with multiple high-priority exploration targets.

“Importantly, the nature of the mineralisation means we can explore using cost-effective shallow air-core drilling techniques, making this a project that is easy to access and explore – allowing us to advance it rapidly.”

This article was developed in collaboration with Greenvale Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.