Greenvale Energy picks up third prospective uranium project in the NT

Greenvale Energy to acquire Henbury uranium project in the NT
It’s the third yellowcake project in the Territory the explorer has recently acquired
Shallow and cost-effective drilling planned

Special Report: Greenvale Energy has acquired the highly prospective calcrete-hosted Henbury uranium project in the Amadeus Basin region of the NT – strengthening its portfolio of Aussie uranium exploration plays.

The 80% acquisition from Gempart for $10,000, consists of two exploration licences, EL33637 and EL33638, which contain multiple priority drill targets, with uranium and thorium anomalies occurring over a 14km strike length.

This is the third uranium project to be added to the company’s portfolio in recent weeks, combining with the Douglas and Tobermorey projects to establish an exciting exploration pipeline of projects and prospects to be tested in the months ahead.

Greenvale Energy (ASX:GRV) is on the hunt for yellow cake, and is confident the project is highly prospective for sandstone-hosted uranium mineralisation, akin to proven deposits such as Napperby, where in 2018 Core Lithium (ASX:CXO) updated its resourece to 8.03Mlb U3O8 at 2000ppm.

At Henbury, Gempart will be free-carried through to a definitive feasibility study with no time limit on its completion.

And once Greenvale has earned its 80% interest Gempart can opt to contribute pro rata to maintain its 20% interest or negotiate to sell its interest to Greenvale or convert its 20% interest to a 1.5% net smelter royalty.

Cost-effective shallow drilling on the cards

The company plans to kick off exploration with a 100m line space (north-south lines) airborne magnetic/radiometric geophysical survey, a ground scintillometer survey over airborne defined anomalies, along with field mapping and rock chip sampling – and auger, aircore and sonic drilling depending on ground conditions.

“This is our third uranium deal in the space of a few weeks and brings another exciting uranium asset into the company,” CEO Mark Turner said.

“Like the other projects, Henbury contains extensive uranium/thorium anomalies defined from historic geophysical surveys which have never been properly tested.

“This combined with a favourable geological setting for calcrete-hosted uranium mineralisation makes this a highly prospective opportunity for significant, shallow uranium discoveries.

“Once again, the potential for cost-effective, shallow drilling applies.”

Turner also noted all assets are located in a jurisdiction which is supportive of uranium mining and which contains ‘almost all of Australia’s significant uranium deposits’.

“The potential of these projects is considerable and we are looking forward to getting on the ground to explore them,” he said.

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.