GRV grabs more Douglas River ground
Greenvale Energy expands Douglas River uranium project footprint by 70% to 1,216km2
Expansion enhances company's position in the highly prospective Pine Creek region
Preparations underway for the start of uranium exploration in the NT
The company applied for two additional exploration licences which are contiguous with the Company's current licence and licence application, increasing its total land position to ~1216km2.
It grants Greenvale Energy (ASX:GRV) a very large and strategic landholding in the Pine Creek region, which boasts mineralogically diverse deposits, including multiple world-class uranium projects.
This geological setting has the potential to host shallow, sandstone-hosted and unconformity type uranium deposits such as Patronus Resources' (ASX:PTN) Thunderball deposit that sits immediately north of Douglas River.
PTN's re-assaying of historical drilling returned high-grade intersections of up to 10m at 2.5% U3O8 from a down-hole depth of 145m, reinforcing the potential of Pine Creek to host high-grade uranium deposits.
'The expansion of our strategic exploration footprint in the highly endowed Pine Creek region of the Northern Territory is a fantastic outcome for the company,' GRV chief executive officer Alex Cheeseman said.
'This is a low-cost addition that almost doubles our exploration footprint, in a region that hosts multiple world-class uranium deposits.'
Expanded Douglas River project. Pic: Greenvale Energy
Douglas River project
The Douglas River project is in the northeastern part of the Daly Basin, overlying the south-western margin of the highly prospective Pine Creek Orogen that covers ~47,500km2.
Pine Creek is considered to be one of Australia's most significant mineral provinces with more than 1000 known mineral occurrences and hosting ~20% of the world's low-cost uranium resources.
Preliminary interpretation of the project indicates the potential for recently identified paleochannel systems and favourable geological settings to continue into the expanded project area.
The expansion provides the company with enhanced flexibility and the opportunity for ongoing systematic exploration and target generation.
GRV is preparing to start exploration across its NT portfolio with an immediate focus on the Elkedra and Henbury uranium projects.
Consideration will also be made for initial work at Douglas River with the company saying it anticipates undertaking reconnaissance and site access investigations in the coming months and starting engagement with landholders and traditional owners to allow follow-up field work to be carried out.
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.
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