Greenvale Energy (ASX:GRV) has entered into a binding heads of agreement with Gempart (NT) to earn an 80% interest in the Henbury Uranium Project in the Northern Territory.
This is now the third uranium project the company has added to its portfolio in recent weeks.
Greenvale, which has a market capitalisation of $12.79 million, will obtain the 80% interest once completing a Definitive Feasibility Study (DFS).
There is no time limit on completing the DFS, but Greenvale is required to maintain the two tenements, covering 445km2, in good standing for the duration of an earn-in period.
Once Greenvale has earned the 80% interest, Gempart can opt to contribute pro-rata to maintain its 20% interest, negotiate to sell its interest, or convert it to a 1.5% net smelter royalty return.
CEO Mark Turner says this deal brings another “exciting” uranium asset into the company.
“Like the other projects, Henbury contains extensive uranium-thorium anomalies defined from historic geophysical surveys which have never been properly tested,” Turner says.
“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.
“It’s also important to note that all these 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.”
Greenvale is preparing to conduct airborne magnetic and radiometric geophysical surveys over the Henbury Project, as well as a ground scintillometer survey over any airborne defined anomalies.
The company will also undertake field mapping and rock chip sampling.
Once completed, auger, aircore, and sonic drilling programs will be undertaken depending on ground conditions.
Greenvale Energy is a mineral explorer focused on bitumen and uranium assets in Queensland and the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
