Greenvale Energy has completed the acquisition of the high-grade Oasis Uranium Project in Queensland and successfully raised $1.8 million to fund upcoming exploration programs, marking a significant step in its uranium portfolio expansion.
- Acquisition of 100% interest in Oasis Uranium Project completed
- Successful $1.8 million capital raising to fund exploration
- Maiden drilling programs planned for Oasis and Northern Territory projects
- Alpha Torbanite Project liquefaction tests show progress towards premium-grade bitumen
- Appointment of Zoe Stackhouse as Exploration Manager to oversee uranium programs
Acquisition of High-Grade Uranium Asset
Greenvale Energy Ltd has finalized the acquisition of a 100% interest in the Oasis Uranium Project, an advanced, high-grade uranium asset located approximately 50 kilometres west of Greenvale in Far North Queensland. This acquisition significantly enhances Greenvale’s uranium portfolio, adding a project that covers 90 square kilometres of fault-bound alkaline intrusive and metamorphic terrane, including the known high-grade Oasis uranium deposit and eight additional high-priority uranium targets.
The Oasis Project’s strategic location within the Lynd pastoral station and proximity to existing infrastructure positions Greenvale well for accelerated exploration and potential development. The company plans to commence initial geological field prospecting and reconnaissance in the June quarter, with maiden drilling programs ready to begin as soon as weather conditions permit.
Capital Raising Supports Exploration Ambitions
To underpin its ambitious exploration agenda, Greenvale successfully completed a non-underwritten placement raising A$1.8 million at a share price of A$0.048, representing a 21.2% discount to the five-day volume-weighted average price. The proceeds will primarily fund the upcoming drilling programs at Oasis and other uranium projects in the Northern Territory, as well as further development work at the Alpha Torbanite Project.
This capital injection strengthens Greenvale’s balance sheet, with cash and cash equivalents reported at $3.215 million at quarter-end, providing a solid runway for exploration activities and working capital needs.
Advances in Alpha Torbanite Project Liquefaction Testing
Greenvale’s Alpha Torbanite Project in Queensland continues to show promising progress. The University of Jordan completed Liquefaction Test Program 6, achieving the highest asphaltene conversion rates to date and lowering viscosity levels, key steps toward meeting the premium-grade C170 bitumen specifications. The introduction of catalysts, particularly zinc, and the substitution of tetrahydrofuran (THF) for toluene as a solvent, have significantly improved conversion efficiency and product quality.
Greenvale is collaborating with Monash University to conduct Test Program 7 on larger sample sizes, aiming to confirm these encouraging results and establish a commercial pathway for the Alpha Project’s bitumen production.
Operational and Corporate Developments
In addition to exploration and technical progress, Greenvale has appointed Zoe Stackhouse as Exploration Manager. Ms. Stackhouse brings 20 years of geological experience and will oversee the company’s uranium exploration programs, ensuring timely and effective implementation of field activities.
Greenvale also completed the sale of its 75% interest in the EP145 project to Mosman Oil & Gas for $250,000, streamlining its portfolio to focus on core uranium and torbanite assets.
Financial and Operational Outlook
Exploration expenditure for the quarter totaled $195,000, reflecting active fieldwork and preparatory activities. The company reported no mining production or development activities during the period, consistent with its focus on early-stage exploration.
Greenvale’s strong cash position and recent capital raise provide the financial flexibility to execute its exploration programs aggressively. The upcoming drilling campaigns at Oasis and Northern Territory projects, combined with ongoing liquefaction testing at Alpha, position the company for potential value creation in the uranium and bitumen sectors.
Bottom Line?
With exploration drilling imminent and promising test results underway, Greenvale Energy is poised for a pivotal year in advancing its uranium and torbanite assets.
Questions in the middle?
- What will the initial drilling results at the Oasis Uranium Project reveal about resource potential?
- Can Test Program 7 confirm the Alpha Project’s ability to produce premium-grade C170 bitumen commercially?
- How will the non-underwritten nature of the recent placement affect Greenvale’s future funding strategies?