Australian company Greenvale Energy has signed an agreement with Gempart (NT) to acquire an 80% interest in the Henbury Uranium Project in the Northern Territory’s Amadeus Basin.
The agreement with Gempart gives Greenvale control of the tenements EL33637 and EL33638, located 120km south-west of Alice Springs, with Gempart being free-carried until a definitive feasibility study (DFS) is completed.
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This acquisition marks the company’s third uranium project addition in recent weeks.
While there is no set deadline for the DFS, Greenvale is required to maintain the tenements in good standing throughout the earn-in period.
Upon earning its 80% interest, Greenvale may negotiate further with Gempart, which can choose to either maintain its 20% interest by contributing pro-rata, sell its stake to Greenvale, or convert it into a 1.5% net smelter return.
The initial investment by Greenvale is A$10,000 ($6,685), paid to Gempart for reimbursement of data acquisition costs.
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By GlobalDataThis strategic move positions Greenvale to potentially increase its stake in the project in the future.
Greenvale noted that it is preparing to initiate several exploratory activities including airborne magnetic and radiometric geophysical surveys over the Henbury Project.
These will be followed by a ground scintillometer survey to investigate any anomalies detected from the air.
Subsequent to these surveys, Greenvale plans to conduct auger, aircore and sonic drilling programmes, contingent on the ground conditions.
Greenvale CEO Mark Turner said: “This is our third uranium deal in the space of a few weeks and 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.
“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 is 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.”
Earlier this month, Greenvale expanded its portfolio by acquiring an 80% stake in the Tobermorey Uranium Project.
