- 01GRV to acquire Pine Creek uranium project from Patronus.
- 02Thunderball: 10m @ 25,381 ppm U3O8; 829kt @ 924 ppm (historic).
- 03Patronus takes 19.6% stake and joins GRV board.
Greenvale Energy (ASX: GRV) has consolidated a major uranium district in the Northern Territory with the acquisition of the Pine Creek project from Patronus Resources (ASX: PTN).
The package comprises multiple granted exploration licences and mining leases covering 1,250 square kilometres across the world-class Pine Creek Orogen, which has a long-standing history of uranium mining.
It includes the ultra-high grade Thunderball deposit with a historical inferred mineral resource of 829,000 tonnes grading 924 parts per million uranium oxide for 1.69 million pounds contained uranium.
Recent re-assaying and drilling at Thunderball by Patronus delivered a best result of 10 metres at 25,381ppm uranium oxide from 145m.
Under the terms of the acquisition, Patronus will become a substantial investor in Greenvale with a cornerstone shareholding of 19.6% and a commitment to support the growth and development of the new and expanded project.
Drill-Ready Targets
The Pine Creek project features multiple drill-ready targets and advanced uranium prospects along a 10km-long structural corridor extending from Thunderball along the Hayes Creek Fault Zone.
This corridor includes Thunderball Extended, Moonraker, Goldeneye, Corkscrew, the Bella Rosa Trend and Burrundie Dome, establishing a district-scale 2,466 sq km exploration portfolio for Greenvale in a premier uranium province.
Hayes Creek runs from Pine Creek into the northern-most tenement of Greenvale’s adjoining and under-explored Dougals River project, where the company is about to commence an airborne geophysics survey.
On completion of the acquisition, Greenvale will refer to the combined Pine Creek / Douglas River project areas as the Thunderball uranium project.
Platform for Resource Growth
Greenvale managing director Alex Cheesman said the acquisition would provide a strong platform for resource growth and new discoveries in a proven uranium province.
“This strategic acquisition represents a major step forward in our strategy to establish a significant uranium portfolio in the NT and positions Greenvale as a dynamic Australian uranium growth company,” he said.
“Importantly, this consolidates Greenvale’s strategic position across a large and highly prospective corridor within the Pine Creek Region, allowing us to adopt a holistic exploration approach across a district-scale land package with key geological structures traversing both the Pine Creek and Douglas River Projects.”
“With global uranium demand continuing to strengthen and governments around the world increasingly recognising the importance of nuclear energy for clean baseload power to support global decarbonisation, we believe the Pine Creek region represents one Australia’s most compelling uranium exploration and discovery opportunities.”
Patronus chair Rowan Johnston will join Greenvale’s board as a non-executive director.
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