Greenvale Energy Ltd. will acquire the uranium exploration rights for the Pine Creek uranium project from Patronus Resources Ltd., creating a district-scale powerhouse in the Northern Territory.
The binding agreement will see Greenvale take control of an additional 1,250 square kilometres across the world-class Pine Creek Orogen.
By combining these newly acquired assets with its adjoining Douglas River Project, Greenvale will more than double its landholding in the premier uranium province, establishing a continuous 2,466-square-kilometre exploration footprint.
The consolidated territory, which sits approximately 200 kilometres southeast of Darwin, will be renamed the Thunderball uranium project.
It gives Greenvale an outstanding platform for resource growth and new uranium discoveries in one of Australia’s most proven uranium provinces, due to its unique combination of favourable geology, a long mineralising history and established uranium endowment.
Included in the acquisition is the ultra-high-grade Thunderball uranium deposit, a site boasting exceptional historical drilling and re-assay results. Standout intercepts from the project include a spectacular 10 metres at 25,381 parts per million (ppm) uranium ore from 145 metres, alongside 10 metres at 12,264ppm uranium ore from 139 metres.
The asset portfolio also features a highly prospective 10-kilometre-long structural corridor along the Hayes Creek Fault Zone, which extends directly into Greenvale’s existing tenements and hosts multiple advanced, drill-ready targets.
“This strategic acquisition represents a major step forward in our strategy to establish a significant uranium portfolio in the Northern Territory and positions Greenvale as a dynamic Australian uranium growth company,” said Greenvale Managing Director Alex Cheeseman.
“The district-scale exploration footprint we have established spans over 2,400 square kilometres and positions Greenvale as one of the dominant players in uranium exploration in the Northern Territory.
“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.”
Under the terms of the transaction, Patronus Resources will become Greenvale’s largest cornerstone shareholder with an approximate 19.6 per cent stake. Patronus Chairman Rowan Johnston is also slated to join the Greenvale board as a Non-Executive Director.
Greenvale is preparing to launch an exploration campaign, focusing initially on upgrading the Thunderball deposit to a JORC-compliant mineral resource estimate, while concurrently kicking off an airborne geophysics survey at Douglas River.
