Greenvale Energy Ltd (ASX:GRV) Acquires 100% Interest in Oasis Uranium Project
Acquisition Overview
Greenvale Energy Ltd (ASX: GRV) has acquired 100% interest in the advanced high-grade Oasis Uranium Project. This strategic acquisition encompasses EPM 27565, which covers approximately 90 km² and includes the Oasis deposit and eight additional high-priority uranium targets. The project is situated 250 km west of Townsville and 50 km west of Greenvale in Far North Queensland.
Project Highlights
The Oasis Uranium Project, originally identified during the 1970s, shows significant promise based on previous exploration efforts. Notable findings include high-grade uranium mineralisation, with historical drill intercepts confirming primary mineralisation over a strike length of 300 meters and extending to a depth of 200 meters. Recent data further suggests that mineralisation remains open at depth and potentially along strike.
The acquisition includes a cash consideration of $200,000 and the issuance of 20 million Greenvale shares to the vendors. Notably, prior airborne radiometric anomalies were confirmed through extensive drilling undertaken by Esso from 1977 to 1979, substantiating the presence of significant uranium reserves.
Future Exploration Plans
Greenvale plans to expedite further exploration of the Oasis Project. A comprehensive 2025 exploration program aims to delineate known and extend mineralisation towards JORC 2012 resource status. The exploration will comprise geochemical testing, geological prospecting, and targeted drilling based on priority uranium anomalies identified through recent reprocessing efforts by Terra Search Pty Ltd.
Funding and Corporate Background
Funding for the acquisition and upcoming exploration activities is supported by a $1.175 million R&D rebate received earlier in January 2025, alongside proceeds anticipated from the sale of EP145. Greenvale maintains sufficient working capital to initiate its planned exploration activities effectively.
Authorised for release by the Board of Greenvale Energy Ltd.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.