- Greenvale Mining (GRV) wraps up its core hole program at the Alpha Torbanite Project in QLD ahead of progressing directly to a definitive feasibility study (DFS)
- The company has drilled 62 holes for 2195 metres to acquire 284 metres of 4C samples, with results supporting the resources’ size and quality
- Detailed logging of the core is underway to confirm lithotypes and analyse sample intervals, to be followed by a laboratory testing program
- The above work will give GRV sufficient data to bypass a pre-feasibility study and progress directly to a DFS at Alpha later this year
- Greenvale’s shares are up by 3.45 per cent to 30 cents apiece at 3:48 pm AEST
Greenvale Mining (GRV) has wrapped up its core hole program at the Alpha Torbanite Project in Central Queensland, ahead of progressing directly to a definitive feasibility study (DFS).
As part of the program, the company completed 62 drill holes for 2195 metres and acquired 284 metres of 4C core samples.
GRV said initial results from the enhanced drilling program aligned with expectations and supported the resource’s overall size and quality.
Notably, since its last Alpha update in March, the company has built upon a previous preliminary drilling program, tightening grid spacing from 500 by 500 metres to 250 by 250 metres around high-priority torbanite zones.
All core hole locations have been geophysically logged with wireline tools, providing down-hole gamma, density and verticality surveys.
Further, the core samples have been stored in a cold storage facility in Brisbane’s Stratum Reservoir Laboratory, with all core hole and open hole sites rehabilitated.
Meanwhile, detailed logging of the core is underway to confirm lithotypes and analyse sample intervals.
This work will be followed a detailed laboratory testing program, including raw assay analysis, organic petrology and reservoir characterisation of the deposit.
The program will include a modified fischer analysis (MFA) to give Greenvale an idea of the potential bitumen and synthetic-light crude yields from the torbanite.
Independent of the MFA, the company is also continuing a program of retort assessment, with significant advancements made at GRV’s Gold Coast test retort facility to be reported following the MFA.
Greenvale green lights definitive feasibility study
Looking ahead, the above geological modelling and test retort work are geared to supply sufficient data, enabling the company’s direct progression to a DFS later this year.
With pending laboratory work conducted by ALS recognised as definitive, GRV will forgo the extensive in-house retort testing related to a usual pre-feasibility study, and instead bring forward the definitive ALS testing regime.
Further, with drilling at Alpha now complete, it means a definitive geological model can be produced. The model, combined with the definitive ALS test results, will reportedly provide most of the information required to generate the DFS, saving time and resources.
Greenvale Mining Managing Director Neil Biddle said the company was proud of the rapid progress at Alpha.
“With the drilling now complete, and with the opportunity to move ahead with definitive test retort work, we have made the decision to advance the project directly to a DFS,” he said.
“This decision will save between four and six months on our overall feasibility study timeline and makes sound economic and commercial sense for the company and its shareholders.”
On the market on Monday, Greenvale Mining shares were trading 3.45 per cent higher at 30 cents apiece at 3:48 pm AEST.