Greenvale Energy Ltd (ASX: GRV) continued to make positive progress at its Alpha Torbanite Project in Queensland during the March 2024 quarter.
The company’s Liquefaction Test Program 4 at Alpha is well advanced to support the delivery of a pre-feasibility study (PFS).
Monash University is now nearing completion of the test program work, with a final bulk sample now being prepared to be sent to Technix for product identification and certification. Carbon-neutral “green” bitumen
Alpha is one of only two known torbanite deposits in Australia.
It has the potential to become a key domestic source of bitumen (almost all of Australia’s supply is imported)
Greenvale’s development strategy is based on the use of geothermal power offset to deliver carbon-neutral “green” bitumen.
The company has an opportunity to replace the current use of imported heavy crude oils in the Australian bitumen market. PFS expected in Q2 2024
After consulting with technical advisors, Greenvale extended its test program during the March quarter to include samples from the core holes acquired in October 2023.
The additional testing is not expected to significantly delay the delivery of the PFS, which is now expected to be finalised and delivered in Q2 2024.
Greenvale is aiming to initially produce 100,000 tonnes of bitumen and blended products annually from 500,000 tonnes of mined resources. Helium & hydrogen opportunity
Greenvale is also progressing the acquisition of a potentially ultra-high-grade helium, hydrogen and hydrocarbon opportunity (EP 145 project) in the Amadeus Basin in the NT.
The company has signed a farm-in agreement for the EP 145 project with Mosman Oil and Gas Ltd (AIM: MSMN)
This agreement could see Greenvale earn a 75% interest by funding seismic acquisition and drilling up to a cap of A$5.5 million.
Greenvale had cash of A$2.78 million at the end of March 2024.
GRV Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
