NEWS AND GENERAL DISCUSSION, page-122

Wondered that myself and a little research shows they may have done retort testing prior to the latest scoping study
This is from 2017

Greenvale Energy Limited
Update Alpha Project MDL/330
ASX Release
29 June 2017
Key Points
• Review of the Company’s test work data on the Alpha torbanite oil shale shows a
bitumen–based product mix is potentially the best economic option for development.
• Alpha oil shale is a viable indigenous source of bitumen, potentially a replacement for
imported heavy crude oils in the Australian bitumen market.
• The spent shale, after retorting is potentially marketable as an activated carbon product.
• New Scoping study planned to be undertaken to review an open cut mining operation
with development options concentrating on bitumen with activated carbon and fuel oil
as additional products.
• New Digital Terrain Model and a programme of infill drilling is being designed to upgrade
the resource from an Exploration Target to a JORC 2012 Standard Reserve.
Background
The Alpha deposit is located approximately 62km south of Alpha, a small farming town in Central
Queensland and has been held by the Company’s subsidiary Alpha Resource Pty Ltd since 1979.
Research in the company’s technical records show that the original objective of developing the
Alpha oil shale on a relatively small scale, targeting the production of gasoline and diesel fuel
products on-site for consumption in the local area was uneconomic. Accordingly, new directions
for marketable products were investigated.
The 1987 Coal and Carbon Industries (CCI) of Melbourne study commissioned by Alpha used a
(then) new type of retort technology and the samples of torbanite processed provided mass
balance data with a product mix of 59% Asphaltines (bitumen) and 40% fuels (Petrol, diesel and
kerosene)
The above figures suggested that a bitumen-based product mix was a better value-added
combination rather than a solely a fuel-based product mix; the latter being the traditional option
for most oil shale ventures in the 19th Century and 20th Century

Subsequently, additional studies, in particular, CSIRO (1988), Madre (1990) and Centre for
Applied Energy Research, Lexington, USA (1994) focused on an open cut mining operation with
production of around 200,000 tonnes per annum of oil shale with bitumen-dominated final
product mix plus the potential use of spent shale as an activated carbon. The latter is a significant
value-added product that could add substantially to the potential revenue stream.
Work on the project was effectively suspended in the late 1990s due to market conditions and
the relative remoteness of the project, which made transport, costs prohibitive. The Alpha
project area was subsequently reclassified from an Exploration licence to Mineral Development
licence (MDL) that recognises the resource potential under more favourable economic
conditions.
Resource Studies
Further to the Company’s announcement (refer to announcement dated 9 January 2017 and March
2017 Quarterly activities report), the ground GPS survey undertaken by the Company in January
and February, 2017 met its objectives of identifying:
• the details of proximal permanent survey benchmarks that could be used for future
surveying programs and
• surface features that demonstrate significant error in the old survey information that
required correction.
Although the tie–in of the modern survey and historical survey proved to be more difficult than
envisaged a new Digital Terrain Model (DTM), updated topographic map were established that
can be used for future resource modelling.
Survey information is likely to be insufficient to provide a Resource statement but the accurate
relocation of the historical drill-holes will allow the design of a new systematic in-fill drill
program to prove up the deposit to a JORC standard. A new deposit model will be used for the
intended scoping and utilisation studies
Scoping and Utilisation Studies
The review of the Company’s historical data shows that the Alpha torbanite (the richest oil shale
known) can be refined to 59% asphaltines (bitumen) and 40% fuels (petrol, diesel and kerosene).
The 1987 Coal and Carbon Industries (CCI) of Melbourne study commissioned by Alpha provided
mass balance data with a product mix of:
• 14.3% petroleum,
• 7.3% kerosene,
• 19.5% diesel and
• 58.9% asphaltines.
Subsequently, additional research and development projects were undertaken on the Alpha oil
shale to determine its properties at the Center of Applied Energy Research (CAER) at University
of Kentucky. Lexington (USA), Northlake Industries (Utah. USA), CSIRO (Lucas Heights) and the
University of Wollongong. In particular, CSIRO (1988 Oil yields)) Madre (1990 Open Cut Study),
and CAER (1994 Activated carbon) focused on an open cut mining operation with production of
around 200,000 tonnes per annum, with bitumen-dominated product mix and the potential use
of spent shale as activated carbon. The latter would potentially provide a significant value-added
product and a substantial addition to the revenue stream.

Studies at the CSIRO showed that oil from Alpha torbanite has a significant fraction that could
be a source of commercial bitumen. The study commissioned by Alpha showed retorting using
CCI technology produced 2.5 barrels of bitumen per tonne of torbanite, as noted above
approximately 59% of the total products. These figures show that torbanite is probably much
better shale for bitumen production than other Australian Tertiary shales
The Activated carbon studies undertaken at the CAER, University of Kentucky USA showed the
Alpha torbanite spent shale has comparable adsorption properties to commercial activated
carbons. Alpha torbanite spent shale adsorbed less nitrogen oxide and ammonia than
commercial activated carbons but adsorbed more hydrogen sulphide. The test work calculations
showed that for each tonne of average grade torbanite the residue obtained after pyrolysis and
steam pyrolysis constitutes 23% of the original torbanite. Yielding approximately 230 kgs of
activated carbon per tonne of torbanite.
The unique quality of Alpha oil shale therefore has the potential to be used in diverse
applications such as:
• a source of bitumen
• a source of activated carbon
• a chemical reductant (replacing fuel oil) in smelting (including nickel processing)
• a source of oil products, petroleum/diesel/ kerosene
Consequently, it is proposed to undertake a desktop scoping study that can examine these
utilisation options in detail and encompass:
• resource modelling with the new topography and DTM
• overall pit design, dump and drainage design options and potential mining schedule
• analysis of mining options and costs
• concentrate on the direct use of the rock as an industrial material and as a source of
bitumen.
In addition, studies will be undertaken to examine the potential of bitumen derived from the
Alpha oil shale in the Central Queensland infrastructure development regional economy in the
future and the use and sale of activated carbon products.
Market Research 2017
A brief review of the Australian bitumen industry shows that Australia has a road network of
800,000 kms of which about 310,000 kms is surfaced and more than 90% of the surfaced roads
are sprayed seal roads (bituminous binded).
There are around 120 asphalt (bitumen) plants across Australia ranging from small plants of 30
to 40 tonnes per hour capacity to new large 300 to 400 tonnes per hour plants.
The prices for bitumen have corrected moderately following the drop-in oil prices. The prices for
Class 170 bitumen in Australia have dipped from AUD 1,100 per tonne to AUD 900 per tonne in the past 2 years.