Greenvale keen to get to work on big IOCG targets

Greenvale Mining is gearing up to drill its “mighty” Georgina iron oxide-copper-gold project in the Northern Territory (reports MiningNews).
28th May 2021
Resources Rising Stars

It comes days after BHP formally entered the search for copper in the NT via a A$22 million farm-in and joint venture with Encounter Resources over the Elliott project, northwest of Tennant Creek.

Greenvale's Georgina project is east of Tennant Creek.

The project comprises seven granted tenements and two under application, covering

Greenvale managing director Neil Biddle told a Resources Rising Stars lunch last week the company completed in a tender for the ground against the likes of Teck Resources and Newmont, as well as a bunch of "lively juniors".

The interest in the area came after Geoscience Australia did some work on its prospectivity with the theory that structures in the Tennant Creek field and Mt Isa could be joined.

"That work has pretty much proved that theory," Biddle said.

Ten deep diamond holes were completed across the Barkly Tableland under the MinEx CRC National Drilling Initiative.

The holes, two of which were within Greenvale's ground, hit precursors for IOCG systems.

"The results from that just blew us away," Biddle said.

Greenvale has completed an airborne electromagnetic survey, covering 15,261 line kilometres.

Merged magnetic and gravity data over the northwest and central tenements identified multiple high-magnetic bullseye targets and extensive zones of hematite alteration.

Two drill-ready targets were identified, as well as three additional high priority targets.

"We identified some amazing anomalies," Biddle said.

He added the anomalies appeared to be "classic Tennant Creek" targets.

"The only difference is 250m of cover," he said.

"The similarities are remarkable, but our ground hasn't had the work done.

"Believe me, that's got the boffins excited."

Greenvale only has one field crew, which is currently at the company's advanced Alpha torbanite project in Queensland, but the team will shortly be heading to the NT for a "long stint".

Alpha has been the primary focus for Greenvale after a 2019 scoping study outlined the potential for the project to generate $1 billion of gross revenue over 10 years.

"Those numbers are always going to be of interest to us," Biddle said.

Torbanite is an ultra high-grade and very pure oil shale and is used to make bitumen, light crude and diesel.

A definitive feasibility study is underway.

Greenvale is well-funded with about $10.2 million in cash and investments after raising $3 million in a 20c placement to a single institution last month.

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