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Highlights:
Greenvale Energy Ltd has secured a binding agreement to acquire an 80% interest in the Elkedra Uranium Project in the Northern Territory.
The project area spans 566 square kilometers and features an extensive uranium anomaly, highlighting its prospectivity.
Shares of Greenvale Energy rose by 10.34% following the announcement, reflecting market interest in the acquisition.
Greenvale Energy Ltd (ASX:GRV) has announced a significant step in its expansion with the acquisition of an initial 80% interest in the Elkedra Uranium Project, located in the Northern Territory. The company has entered into a Binding Heads of Agreement with Gempart (NT) Pty Ltd to secure this interest in the project, which covers a large Exploration Licence area of 566 square kilometers. Elkedra is situated approximately 300 kilometers northeast of Alice Springs, positioning it in a highly prospective region for uranium exploration.
The project area is particularly promising due to its extensive uranium and thorium (U/TH) ratio, accompanied by a uranium anomaly that stretches across an eight-kilometer strike length. This geological feature enhances the potential for discovering sandstone-hosted and unconformity-type uranium mineralisation. Moreover, the anomaly is located near the fertile metamorphosed halo of the Elkedra granite, further bolstering the area's prospectivity for substantial uranium deposits.
CEO Mark Turner expressed enthusiasm about the addition of Elkedra to Greenvale’s portfolio, noting its strategic value in complementing the company’s other recent acquisitions, including the Douglas, Tobermorey, and Henbury Projects. He emphasized that the Elkedra Project offers proven potential for large-scale sandstone-hosted uranium deposits and is situated in an attractive geological setting with multiple high-priority exploration targets.
Following the announcement, Greenvale's shares saw a positive response, rising by 10.34% by 14:42 AEDT. This uptick in share price reflects the market’s recognition of the potential upside of the Elkedra Uranium Project.
Greenvale’s commitment to expanding its Australian energy portfolio through the Elkedra acquisition signals continued confidence in the growth of the uranium sector, particularly in the context of expanding global energy needs.
