Sep 08, 2020

Alpha oil shale at forefront of Greenvale Mining strategy

Alpha oil shale at forefront of Greenvale Mining strategy

Greenvale Mining says it aims to focus on its Alpha oil shale project in Central Queensland and Northern Territory tenements under a new long-term strategy.

The company this week announced the appointment of Australian mining executives Tony Leibowitz and Neil Biddle to its board as chairman and executive director.

It follows a $4 million capital raising, acquisition of exploration company Knox Resources, and disposal of the company’s interest in the Gold Basin project in the USA.

The terms of the Gold Basin sale included $1 million cash and 2.5 million shares in Fiorentina.

The acquisition last month of the remaining 20 per cent of Knox Resources gave Greenvale 100 per cent ownership of a highly prospective Iron Oxide Copper-Gold (IOCG) exploration portfolio in NT’s Georgina Basin.

These initiatives cemented the company’s focus on its Australian resource projects moving forward, Greenvale Mining said in an announcement to the ASX.

It also proposes to recruit a full-time chief executive officer in order to progress and unlock value from its Georgina Basin and Alpha resources projects.

The Alpha tenement is located about 500km west of Rockhampton and 55km south-east of the township of Alpha. It hosts a very rich oil shale deposit.

SRK Consulting has formulated a new project development strategy based on the production of a diversified suite of value-added products from the Alpha tenement.

Greenvale Mining has previously reported that preliminary investigation indicated there would be high demand for all three products that the Alpha
project would produce – refined liquid petroleum products, high-quality bitumen products and active carbon products.

It has requested that SRK develop an exploration work program plan where preliminary bulk samples are to be collected and analysed in 2020.