Feb 19, 2021

Greenvale Mining raises funds to fast-track Alpha

Greenvale Mining raises funds to fast-track Alpha

Greenvale Mining is getting cashed up to fast-track its Alpha torbanite project in Central Queensland with a share purchase plan to raise up to $3 million.

The company has kicked off a multi-pronged work program at the Alpha
project aimed at delivering a JORC-compliant resource/reserve and pre-feasibility study by mid-year.

“We believe that Greenvale is about to move quickly up the value curve as we execute our plans at the Alpha torbanite project,” managing director Neil Biddle said.

“The proceeds (of the share purchase plan) will put us in a very strong position to complete the PFS, engage with customers, secure off-take agreements and move rapidly to final investment decision
on what we believe will be an exceptional development opportunity with low capital intensity and outstanding financial and economic returns.”

An SRK Consulting study has shown that the Alpha deposit is exceptionally high-grade, containing up to 650 litres of hydrocarbons per tonne of torbanite.

It can produce bitumen, light crude (a precursor to diesel) and activated carbon, and offers the potential for value-added products through
processing avenues.

A three-stage drilling program now underway and initial pilot-scale retort
testing program is due to begin next week.