Australian Securities Exchange (ASX)-listed Greenvale Energy has expanded its portfolio with the acquisition of an 80% interest in the Tobermorey Uranium Project.

The project, situated 400km east-north-east of Alice Springs in the Northern Territory's eastern Arunta region, comprises two expansive exploration licences.

The Tobermorey Project has numerous drill targets that can be tested using shallow drilling methods, which may lead to cost-effective exploration.

The acquisition involves an initial outlay of approximately A$10,000, paid to Gempart for data acquisition costs.

This move by Greenvale comes on the heels of its recent acquisition of the Douglas Uranium Project in the Northern Territory's Pine Creek Mineral Field.

Greenvale CEO Mark Turner said: “This represents another attractive addition to our
growing Australian energy portfolio, complementing the recently acquired Douglas Project.

“Like Douglas, the Tobermory Project has proven prospectivity for large-scale sandstone-hosted uranium deposits in an attractive geological setting and comes with multiple high-priority exploration targets.

“Importantly, the nature of the mineralisation means we can explore using cost-effective shallow air-core drilling techniques, making this a project that is easy to access and explore – allowing us to advance it rapidly. We are looking forward to getting on the ground and commencing exploration activity as soon as possible.”

In January this year, Greenvale Energy agreed to a conditional deal to sell its 20% stake in Knox Resources to Astute Metals.

The deal is crucial for the ownership of the Georgina Basin Project in Australia’s Northern Territory, which is entirely owned by Knox Resources.

As per the agreement, Astute Metals agreed to issue five million fully paid shares to Greenvale Energy, valued at A$250,000, based on a share price of A$0.05 at completion.

Additionally, Greenvale could receive another five million shares if certain milestones were met within four years following the acquisition.