en.Wedoany.com Reported - Greenvale Energy (ASX:GRV) has signed a binding term sheet to acquire the exploration rights for the Pine Creek Uranium Project from Patronus Resources (ASX:PTN).
The project is located in the Pine Creek Orogen in the Northern Territory, covering approximately 1,250 square kilometers and includes multiple approved exploration licenses and mining leases.
Under the acquisition terms, Greenvale will issue 144.7 million ordinary shares to Patronus at A$0.038 per share, valuing the transaction at A$5.5 million. The issue price represents a 12% premium to the 10-day volume-weighted average price (VWAP) and a 6% premium to the 30-day VWAP.
After merging the Pine Creek Project with Greenvale's adjacent Douglas River Project, the company's total uranium exploration portfolio has expanded to 2,466 square kilometers, forming a "district-scale" landholding.
Managing Director Alex Cheeseman stated that this acquisition is a significant addition to the company's existing uranium portfolio. "The Pine Creek Uranium Project brings the high-grade Thunderball deposit into the portfolio, along with a substantial number of highly prospective exploration targets adjacent to our existing Douglas River Project," Cheeseman said. "This consolidates Greenvale's strategic position within a large and promising corridor in the Pine Creek region, enabling the company to adopt a holistic exploration approach across the entire district-scale land package, with key geological structures spanning both the Pine Creek and Douglas River projects."
The Pine Creek Project includes the Thunderball deposit. Recent drilling by Patronus intersected 10 meters @ 25,381 ppm U₃O₈ at 145 meters depth, 10 meters @ 12,264 ppm U₃O₈ at 139 meters depth, and 13 meters @ 7,045 ppm U₃O₈ at 135 meters depth. The Thunderball deposit has a historical inferred resource of 829,000 tonnes @ 924 ppm U₃O₈, totaling 1.69 million pounds of U₃O₈.
Greenvale has the right to conduct exploration activities in the project area until July 31, 2026, and plans to carry out follow-up drilling at Thunderball to test potential extensions along the plunge, dip, and strike directions. Regional field work at other prospects is also set to commence soon, including geological and structural mapping and sampling to supplement historical exploration results.
Airborne magnetic-radiometric surveys at the Douglas River Project are ongoing. The company also plans to hold an extraordinary general meeting around late July 2026 to seek shareholder approval for the issuance of the consideration shares.
Greenvale Energy is a mineral exploration company focused on a portfolio of uranium assets in the Northern Territory and Queensland.
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