Greenvale Energy (ASX:GRV) reveals it is gearing up to acquire up to an 80 per cent interest in the Tobermorey Uranium Project from Gempart Pty Ltd through a binding head of agreement.

In a news release, the company said that it has secured the rights to acquire its interest in two tenements with the project’s original owners and is being free-carried to a definitive feasibility study.

In order to secure its 80 per cent interest in the property, Greenvale has paid an upfront cost of $10,000 to Gempart as part of reimbursement of data acquisition costs.

The acquisition of Tobermory comes following Greenvale’s recent acquisition of the Douglas Uranium Project in the Pine Creek Mineral Field of the NT.

“This represents another attractive addition to our growing Australian energy portfolio, complementing the recently acquired Douglas Project,” Mark Turner, CEO of Greenvale Energy, said in a statement. “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.

Notably, Tobermorey boasts numerous walk-up drill targets that offer the potential for cost-effective exploration through shallow drilling methods.

Additional terms of the acquisition include:

• Greenvale can earn up to an 80 per cent interest in project interest by completing a Definitive Feasibility, which will result in the 80 per cent interest being transferred to Greenvale upfront.
• There is no time limit on completing the DFS, although the company is to maintain tenements in good standing for the duration of the earn-in period.
• Greenvale may withdraw at any time and the tenements will revert to Gempart.
• Once Greenvale has earned its interestm Gempart can opt to contribute pro rata
• to maintain its 20 per cent interest or negotiate to sell its interest to Greenvale or convert its 20 per cent interest to a 1.5 per cent NSR

The Tobermorey Project area is flat-lying and dominated by uraniferous palaeodrainagerelated to extensively outcropping Tertiary Austral Downs Limestone which is up to 8metres thick.

Shares of Greenvale Energy are up 4.76 per cent to AU$0.22.

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