- Greenvale Mining (GRV) receives ‘highly encouraging’ preliminary results from testwork on torbanite samples from its Alpha project in Queensland
- The results reportedly confirm the project’s high-yielding nature with a top yield of 698 litres per tonne of moisture from the torbanite ply
- Importantly for Greenvale, the results rank Alpha amongst the highest-yielding oil shale deposits globally
- The company is waiting on additional results from analysis work and expects to shortly release a maiden resource for the Alpha project
- GRV shares have been trading up 9.52 per cent at 34.5 cents
Greenvale Mining (GRV) has received results from recently completed testwork on core samples from its Alpha torbanite project in Queensland.
Samples were taken in four boreholes across the lower seam which contains a torbanite ply (LT) between an upper (L1) and a lower ply (L2) of cannel coal.
Torbanite is a variety of fine-grained black oil shale that’s also known as boghead coal or channel coal.
The oil yield values for the 12 samples were either in line with or above the company’s expectations.
The company described the preliminary results as being ‘highly encouraging’ as they confirmed the unique, high-yielding nature of the Alpha torbanite deposit.
In particular, the torbanite ply delivered a top yield of 698 litres per tonne of moisture (LTOM), which is well above the previously stated upper yield of 650 LTOM. Oil yield values from this ply ranged from 290 to 698 LTOM which the company said reflects the accumulation of organic-rich sedimentary rock formed in a lake environment.
For comparison, oil yield values from the upper cannel coal ply were in the range of 120 and 160 LTOM and oil yield values from the lower cannel coal ply were between 150 and 200 LTOM.
A further note of encouragement is when compared to its peers, the Alpha Torbanite Project’s high yielding nature is more evident with oil yield samples comparable to those from some of the highest yielding oil shales in the world.
Even the average yields from the cannel coal ply at Alpha measure highly when ranked
against similar coal and oil shale deposits in other parts of Queensland and the US.
Greenvale is waiting on more results from analysis work, which is expected before the end of the year. The company also expects to soon release a maiden JORC mineral resource for the Alpha project, which will support feasibility studies and an ore reserve estimate.
GRV shares were up 9.52 per cent to trade at 34.5 cents at 11:58 am AEDT.