- Greenvale Mining (GRV) has been notified by independent experts of the significant geothermal potential that lies within the Millungera Basin, Queensland
- Ascendience Geoscience reviewed a Geological Survey of Queensland report which determined the basin’s total stored thermal energy is likely to exceed 611,000 petajoules
- Greenvale has also been granted two permits in the Millungera Basin and plans to begin on-ground activities in the first half of next year
- GRV shares are down 5.71 per cent to 9.9 cents at 2:17 pm AEST
Greenvale Mining (GRV) has been notified by independent experts of the significant geothermal potential that lies within the Millungera Basin, Queensland.
The company engaged Ascendience Geoscience to assess a report on the region published by the Geological Survey of Queensland (GSQ).
Ascendience aimed to review the report and confirm the geothermal energy potential of two identified areas within the Millungera Basin.
The GSQ report determined that the basin’s total stored thermal energy is likely to exceed 611,000 petajoules at a 90 per cent probability.
For reference, one petajoule is the equivalent of roughly 278-gigawatt hours, or the annual energy consumption of around 19,000 Australian homes per year.
“The independent confirmation of the geothermal potential of the Millungera Basin supports our decision to prioritise exploration of this area and allows us to move forward with the planning of a comprehensive exploration program,” Greenvale Mining CEO Mark Turner said.
The company has also been awarded two exploration permits in the Millungera Basin, which it will investigate for geothermal potential.
EPM 28487 Julia Creek and EPM 28488 Longreach have been granted for five years from August 29.
The company says the granting of Julia Creek allows it to investigate the Millungera Basin’s mineral potential.
Greenvale plans to commence on-ground activities in the first half of 2023.
GRV shares were down 5.71 per cent to 9.9 cents at 2:17 pm AEST.