- Greenvale Mining (GRV) begins a two-hole diamond drilling program at its Georgina Basin project in the East Tennant Creek region of the Northern Territory
- The holes will be drilled at the newly-identified Banks and Leichhardt West targets which are believed to be prospective for iron oxide copper-gold (IOCG) mineralisation
- Additionally, Greenvale’s subsidiary, Knox Resources, has been awarded a tenement as well as $253,000 worth of grants to fund survey work at the Ranken tenements and a drill hole at Leichhardt East
- Company shares are trading flat at 20 cents at midday trade
Greenvale Mining (GRV) has begun a new phase of diamond drilling at its Georgina Basin project in the Northern Territory’s East Tennant Creek region.
This 1100-metre program will include two holes to be drilled at the newly-identified Banks and Leichhardt West targets which were prioritised following recent drill results and geophysical work.
The Banks and Leichhardt targets reportedly display remnant magnetism which is a feature of the mineralised ironstone-hosted deposits in Tennant Creek. These targets are believed to be prospective for iron oxide copper-gold (IOCG) mineralisation.
Encouragingly, the targets are in close proximity to both Middle Island Resources (MDI) Crosswinds prospect and Inca Minerals (ICG) Mt Lamb target, which have both seen increased exploration activity over the past three months.
Middle Island identified “significant” surface copper oxide mineralisation at the Crosswinds prospect with spot p-XRF readings of between 24.8 and 76.2 per cent copper.
Inca reported seeing a widespread sulphide mineralisation (including copper and zinc sulphides) at the Mount Lamb target. Recently, initial drill holes intersected IOCG and SEDEX-style alteration and visible sulphides which points to “promising indications” of the area’s potential.
Greenvale Mining CEO Matthew Healy said the company is excited to be drilling again at Georgina.
“Our last program at Twin Peaks, completed right at the end of last year, highlighted the prospectivity of this frontier region. We are now back again and drilling in what is increasingly emerging as the ‘hot’ part of the belt, in and around our Central Tenement Group,” he said.
Greenvale selected Eagle Drilling NQ to undertake the drilling effort which it expects will take 42 days to complete.
In addition, the company’s subsidiary, Knox Resources, has been granted tenement EL32964.
The Northern Territory Department of Industry, Tourism and Trade granted the tenement for six years until it expires on May 29, 2028.
EL32964 comprises one block, covering 1.1 square kilometres and lies between Greenvale’s existing landholdings of EL32283 and EL32295 and its grant.
Knox was also awarded two co-funding grants by the NT Geological Survey, under its Geophysics and Drilling Collaborations program. The grants, valued at up to $253,000, will support survey work at the Ranken tenements and a diamond drill hole at Leichhardt East.
“We are absolutely delighted to have been successful in our Round 15 funding applications – which will not only help to further advance exploration at the Georgina IOCG Project, but also add to the body of geological understanding in East Tennant more generally,” Mr Healy said.
Company shares were trading flat at 20 cents at 1:00 pm AEST.