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- Greenvale Mining (GRV) updates its “dual-lane” development program for its Alpha Torbanite project and its geothermal assets in Queensland
- The company says it investigated several renewable energy solutions for offsetting at Alpha and decided geothermal power was the best option
- Greenvale plans to kick off a geothermal exploration drilling program in Queensland’s Millungera Basin next year
- Under the new roadmap, Greenvale says it is targeting a commissioning date for the Alpha project of late 2025 or early 2026
- Shares in Greenvale are down 10.75 per cent and trading at 8.3 cents at 1:39 pm AEST
Greenvale Mining (GRV) has updated its “dual-lane” development program for its Alpha Torbanite project and its geothermal assets in Queensland.
The company said it found a traditional retort method, as was initially intended for the Alpha project, was not going to deliver the optimal product yields at the required level of energy efficiency and with the necessary emissions profile.
Thus, the company adopted an alternate processing route using liquefaction which delivered the desired heavy oil fractions needed to produce bituminous products with an improved emissions footprint.
An expanded liquefaction program is now underway to form the foundation of a preliminary project feasibility study and eventual pilot plant trials.
Meanwhile, Greenvale said its Alpha project and geothermal assets were “intrinsically linked”: while the company was investigating several renewable energy solutions for offsetting at Alpha Torbanite, it found that geothermal power was the best option.
Once all relevant permits have been granted and the wet season is over, the company is planning to commence a geothermal drilling program in the Millungera Basin in northwest Queensland.
The program is anticipated to start in Q2 2023, and its results will inform the company of critical data inputs to refine the working geological and commercial models and provide a basis for further development approval.
The company said it believed its geothermal assets would allow for the offsetting of development and production at Alpha
In the long term, Greenvale said its geothermal assets could potentially present a considerable opportunity that will allow the company to become a significant player in the renewable energy sector within Queensland.
Under the new roadmap, the company said it was targeting a commissioning date for the Alpha project of late 2025 or early 2026
Shares in Greenvale were down 10.75 per cent and trading at 8.3 cents at 1:39 pm AEST.
