Highlights
- Agreement reached with SRL Hot Rocks Pty Ltd ("SRL-HR"), a wholly owned subsidiary of Sunrise Energy Metals (ASX: SRL), for a Farm-in and future Joint Venture to advance the Millungera Basin Geothermal Project.
- Farm-in requires SRL-HR to sole fund exploration and development to a total value of $5M to earn a majority interest in the Millungera Project.
- Greenvale has recently been granted geothermal exploration permits (EPG) 2023, 2024 and 2025, all with initial terms of 5 years.
- Access agreement in place with the Mitakoodi and Mayi People Native Title Aboriginal Corporation, laying the foundations for exploration to commence.
Greenvale Energy Limited ASX: GRV(" Greenvale" or "the Company") is pleased to advise that it has entered into a Farm-in Agreement ("Farm-in") with SRL Hot Rocks Pty Ltd ("SRL-HR"), a wholly owned subsidiary of Sunrise Energy Metals (ASX: SRL), setting the pathway for a futureJoint Venture to develop the Millungera Basin Geothermal Project in north-west Queensland.
Greenvale CEO Alex Cheeseman said:"The cost and availability of power is a significant issue in Australia, especially in north-west Queensland where multiple large-scale resource projects are currently being explored and developed. The Millungera Basin represents one of Australia's most attractive regions geologically to target economically exploitable geothermal energy for a clean-energy future."Having identified the potential of Millungera and worked through an extensive permitting and access process, we are excited to have now attracted a major partner that can undertake the initial heavy lifting to explore and advance the Project. "This value accretive Farm-in approach allows Greenvale to focus exploration resources on its uranium portfolio, while also unlocking the latent value within our geothermal assets."
