Greenvale Energy Limited (ASX: $GRV) achieves significant milestones in December 2023 quarterly report

Greenvale Energy Limited (ASX: $GRV) achieved significant milestones during the December Quarter, with its principal focus being to further advance its 100%-owned Alpha Torbanite Project in Queensland towards development. The completion of an updated JORC Mineral Resource Estimate (MRE) for the deposit marked a key step toward the commercial development of this flagship project. The updated MRE revealed a substantial 51% increase in the total dry tonnes of the deposit, reaching 28Mt of combined cannelite and torbanite, compared to the maiden 2022 estimate of 18.6Mt. This enhancement underscores the scale and potential of the Alpha deposit, positioning it as an asset of considerable commercial significance. The synthetic oil equivalency of the deposit also saw a notable improvement, adding 6.4 million barrels for a total of 27.7 million barrels of synthetic oil equivalent.

Executive Commentary on Recent Developments

The Company's commitment to refining the extraction process was evident in the positive outcomes achieved from liquefaction Test Program Four. Greenvale's technical bitumen advisors, Technix, assessed initial liquefaction bulk samples from PROCOM, indicating the potential to supply bituminous products of commercial interest to the market. The asphaltene content of the produced oil extract showed promising properties, with a higher percentage than standard bitumen, positioning the product as a high-quality blend stock. The observed extract aligns closely with Class 600 bitumen, a grade commonly used in road construction, indicating the potential for a premium product. Greenvale's Board and management team are very encouraged by the recent developments and the positive trajectory toward the maiden Pre-Feasibility Study (PFS) for the Alpha Project.

Summary of ASX Announcement

Greenvale Energy Limited (ASX: $GRV) achieved significant milestones in the December 2023 quarterly report, particularly with the 51% increase in the total dry tonnes of the Alpha Torbanite Project deposit. The Company's commitment to refining the extraction process and the positive outcomes achieved from liquefaction Test Program Four indicate the potential to supply bituminous products of commercial interest to the market. Additionally, the acquisition of a 75% interest in EP 145 in the Amadeus Basin in Central Australia presents an exciting opportunity to target the rapidly expanding helium market. The Company is confident about the steady and rewarding flow of news regarding the Alpha Project in the first Quarter of 2024 and looks forward to sharing updates with shareholders as the project progresses.