Australia-based junior explorer Greenvale Energy has completed an updated JORC Mineral Resource Estimate (MRE) for its fully-owned Alpha Torbanite project in Queensland, Australia.
The updated MRE shows a 9.4Mt increase in the total dry tonnes of the deposit, from 18.6Mt in the maiden 2022 to 28Mt of combined cannelite and torbanite.
It indicates a 51% rise in the total size of the Inferred Resource and strengthens the scale and potential of the Alpha deposit.
The updated MRE improves the synthetic oil equivalency of the deposit, adding 6.4 million barrels for a total of 27.7 million barrels of synthetic oil equivalent.
Greenvale calculated the updated synthetic oil equivalency using yield estimations from the standardised Modified Fischer Assay (MFA) results reported in December 2021.
The yield results and subsequent estimations are expected to improve after the completion of the final stage of liquefaction testing, which is currently being conducted by Monash University.
The liquefaction testing would not only potentially improve the yields, but also enhance the confidence level of the MRE in the upcoming Pre-Feasibility Study (PFS).
Greenvale CEO Mark Turner said: “This is a fantastic outcome for our shareholders and a very exciting milestone for the Company in our journey to develop the Alpha Project. The completion of the updated MRE ticks another major box towards the completion of the PFS.
“The significant improvement in the scale of the Inferred Resource is extremely positive and is expected to improve further when combined with the results from the final liquefaction test programme.
“While we are all very pleased with the 51% increase in the MRE, we know that there is still work to be done and we look forward to further updating the market on the Alpha Project and the advancements of our partners Monash, Technix and Lycella in the coming weeks.”
The Alpha Torbanite deposit is located around 50km south of the town of Alpha, Central Queensland, and contains an Upper and Lower Seam, at the base of the Colinlea Sandstone.
The Upper Seam is classified as cannelite, with an average thickness of around 1m and the Lower Seam has an average thickness of around 2m.
The Lower Seam is the main oil-yielding unit of the deposit and contains two primary types of oil shale, namely cannelite and torbanite, which is olive-grey to olive-black and finely laminated.
Greenvale has estimated Mineral Resources for both Upper and Lower seams, using Points of Observation for determining cannel coal and torbanite thickness and continuity.
