Greenvale Mining : Georgina Basin Update - bdsthanhhoavn.com

Greenvale Mining : Georgina Basin Update







ASX ANNOUNCEMENT

06 June 2022

D R I L L I N G C OM M E N C E S A T H I GH L Y P R OS P E C T I V E

C E N T R A L T E NE M E N T G R O UP I O CG T A RG E T S

Re-commencement of diamond drilling at the Georgina IOCG Project comes as

Greenvale awarded two co-funding grants in Round 15 of the NTGS

Geophysics and Drilling Collaborations Program

Highlights:

  • Next phase of diamond drilling has commenced at the Georgina IOCG Project, NT.
  • Drilling will initially focus on the highly prospective Central Tenement Group IOCG targets at Leichhardt and Banks.
  • Initial programme of two holes for a total depth of 1,100m.
  • Successful award of two co-funding grants in Round 15 of the NTGS Geophysics and Drilling Collaborations program, for a combined maximum grant value of $253k.
  • Co-fundinggrant will be used in part to explore an exciting deep target at the newly identified Leichhardt (East) prospect.
  • Award of EL32964 provides security and continuity in central tenement grouping.

Greenvale Mining Limited (ASX: GRV, “Greenvale” or “the Company“) is pleased to advise that it has commenced a new phase of diamond drilling at the Company’s highly prospective Georgina Basin IOCG Project in the East Tennant Creek region in the Northern Territory.

This next phase of drilling will see two holes completed at the newly identified Banks and Leichhardt West targets, located within the Company’s highly prospective central tenement grouping.

As previously announced, geophysical inversion modelling of previously acquired magnetic and gravity geophysical data covering part of EL32295 – together with the interpretation of the recently received assay results from the Company’s initial drilling program – led to a re- prioritisation of the Company’s central tenements, particularly the newly-identified Banks and Leichhardt targets within EL32295 (see Figure 1).

Two diamond drill holes have been designed to test the Central Tenement Group prospects at Banks and Leichhardt West, to depths of 500m and 600m respectively. Strong magnetic and gravity anomalism, proximity to both regional faults and the Middle Island Crosswinds copper discovery indicate excellent prospectivity for IOCG mineralisation at these targets.

Banks and Leichhardt both display remnant magnetism – a feature of the mineralised ironstone-hosted deposits in Tennant Creek.

R E G I S T E R E D O F F I C E :

130 Stirling Hwy, NORTH FREMANTLE, WA 6159 | Locked Bag 4, North Fremantle, WA Australia, 6159 t:+61 8 6215 0372 | e: [email protected] | www.greenvalemining.com

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Figure 1: Overlay of Interpreted Gravity on Mawson, Banks & Leichhardt Magnetic Anomalies

Figure 2: Banks Prospect drillhole design, inverted analytic signal magnetic anomaly (green) and

gravity anomalies (cream/yellow)

The Greenvale field team has been working over the past three weeks to complete drill pad and access track preparation, as well as Turkey’s Nest dam construction, the excavation of sumps and the drilling of two water bores. Experienced contractor Eagle Drilling NQ has been

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engaged to complete the 1,100m drill programme, expected to take approximately 42 days to complete.

Figure 3: Drilling contractor on site at the Georgina Central tenement area

The Leichhardt and Banks targets are located in close proximity to both Middle Island Resources Ltd’s (ASX: MDI) Crosswinds prospect, with reported surface copper mineralisation, and Inca Minerals Ltd’s (ASX: ICG) Mt Lamb target (see Figure 4), both of which have seen increased exploration activity over the past three months.

Significant surface copper oxide mineralisation has been identified at Middle Island’s Crosswinds prospect within EL32297, the eastern neighbour to Greenvale’s EL32295. MDI reported spot p-XRF readings of between 24.8% Cu and 76.2% Cu at the Crosswinds prospect, validated by composite chip sampling assays of 130m at 0.76% Cu (MDI’s ASX release dated 23 December 2020).

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Figure 4: ICG’s Mt. Lamb Prospect & MDI’s Crosswinds Prospect (NDI drill holes in red)

ICG’s Mount Lamb NE drill target (Figure 2) is located 3km north-east of the MinEx CRC drill hole NDIBK04, which was observed to contain a wide occurrence of sulphide mineralisation (including copper and zinc sulphides). According to ICG’s most recent ASX release dated 1 June 2022, Inca’s initial drill holes at Mount Lamb have intersected IOCG and SEDEX-style alteration, as well as visible sulphides – promising indications of the area’s potential.

GRANT OF EL32964

The Company is pleased to advise that the Northern Territory Department of Industry, Tourism and Trade (DITT) have granted Knox Resources Pty Ltd, Greenvale Mining’s 100%-owned subsidiary, tenement EL32964 for a term of 6 years, commencing on 30 May 2022, expiring on 29 May 2028.

EL32964 is small, consisting of 1 block for a total area of 1.01km2, however management consider this area of strategic importance. EL32964 lies between the Company’s existing land holdings EL32283 and EL32295 and its grant, therefore, provides security and continuity to the Company’s central tenement grouping where the next phase of exploration has now begun.

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ROUND 15 – GEOPHYSICS & DRILLING COLLABORATIONS PROGRAM:

Greenvale’s 100%-owned subsidiary Knox Resources Pty Ltd, which holds the Georgina Project, has been awarded two co-funding grants by the NT Geological Survey, under round 15 of the Geophysics and Drilling Collaborations program, for a combined maximum grant value of $253k:

  1. Geophysical gravity and passive seismic surveying at the eastern area Ranken tenements – $82,413 (50% of eligible survey costs); and
  2. Deep diamond drill-hole at Leichhardt East – $171,050 (50% of eligible drilling costs).

The award of the two co-funding grants reflects the strong technical merits of Greenvale’s exploration approach. Having received two grants in Round #14, Greenvale firmed up targets at Twin Peaks with co-funded gravity surveys and, subsequently, progressed these targets to drill testing.

The grants received this year will further advance target generation at Ranken, which is prospective for sediment-hosted base metal deposits such as the world-class Century and Mount Isa deposits, through gravity surveying aimed at identifying density anomalies. The co- funded gravity survey is designed to complement the NTGS Brunette downs gravity survey data, which will acquire over 11,500 ground gravity readings at 2 km spacing, and is funded through the Northern Territory Government’s Resourcing the Territory initiative

Figure 5: Ranken co-funded program gravity (red) and NTGS Brunette Downs stations (white)

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Greenvale Mining Ltd. published this content on 05 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2022 23:41:02 UTC.

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