Greenvale Energy Maps 9km Uranium Target Ready for First Drilling

9km uranium paleochannel target defined at the Powers Prospect

Greenvale Energy (ASX: GRV) has defined a large-scale potential paleochannel uranium target at the Powers Prospect within Exploration Licence 34157 (EL34157), part of the Thunderball Uranium Project in the Northern Territory. The target extends approximately 9km in strike length and up to 400m in width, with ground-based radiometric readings consistently returning 20–28ppm eU — three to four times the natural background of 6ppm eU. Notably, EL34157 was granted in February 2026, meaning this target has been defined in less than six months.

Managing Director Alex Cheeseman

“The discovery of the Powers Prospect is an exciting outcome from genuine greenfield exploration and a credit to what our exploration team have been able to achieve in such a short period of time, particularly given that EL34157 was granted less than six months ago.”

The Company confirmed that ground-based mapping and sampling using an RS-125 scintillometer and portable XRF (pXRF) has validated the airborne radiometric anomaly, with the geological setting interpreted as consistent with a potential paleochannel-hosted uranium system. Permitting and approvals work is already underway for planned future drill testing.

What is a paleochannel uranium deposit — and why does scale matter?

A paleochannel uranium deposit forms in low-lying, flat areas of arid basins. Over geological time, uranium-bearing fluids move through the subsurface following the “Source → Transport → Sink → Trap” pathway: uranium is dissolved from source rocks such as granites or uranium-rich limestones, transported through fractures and permeable layers, and then precipitated when fluids reach a chemical boundary. In low-lying arid basins, evaporation of these fluids leaves behind evaporitic minerals such as calcrete, which can host uranium mineralisation at or near the surface.

This geological setting matters for two reasons. First, at- and near-surface targets are cost-efficient to explore and drill. Second, paleochannel-style deposits represent the world’s largest source of economically mined uranium.

Kazakhstan’s Chu-Sarysu and Syr-Darya basins, both paleochannel systems, produced 39% of global uranium supply in 2024. Australia itself hosts the Beverley-Four Mile deposits in South Australia within a paleochannel system, and the country is currently the fourth-largest global uranium producer. The largest surficial (calcrete) uranium deposit currently in production is the Langer Heinrich open-pit mine in Namibia.

Notable Australian calcrete-hosted uranium deposits for geological context include Yeelirrie (57,760 tonnes U3O8 at 1,600ppm, owned by Cameco Corporation) and Wiluna (38,000 tonnes at 480ppm, owned by IsoEnergy Ltd). These examples are provided as geological reference points only — the Powers Prospect is at an early exploration stage and no resource has been defined.

Ground confirmation strengthens the geological case

The exploration approach at Powers has been methodical: airborne survey data generated the initial large-scale target, followed by systematic ground verification that has now validated and refined the geological model. Each step has de-risked the target before committing to the higher-cost activity of drilling.

Multiple lines of evidence pointing to the same target

Five separate lines of evidence support the paleochannel interpretation at the Powers Prospect:

• North-south continuity in uranium anomalies measured on the RS-125 scintillometer
• Correlation between ground radiometric uranium anomalies and the airborne radiometric data, on the same north-south orientation
• Occurrence of calcretes within cover sediments, with uranium values increasing as transported topsoil is removed — behaviour also observed in Namibian calcrete-hosted paleochannel deposits
• Correlation of anomalous uranium values across RS-125, airborne radiometrics, and pXRF results
• Clusters of vegetation aligned on a north-south orientation, interpreted as indicative of sub-surface fluid pathways

Nearby limestone readings add weight

Initial field analyses from Tindal Limestone outcrops at the nearby Wildcard South Prospect returned radiometric and spectrometric readings of 40–67ppm eU on both the RS-125 and pXRF units. This supports the hypothesis that these carbonates may be potentially uranium-rich source rocks contributing to the system. Samples have been collected and submitted to Intertek Minerals for independent laboratory analysis, with results pending.

Clear pathway to the drill bit

The work completed at Powers has created a drill-ready target, and the Company has moved quickly to advance the approvals process. The next steps are concrete and already in motion:

1. Permitting and approvals underway — an Environmental Mining Licence (EML) application has commenced for the Powers Prospect in preparation for future exploratory drilling
2. Close-spaced Airborne Electromagnetic (AEM) survey planned for coming months to map the base of the paleochannel system
3. Exploratory aircore drilling programme — administrative and permitting actions commenced
4. Desktop review of all available historical exploration data across the full project area underway
5. Ongoing efforts to finalise the acquisition of the Pine Creek Uranium Project to build a district-scale land package in the Pine Creek Region

Managing Director Alex Cheeseman

“The permitting and approvals process for maiden drilling at the Powers Prospect has commenced. This is an area that has seen relatively little modern uranium exploration, and we are excited by the potential to make a new uranium discovery in the Northern Territory.”

The project snapshot below summarises the key parameters of the Powers Prospect as it stands today.

For investors watching Greenvale’s progress, the key signal here is the speed of execution. A licence granted in February 2026 has already yielded a 9km-scale target with multiple converging lines of geological evidence, and the Company has moved directly into permitting without delay. The AEM survey planned for coming months will provide the next piece of evidence — mapping the base of the paleochannel system and further refining what could be drilled and where. The maiden drill programme represents the next material de-risking event for the project.

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