GREENVALE ENERGY LTD ASX ANNOUNCEMENT | 16 June 2022 |
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G R E E N V A L E E X P A N D S G EO T H E RM A L FO O TP R I N T I N Q U E E N S L A N D W I T H N EW E P G AP P L IC A T I O N S
Three new geothermal applications in the exciting Millungera Basin region in North-West Queensland further strengthens Greenvale's geothermal portfolio
Highlights:
- Applications lodged over three prospective geothermal areas in the newly discovered, sparsely explored Millungera Basin of NW Queensland.
- The Millungera Basin exceeds maximum heat flow averages through all established geothermal fields determined in Australia to date.
- The proximity of the area where the applications have been lodged to Queensland's North-West Mineral Province provides significant opportunities for wholesale power supply to major new resource projects.
- New application areas set to benefit from the $1.7bn CopperString 2.0 Project, which will see the construction of 1,000km of open access transmission lines, connecting Mount Isa to existing power infrastructure in Townsville.
Greenvale Mining Limited (ASX: GRV, "Greenvale" or "the Company") is pleased to advise that it has further expanded its potential geothermal portfolio in Queensland after lodging applications for several new highly prospective geothermal tenements in the newly-discovered Millungera Basin region in North-Western Queensland.
The new applications are located approximately 120km east of Mount Isa within the NorthWest Minerals Province and lie within the catchment of the $1.7 billion CopperString 2.0 project, which will connect remote parts of north-western Queensland to existing power infrastructure in Townsville.
Together with the geothermal application areas that are held by Within Energy Pty Ltd (a company subject to a conditional purchase by GRV as announced on 1 June 2022), these represent some of the most geologically and economically significant geothermal tenures available in Queensland.
Not only is the Millungera Basin one of the most highly prospective areas geologically in Australia for the discovery of a potential geothermal resource but the area is also of considerable strategic and economic importance given the proximity to emerging infrastructure and the North-West Minerals Province.
Noteworthy projects in the area include the CopperString 2.0 high-voltage transmission line project, Multicom Resources Ltd's proposed St. Elmo Vanadium Project, and the Richmond Vanadium Project.
Greenvale has also applied for the corresponding mineral tenements over the new proposed project areas and will assess the geothermal brines for a full suite of metals, including as a potential source of lithium.
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MILLUNGERA BASIN
Deep seismic reflection surveys in north Queensland that were collected in 2006 and 2007 discovered a previously unknown sedimentary basin, now named the Millungera Basin1. The Millungera Basin lies within a region of high heat flow, which also encompasses the Mount Isa Inlier.
Figure 1: Simplified map of northwest Queensland showing the interpreted subsurface distribution of the Millungera Basin. Also shown are Geoscience Australia and industry seismic lines, as well as key historic drillholes1.
Seismic profiling has been used to characterise the basin, as limited drilling has penetrated the sequence as evidenced by Figure 1. The Millungera succession has been divided into three seismically distinct packages comprising a highly reflective upper unit (Sequence 3), a predominantly non-reflective middle unit (Sequence 2), and a lower unit with multiple strong reflectors (Sequence 1).
1. Korsch Russell, Struckmeyer Heike, Kirkby Alison, Hutton Laurie, Carr Lidena, Hoffmann Kinta, Chopping Richard, Roy Indrajit, Fitzell Melanie, Totterdell Jennifer, Nicoll Malcolm, Talebi Benham (2011) Energy potential of the Millungera Basin: a newly discovered basin in north Queensland. The APPEA Journal 51, 295-332
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Precision down-hole temperature logging shows elevated bottom-hole temperatures in the Millungera Basin region.
The targeted heat source for the Millungera Basin is high heat producing intrusives underlying the basin. Granitic bodies have been inferred from geophysical data to underlie the Millungera Basin and are possible Williams Supersuite equivalents. The plutons of the Williams Supersuite exhibit a high response on ternary radiometric images, and geochemical analysis has shown them to be enriched in Uranium, Thorium and Potassium1.
Currently in Australia, there are six major regions of geothermal activity: the Cooper Basin, South Australian Heat Flow Anomaly (SAHFA), the Otway Basin, the Gippsland Basin, the Tasmania Basin and the northern Perth Basin, as summarised below in Table 1. The heat flow value of 113.0 ±2.9mW/m2 from the Millungera Basin exceeds maximum heat flow averages through all established geothermal fields determined in Australia to date1.
Table 1: Heat flow values calculated for Australian geothermal fields (Global Heat Flow Database)2
Avg. Heat | Standard | Minimum | Maximum | |||||||||||
Prospective Area | Flow | Count | ||||||||||||
Deviation | Value | Value | ||||||||||||
(mW/m2) | ||||||||||||||
Cooper Basin | 102 | 13 | 67 | 140 | 40 | |||||||||
SAHFA | 102 | 43 | 50 | 275 | 39 | |||||||||
Otway Basin | 73 | 17 | 50 | 123 | 31 | |||||||||
Gippsland Basin | 103 | - | - | - | 1 | |||||||||
Eastern Tasmania | 85 | 14 | 48 | 118 | 40 | |||||||||
Northern Perth Basin | 57 | 12 | 47 | 73 | 5 | |||||||||
Source: University of North Dakota, 2011
Greenvale has applied for areas covering the majority of the sparsely explored Millungera Basin and from the existing available geological information, a potential geothermal resource could lie no deeper than 2km below surface with projected temperatures between 100°C - 120°C.
The geological profile of the Millungera Basin fits with the Company's geothermal strategy to exploit shallower, lower temperature sources utilising Binary Cycle technology. Binary Cycle systems have the ability to generate geothermal power at lower temperatures via the use of a heat exchange process operating a turbine in a closed loop.
- Korsch et al. (2011)
- UNIVERSITY OF NORTH DAKOTA, 2011: GLOBAL HEAT FLOW DATABASE of the International Heat Flow Commission, accessed 10 June 2022, <_http3a_ _www.heatflow.und.edu2f_index2.html="">
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COPPERSTRING 2.0
The CopperString 2.0 Project will connect Mount Isa and the North-WestMinerals Province to the National Electricity Grid near Townsville through the construction of approximately 1,000km of open-access high-voltageAC transmission lines (seeFigure2: Greenvale Mining & Within Energy Geothermal Tenement ApplicationsFigure22). Construction is expected to take approximately three years with an estimated project cost of $1.7 billion1.
The CopperString Project will play a key role in unlocking approximately A$740 billion1 in remaining resource value in the prolific North-West Minerals Province of Queensland. Additionally, the CopperString Project is expected to result in significantly reduced power prices for those living and working in North-Western Queensland, with many customers reportedly paying more than $200 a megawatt-hour for electricity currently.
The CopperString corridor between Townsville and Mount Isa cuts through the heart of the best renewable resources in Queensland. CopperString's development will fuel significant investment in renewable energy projects that will now have an economically viable means to distribute power generated in the region.
Figure 2: Greenvale Mining & Within Energy Geothermal Tenement Applications
1. CopperString 2.0 Project 2022, CuString Pty Ltd, accessed 10 June 2022, < https://copperstring2.com.au/>
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Table 2: Full list of all tenement applications
EPG No. | Name | Type | Status | Owner | Area (Blocks) | ||||||||
EPG 2022 | Quilpie | Geothermal | Application | Alpha Resources | 1,250 | ||||||||
EPG 2021 | Winton | Geothermal | Application | Alpha Resources | 986 | ||||||||
Revised | Longreach | Geothermal | Application | Greenvale Mining | Pending | ||||||||
EPG 2023 | Julia Creek | Geothermal | Application | Greenvale Mining | 1,250 | ||||||||
EPG 2024 | Lara Downs | Geothermal | Application | Greenvale Mining | 1,200 | ||||||||
EPG 2025 | Ouchy | Geothermal | Application | Greenvale Mining | 1,100 | ||||||||
EPG 2026 | Lockyer | Geothermal | Application | Within Energy | 1,049 | ||||||||
EPG 2027 | Biggenden | Geothermal | Application | Within Energy | 1,007 | ||||||||
EPG 2028 | Gladstone | Geothermal | Application | Within Energy | 1,009 | ||||||||
EPM No. | Name | Type | Status | Owner | Area (Blocks) | ||||||||
EPM 28266 | Quilpie | Mineral | Application | Alpha Resources | 90 | ||||||||
EPM 28265 | Winton | Mineral | Application | Alpha Resources | 87 | ||||||||
EPM 28487 | Julia Creek | Mineral | Application | Greenvale Mining | 71 | ||||||||
EPM 28488 | Longreach | Mineral | Application | Greenvale Mining | 73 | ||||||||
EPM 28489 | Ouchy | Mineral | Application | Greenvale Mining | 78 | ||||||||
MANAGEMENT COMMENT:
Greenvale Mining Managing Director, Neil Biddle, commented: "This represents another exciting development in our geothermal strategy, following hard on the heels of the Within Energy acquisition announced earlier this month. These new applications cover one of the most prospective new geothermal provinces in Australia in the Millungera Basin, opening up an exciting opportunity for our team to explore for geothermal energy sources on the doorstep of the North-WestMineral Province in Queensland.
"The cost and availability of power is a huge issue in Australia right now, and nowhere more than North-West Queensland. The Millungera Basin represents one of the most attractive regions geologically to target economically exploitable geothermal energy, with the Basin having the potential to exceed the maximum heat flow averages through all the six established geothermal fields identified.
"The significance of the opportunity is further enhanced by the $1.7 billion CopperString 2.0 Project, a massive investment in power infrastructure which will see the construction of over 1,000km of open-access transmission lines connecting Mount Isa to existing power infrastructure. This further leverages the huge opportunity for our shareholders."
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Greenvale Mining Ltd. published this content on 15 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2022 23:02:10 UTC.
