Greenvale Energy Limited (ASX:GRV) announced on 24 September 2026 that an independent geophysical assessment has identified additional large-scale uranium exploration targets at its Thunderball Uranium Project in the Northern Territory. The assessment, completed alongside ongoing mapping and sampling programs across Exploration Licences EL34157 and EL33670, identified a new interpreted fault structure with corresponding magnetic, gravity and radiometric uranium anomalies.

The newly identified structure has been ground-truthed by Greenvale’s field team, resulting in the confirmation of six new target areas within EL33670: DR15, DR16, DR17, DR21, DR23 and DR24. Samples from these targets have been collected and submitted for independent geochemical assay, with results pending.

The latest update expands Greenvale’s exploration pipeline across the Thunderball Uranium Project as the company continues evaluating uranium potential within the broader Pine Creek region.

Independent Geophysical Review Identifies New Uranium Target Corridor

Greenvale completed an independent review of publicly available regional datasets and company-acquired geophysical information through Arrow Geoscience. The assessment combined airborne magnetics, radiometrics, gravity and electromagnetic datasets to identify structures that may influence mineralisation processes within the project area.

The review identified a major northwest-southeast trending fault structure within EL33670. The structure aligns with the geological contact between the Pine Creek Orogen and overlying sedimentary basins, creating a geological setting that Greenvale considers prospective for uranium mineralisation.

The company noted that the interpreted structure may represent a graben, a fault-related geological feature that can create pathways for uranium-bearing and polymetallic fluids to move into younger Basin sediments.

The newly interpreted structure adds to the existing structural complexity of the Thunderball Project area, where multiple regional-scale fault orientations are present.

Six New Targets Confirmed Through Ground-Based Exploration

Following the geophysical review, Greenvale’s field teams conducted ground investigations to verify the identified anomalies.

The six confirmed targets — DR15, DR16, DR17, DR21, DR23 and DR24 — were validated through correlation between ground-based RS-125 readings, handheld pXRF measurements and airborne radiometric survey data. Samples have been collected for laboratory analysis to further assess uranium anomalism.

Field results indicated consistent uranium anomalism at these targets, with readings of up to 17ppm eU compared with a natural background level of approximately 4ppm eU. The anomalies were also associated with mapped limestones and minor granite outcrops, although surface exposure remains limited in some areas.

Greenvale continues field investigations across remaining anomalies while incorporating new geological information into its exploration model.

Geochemical Results Confirm Uranium Anomalism at Priority Prospects

Greenvale has also received initial geochemical assay results from earlier field sampling activities, confirming uranium anomalism at several prospects.

At the Wildcard South Prospect, chemical assays returned peak uranium results of up to 51ppm U, with laboratory results showing correlation with RS-125 and pXRF field measurements.

The Powers Prospect also returned anomalous results relative to background uranium values. Greenvale stated that the geological context of Powers remains important, as limited surface exposure may indicate a thicker package of cover sediments requiring further investigation.

The company has also identified anomalous breccia associated with a possible fault splay connected to the Hayes Creek Fault system.

Spectre Prospect Area Gains Attention Following Fault Splay Discovery

A key area of ongoing exploration is the Spectre Prospect, where Greenvale identified breccia outcrops interpreted as part of a fault splay connected to the Hayes Creek Fault.

The Hayes Creek Fault is a major regional structural system associated with high-grade uranium mineralisation at the Thunderball deposit. Greenvale believes these smaller-scale fault splays may provide additional pathways for uranium-bearing fluids and create potential mineralisation traps.

In July 2026, the company discovered a breccia outcrop approximately 1.1 kilometres southeast of Spectre. RS-125 and pXRF readings indicated uranium anomalism, with chemical assays confirming uranium values of up to 21ppm U from the first outcrop.

A second breccia outcrop was identified in September 2026, located northeast of the first discovery. Further samples have been collected and are undergoing independent chemical assay.

Exploration Pipeline Continues to Expand Across Thunderball Project

Greenvale continues progressing its broader exploration strategy across EL34157 and EL33670.

The company is undertaking ongoing mapping, sampling and desktop-based mineral prospectivity reviews while preparing several identified prospects for potential future drill testing. Permitting activities are also progressing to provide flexibility for initial drilling programs.

The company has also outlined plans for additional fieldwork at the Elkedra-Henbury Project, applying similar geological mapping, geophysical assessment and sampling techniques used at Thunderball.

Risks and Uncertainty Factors

The newly identified uranium targets remain at an exploration stage and require further evaluation, including laboratory assay results, geological interpretation and potential drilling.

Field-based RS-125 and pXRF readings are qualitative measurements and are not equivalent to laboratory assay results. Greenvale noted that these readings are subject to variability and are intended only as indicators of elemental presence and relative abundance. Definitive results require independent laboratory analysis.

Exploration outcomes remain uncertain and depend on geological continuity, future drilling results, regulatory approvals and project development requirements.

The company’s uranium targets also require additional technical assessment before the scale and commercial potential of any mineralisation can be determined.

What to Watch Ahead

Investors may continue monitoring Greenvale Energy’s exploration progress across the Thunderball Uranium Project.

Key areas of focus include:

  • Results from pending geochemical assays from new uranium targets.
  • Further evaluation of the DR15, DR16, DR17, DR21, DR23 and DR24 target areas.
  • Continued exploration around the Spectre Prospect fault splay.
  • Permitting progress for future drill testing.
  • Additional fieldwork outcomes across Thunderball and Elkedra-Henbury projects.

Greenvale Energy’s latest update expands the number of uranium targets identified at Thunderball and strengthens the company’s exploration pipeline in the Northern Territory. The company continues focusing on combining geophysical interpretation, field validation and geochemical analysis to define future drill targets.