Announcement PDF 13 January 2025 GREENVALE ACQUIRES 100% INTEREST IN ADVANCED HIGH GRADE OASIS URANIUM PROJECT, LOCATED 50KM WEST OF GREENVALE FNQ Oasis was discovered during the 1970s uranium exploration push by International companies , most notably Esso whose subsequent work (1977-1979) defined high priority targets with only the Oasis deposit drill tested to date Oasis occurs along a structure associated with a major crustal terrane boundary. (Lynd Mylonite Zone). The metamorphic host rocks, voluminous granite and leucogranite and deformation history share many of the characteristics that can be interpreted as Intrusive (Alaskite) style of uranium mineralisation . This is an exciting possibility, if further exploration continues to strengthen the analogy with world class uranium mines like the Rossing, Namibia. Highlights: • • • • • • • Greenvale acquires 100% interest in EPM 27565, covering 90 km 2 of fault bound alkaline intrusive and metamorphic terrane which includes the high grade Oasis uranium deposit and 8 additional high priority uranium targets Airborne radiometric uranium anomalies were located by Anglo American in 1973, Esso completed major on ground work 1977-1979 1nd drilled 46 holes (32 diamond, 14 percussion) for a total of 4755 m. Esso defined high grade primary uranium mineralisation over a 300m strike length and 200m vertical depth. Mineralisation remains open at depth and possibly along strike. Four due diligence diamond drill holes completed in 2006 by Glengarry Resources validated the historic Esso data and confirmed continuous high grade mineralisation with intercepts up to 1m @ 0.72% U3O8 (15.8 lbs/t). Oasis shear is interpreted to extend undercover for another 1.5Km to the north and remains untested for extensions to mineralisation. Historical radiometric and magnetic data identified large zones of structurally controlled anomalism which remain untested by drilling Most recently Terra Search Pty Ltd reprocessed and interpreted the historic geophysical data identifying 9 priority Uranium anomalies over a 10km strike length adjacent to ,, and apparently emanating from the major terrane boundary delineated as the Lynd Mylonite Zone. Geoscience Australia (GA) have age dated Oasis Uraninite and associated alteration sericite which has determined a mineralisation age of 433 +/-4 Ma. This Silurian date coincides the uranium mineralisation with the major period of felsic plutonism present across the region. It also strengthens the association REGISTERED OFFICE: Level 6, Suite 606 10 Market Street, Brisbane, Queensland 4000 +61 7 3212 6299 | admin@greenvaleenergy.com.au | www.greenvaleenergy.com.au ABN 54 000 743 555 • of the intrusive bodies of the age in the area which are the likely drivers of the U mineralization. The recording of alaskite intrusives of similar age , along with other features such as the mineralisation occurring in shear hosted structural niches within tightly folded high grade metamorphism associated with chloritebiotite alteration, again strengthens the intrusive related ”Alaskite mineralization style” analogy. This latter point could be highly significant as Alaskites account for around 10% of global Uranium reserves and are generally large, moderate grade deposits, the most striking example being Rossing, Namibia. Greenvale Energy Ltd (ASX: GRV, “Greenvale” or “the Company”) is pleased to advise it has acquired a 100% interest in the advanced high grade Oasis Uranium project. The Oasis deposit and associated regional uranium anomalism are contained with EPM 27565 which cover 53 subblocks over an area of 90 km2 and located 250 km west of Townsville and 50 km west of Greenvale in FNQ (Figure 1). The project area is located entirely within the Lynd Station pastoral land. The company has acquired the 100% interest from the vendors Maverick Exploration Pty Ltd, Remlain Pty Ltd and Mineral Intelligence Pty Ltd (equal 1/3 each interest) for a consideration of $200,000 cash and the issue of 20 million Greenvale shares. Figure 1. Location Oasis project GREENVALE ENERGY LIMITED 2 The acquisition of Oasis adds considerable weight to Greenvale’s portfolio of Uranium exploration projects and is expected to be rapidly upgraded to resource status during the 2025 exploration season. Project Geology and Mineralisation Geology within EPM 27565 is dominated by structurally complex mixture of intrusive granitic and metamorphic rocks of Proterozoic, , Ordovician and Silurian Age with recent age dating of uraninite from the Oasis deposit recording a Silurian age. The Lynd Mylonite Zone is a dominant structural feature which strikes north north-east through the centre of the exploration permit. Multiple faults and fractures splaying off the western side of the mylonite appear to control the distribution of extensive zones of uranium anomalism including the Oasis deposit. The granitic-metamorphic terrane hosting the uranium mineralisation is bounded 10km’s to the east by the Far East Mylonite Zone which strikes parallel to the Lynd Mylonite Zone Figure 2. Simplified Regional Geology GREENVALE ENERGY LIMITED 3 Previous Exploration Uranium potential was first identified by Aust Anglo American in 1973-74 from airborne radiometrics followed up by ground radiometrics, mapping and trenching. Three clusters of anomalies were identified on the western side of the Lynd Mylonite Zone including the Oasis anomaly. From 1977-1979 Esso Minerals conducted ground radiometrics, mapping and auger drilling prior to completing 34 diamond drill holes and 14 percussion holes at the Oasis prospect. Esso drilling defined a continuous zone of high grade mineralisation of varying thickness over a 300m strike length and 200m vertical depth (Table 1). The mineralisation remained open along strike and at depth. No further work was undertaken at oasis or other prospects. Table 1. Esso Oasis 1978 Diamond Core and Open Hole Percussion Table 1 Esso Oasis Drill Results 1978 Diamond Core Holes. Grades are from the ALS lab analyses ( XRF ) Units in % U3O8 and pounds per short ton of U3O8 (lbs/t). Hole Easting AMGE Northing AMGN OAD001 230592 7918713 OAD002 230593 7918684 OAD003 230598 7918659 OAD004 230576 7918740 Hole Depth (m) 0.15 3.4 incl. 28.65 29.05 0.4 0.6 13.2 44 28 37.5 9.5 0.23 5.1 incl. and 29.15 29.7 0.55 0.61 13.4 36 37 1 0.72 15.8 43.7 23.5 34.8 11.3 0.07 1.5 incl. 34.3 34.8 0.4 0.37 8.1 70.9 48.3 55.7 6.7 0.23 5.1 incl. 49 52.5 3.5 0.36 7.9 46.7 28.7 30.5 1.8 0.23 5.1 incl. 28.7 29.8 1.1 0.36 7.9 230598 7918632 42 OAD007 230593 7918609 52.9 OAD008 230592 7918584 NSR 35 36.4 1.4 0.07 1.5 63.4 48 50.5 2.5 0.07 1.5 46.7 incl. 28.5 33.9 5.4 0.16 3.5 30.2 31.2 1 0.42 9.2 32.6 33.1 0.5 0.45 9.9 and OAD010 230612 7918807 42 NSR OAD011 230624 7918830 47 NSR OAD012 230632 7918856 41 79.8 58.2 7918687 incl. 59 OAD014 GREENVALE 230566 230576 7918786 ENERGY LIMITED (lbs/t) 2.65 OAD006 OAD013 U3O8 30.5 7918760 7918790 To (m) U3O8 (%) 27.85 230597 230610 (m) Intersection (m) 54.9 OAD005 OAD009 From 72.6 81.1 60.6 No Assays 2.4 0.23 5.1 60 1 0.43 9.5 63.1 64.6 1.5 0.13 2.9 57.2 52.6 60.5 54.6 3.3 2 0.06 0.1 1.3 2.2 4 incl. OAD015 230572 7918615 79.8 OAD016 230565 7918662 incl. and incl. 53.6 54.1 0.5 0.24 5.3 63.4 66 2.6 0.1 2.2 62.4 67 4.6 0.14 3.1 62.8 63.8 1 0.29 6.4 65.3 66.3 1 0.22 4.8 70.5 71.4 0.9 0.13 2.9 70.9 71 0.1 0.98 21.6 35.4 36.4 0.8 0.12 2.6 OAD017 230608 7918557 52.1 OAD018 230622 7918531 43 Hole Easting AMGE Northing AMGN Hole Depth (m) OAD019 230516 7918693 130.8 OAD020 230518 7918743 OAD021 230527 7918793 141 OAD022 230520 7918618 142.7 OAD023 230545 7918564 129 NSR OAD024 230524 7918768 127 NSR OAD025 230516 79118720 126.7 OAD026 230520 7918667 NSR From (m) To (m) Intersection (m) U3O8 (%) (lbs/t) 117.8 120.9 3.1 0.08 1.8 119.4 119.9 0.5 0.29 6.4 126.8 113.3 115.25 1.95 0.23 5.1 incl. 113.4 113.85 0.62 13.6 122 126.3 0.45 No Assays 4.3 0.07 1.5 149.7 incl. 107 123.5 109.5 124 2.5 0.5 0.09 0.69 2 14.1 111.65 114.3 2.65 0.11 2.7 111.65 112.1 0.45 0.43 9.5 143.65 143.85 0.38 8.4 0.07 0.19 1.5 4.2 0.24 5.3 OAD027 230535 7918590 129 OAD028 230624 7918505 OAD029 230502 7918644 52.8 150.8 41.5 134.55 43 135.85 0.2 No Assays 1.5 1.3 incl. 135.2 135.85 0.65 OAD030 230592 7918533 76 OAD031 230595 7918512 90 OAD032 230655 7918891 47 NSR No Assays NSR OAD033 230659 7918417 40 No OAD034 OAD035 230644 230688 7918392 7918396 100 75 No OAP001 230565 7918713 75 OAP002 230575 7918761 80 ENERGY LIMITED GREENVALE U3O8 NSR 56 62 6 0.11 2.4 NSR 5 During 2005-6 Glengarry Resources drilled 4 diamond holes which validated the Esso work (Table 2). Glengarry also conducted soil and costean sampling along strike from the Esso drilling and confirmed continuity of uranium mineralisation for a further 300m to the south. Table 2. Glengarry 2005-6 diamond drilling program Hole_Id F/Depth (m) 05LYD001 100 AMG East 230573 AMG North 7918732 From (m) To (m) Interval (m) Intersection (U3O8) 54 64 10 10m @ 0.12% 61 62 1 1m @ 0.25% 34 41 7 7m @ 0.17% 36 37 1 1m @ 0.38% 39 41 2 2m @ 0.21% 092/60 92 97 5 5m @ 0.15 incl. 93 94 1 1m @ 0.26 092/60 170 172 2 2m @ 0.15 incl. 170 171 1 1m @ 0.21 Az/Dip 090/60 7918685 05LYD002 65.4 230588 incl. 090/60 + 06LYD003 06LYD004 101.00 194.66 230536 230469 7918182 7918723 Uranium analysis by Pressed Pellet Wavelength XRF, with a lower limit of detection of 4ppm U O From 2007-2010 Mega Georgetown (MG), a Canadian Company, drilled 10 RC holes at Oasis for a total of 1710m. The drilling was designed to test for continuity of mineralisation outside of the Esso drilling envelope and confirmed extensions of mineralisation to the north and at depth (Figure 3) (Table 3). All holes intersected uranium mineralisation although of lower tenor than Esso diamond drilling. MG also completed a detailed 50100m line spaced aeromagnetic survey identifying numerous structural zones coincident with radiometric anomalism. GREENVALE ENERGY LIMITED 6 Table 3. Mega Georgetown RC Percussion drilling 2007 HoleID Depth (m) Angle (Mag) MGA East OMRC001 228 ‐60 to 090 230586 MGA North From (m) To (m) metres Uppm 187 201 14 216 210 213 3 447 7918840 OMRC002 210 ‐58 to 090 230592 7918796 181 186 5 80 OMRC003 198 ‐60 to 090 230596 7918949 169 172 3 211 OMRC004 150 ‐60 to 090 230659 7918992 106 109 3 127 OMRC005 192 ‐60 to 092 230617 7918997 170 171 1 331 OMRC006 114 ‐60 to 090 230702 7919038 70 78 8 70 163 9 241 192 ‐60 to 090 154 OMRC007 230617 7918745 170 171 1 90 OMRC008 90 ‐60 to 090 230657 7918692 66 67 1 54 OMRC009 180 ‐60 to 090 230606 7918699 146 147 1 102 OMRC010 156 ‐60 to 090 230653 7919042 134 138 4 158 GREENVALE ENERGY LIMITED 7 Figure 3. Mega Georgetown RC drill plan From 2021, Maverick Exploration in conjunction with Townsville based mineral consultants Terra Search Pty Ltd have undertaken a major historic data compilation and data capture exercise. As part of this work Principal Geologist Dr Simon Beams completed a detailed study of the Glengarry (most recent) drill core from Oasis. While Geophysicist Tim Beams carried out a major reprocessing and interpretation of the Mega Georgetown airborne and ground magnetic and radiometric surveys resulting in high resolution images providing significant insights into the geology and structural controls of the Project (Figure 4). GREENVALE ENERGY LIMITED 8 Oasis Deposit Figure 4. Uranium radiometrics EPM 27565 The recent work by Terra Search has demonstrated the potential of EPM 27565 to host multiple structurally controlled uranium deposits as exemplified by Oasis. Nine priority targets have been identified by Terra Search based on elevated radiometrics coincident with structural corridors (Figure 5). Note Target A is a discrete, intense U anomaly which encompasses the Oasis uranium deposit. GREENVALE ENERGY LIMITED 9 Figure 5. Potential Uranium Targets EPM 27565 Terra Search also noted comparisons between Oasis and Intrusive Type Uranium deposits. Recent age dating of Oasis uraninite confirms mineralisation occurred in the Mid Silurian in conjunction with leucogranite emplacement in the region. Mineralisation at Oasis is hosted by a quartz chlorite biotite schistose shear zones, with country rocks dominated by metamorphic host rocks, calc silicates and voluminous granite/ leucogranite. It was noted that these host rocks and deformation history share many of the characteristics that can be interpreted as Intrusive (Alaskite) style of uranium mineralisation . Further exploration is planned to strengthen this analogy as world class uranium mines like Rossing ,,Namibia are of the Intrusive (Alaskite) type which are GREENVALE ENERGY LIMITED 10 generally large moderate grade deposits hosting approximately 10% of global uranium reserves. Proposed Exploration program Greenvale proposes an aggressive 2025 exploration program at Oasis with the goal of bringing known and extended mineralisation at Oasis to JORC 2012 resource status. This is to be done in three stages: 1. Geochemical testing of entire Oasis shear which extends under cover for 1.5kms north of identified mineralisation by track etch technique (radon gas cupping, emanometry) (Figure 7) and geological prospecting. 2. Geochemical testing of 8 priority coincident radiometric/structural anomalies by track etch technique in conjunction with geological prospecting and follow up drilling of identified targets. 3. Ground truthing and detailed mapping of all undercover structural splays emanating from the Lynd Mylonite zone where radiometrics don’t work and geochemical testing of identified splays with track etch technique. Figure 7. Etch Cup Exploration GREENVALE ENERGY LIMITED 11 Corporate Transaction Details The transaction allows for the acquisition of EPM27565 from the Vendors, Maverick Exploration Pty Ltd, Remlain Pty Ltd and Mineral Intelligence Pty Ltd (equal 1/3 each interest), who are not a related party, nor are they shareholders of the Company. The key terms are summarised below: • • • The Company has entered into a binding terms sheet with the Vendors to acquire buy100% of the Vendors legal interest and all of the beneficial interest in EPM27565; The Company agrees to pay $200,000 in cash and issue 20 million Greenvale shares. Conditions precedent to the transaction include: o all Indicative Approvals for the transfer of the EPM27565 from the Vendors to Greenvale; o removal or release of any Encumbrance effecting EPM27565; and o any ASX or shareholder approval for a transaction of this type (if required). Funding In addition to cash on hand, Greenvale received in early January 2025, $1.175 million from the 2024 R&D rebate. Additionally, the Company expect to receive $250,000 from the sale of EP145 in the coming weeks. Greenvale also notes that $3m loan facility with entities associated with Directors Neil Biddle and Leo Khouri1 remains in place and is yet to be finalised and drawn. Given the funding position detailed above, there is sufficient working capital for the Company to proceed immediately with its work programs on its Queensland and NT Uranium Projects and Stage 1 of Test Program 6 at the Alpha Torbanite Project. Authorised for release: This announcement has been approved by the Board of Greenvale for release. For further information please contact: Investors: Neil Biddle, Executive Chairman Media: Nicholas Read Engage and Contribute: Investor Hub E NBiddle@greenvaleenergy.com.au P +61 (0) 419 929 046 Greenvale Energy Interactive Investor Hub 1 Refer ASX Announcement 20 October 2022, Extension to Share Purchase Plan and Additional Financial Support Provided by Directors to Advance Alpha Project. 12 GREENVALE ENERGY LIMITED Engage with Greenvale directly by asking questions, watching video summaries and seeing what other shareholders have to say about this, as well as past announcements. Join our Investor Hub Visit http://investorhub.greenvaleenergy.com.au/welcome COMPETENT PERSON STATEMENT ASX ANNOUNCEMENT GREENVALE ENERGY, 13/1/2025. The information in this report that relates to exploration results is based on information compiled by Dr. Simon D. Beams, a full-time employee of Terra Search Pty Ltd, geological consultants to Greenvale Energy to carry out geological evaluation of the mineralisation potential of the Oasis Project, north Queensland, Australia. Dr. Beams has BSc Honours and PhD degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (Member #107121) and a Member of the Australian Institute of Geoscientists (Member # 2689). Dr. Beams has sufficient relevant experience in respect to the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code). Dr. Beams consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. GREENVALE ENERGY LIMITED 13 APPENDIX 1 – JORC Code Table 1 Greenvale Energy Limited Oasis Uranium Project Acquisition ASX announcement 13th January, 2024 JORC Code Table 1 Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.) These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sampling representivity and the appropriate calibration of any measurement tools or systems used. GREENVALE ENERGY Only summary results from historical drilling are reported here. No new samples were collected for this announcement. All data discussed has been previously reported in historical statutory reports carried out by public listed exploration companies in the 2000’s or major international mining and exploration companies in the 1970’s. Results are recorded from drilling at the Oasis project area in the period from the 1977 to 2008. . Given that uranium was the primary exploration target, initially both diamond core and percussion samples were evaluated for uranium using radiometric instruments : either hand held spectrometers or down hole radiometric loggers. Any significant radiometric anomalism was further investigated by sampling and analysis at a commercial NATA standard laboratories. . Esso 1977-1979 Historic Drilling A total of 14 open hole percussion and 32 precollared diamond holes were drilled totalling 4755 metres. All holes were radiometrically logged with a fully calibrated Mt Sopris 2500 logger. Intervals with anomalous radiometric readings were sawn and half core samples forwarded to commercial labs for XRF analysis . Comparison of chemical (XRF Lab Uranium grades ) and radiometric grades were then made to ensure representivity and grade confirmation by two independent techniques. . Sample representively.was also established by high quality logs which are presented in statutory reports with drill data complied by highly experienced geologists. Open hole percussion In contrast to Esso’s diamond drilling which showed good correlation between chemical and radiometric grades, U3O8 assays in the percussion LIMITED 14 holes were often less than half of the value indicated by radiometric logging suggesting unrepresentative compromised sampling in the Esso open hole percussion holes. Esso used deep open hole percussion drilling to test the depth potential; however, they concluded that this was of limited effectiveness due to high water flows (poor recovery?) and the holes not staying straight. For these reasons, Esso elected not to assay most of the deep percussion holes. Glengarry 2005-6 Historic Drilling Diamond drilling was designed to validate historical diamond core and shallow open hole percussion drill hole intersections reported by Esso Minerals. Half diamond core was sampled on regular 1m intervals Mega Georgetown 2007 Historic Drilling In 2007, Mega Georgtown drilled ten reverse circulation percussion drill holes at the Oasis Prospect to confirm previous drill results returned by Esso. For all drill holes a 150mm face sampling hammer was used to penetrate the soil and overburden. This interval was then cased off with 150mm PVC casing. After this collar pipe was set, the remainder of the hole was drilled using a 133mm face sampling hammer. The PVC collar pipe was left in the hole at the completion of drilling. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. GREENVALE ENERGY Esso 1977-1979 Historic Drilling Diamond drill holes targeted the Oasis structure as delineated by surface (trench) sampling and uranium radiometric surveying. Half core samples were crushed split and ground at ALS Brisbane , sample pulps were assayed on a pressed pellet for uranium by XRF. Multi -element analyses were also carried out on a limited number of samples by XRF. Downhole radiometric logging was standard on all diamond and percussion holes. Sampling methodology for percussion drilling LIMITED 15 lab samples is not recorded , but industry standard procedures at the time would have involved running sample through a sample splitter to produce a 3kg sample to then undergo sample preparation and XRF analysis at ALS Brisbane. Glengarry 2005-6 Historic Drilling Glengarry’s diamond drill program was primarily focussed on providing Due Diligence on Esso’s 1977-1979 drill results. Half core samples were crushed split and ground at ALS Townsville , sample pulps were assayed on a pressed pellet for uranium by XRF, 50g Fire assay samples for Au and a suite of multielements by Four Acid Digest ICP. Mega Georgetown 2007 Historic Drilling Glengarry’s RC drill program was targeting deeper intersections on the Oasis uranium structure. Reverse circulation (RC) Percussion samples were collected at one metre intervals. Samples from the rig were fed through a cyclone to a 7:1 sample splitter. The larger split was collected in a large plastic bag marked with hole number and interval and the smaller split was collected in a similarly marked calico bag. Plastic bags were left on site while the calico bags were transported to the Maureen (Georgetown) core shed for storage. Mega Georgetown Logging /Geochem : Radiometric The large sample in the plastic bag was tested on site for radioactivity using a GF Instruments Gamma Surveyor spectrometer reading in “Assay Mode”. This mode measures the whole gamma spectrum and calculates the concentration of elements K (%), eU (ppm) and eTh (ppm). The concentration of K is measured directly, while the eU and eTh concentrations are based on detection of radioisotopes 214Bi and GREENVALE ENERGY LIMITED 16 208Tl that are part of the related disintegration series. Radiometric anomalous samples were despatched to ALS in Townsville for sample preparation and analysis.where samples were crushed split and ground at ALS Townsville , sample pulps were assayed on a pressed pellet for uranium by XRF, 50g Fire assay samples for Au and a suite of multielements by Four Acid Digest ICP. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.) Esso 1977-1979 Historic Drilling Diamond core drilling mainly NQ diameter. No core orientation. Open Hole percussion drilling in the late 1970’s ie. Conventional hammer drilling. Glengarry 2005-6 Historic Drilling Diamond drilling was completed using either NQ (2005 drilling) or NQ2 core (2006 drilling). Glengarry reported orienting the core, some marks are present but full details are sketchy. A reference bottom of hole orientation line is occasionally present on the half core. Sampled intervals were cut just off the orientation line. Mega Georgetown 2007 Historic Drilling Reverse circulation (RC) percussion drilling with a 150mm face sampling hammer used to penetrate the soil and overburden. This interval was then cased off with 150mm PVC casing. After this collar pipe was set, the remainder of the hole was drilled using a 133mm face sampling hammer. The PVC collar pipe was left in the hole at the completion of drilling. Drill sample recovery GREENVALE Method of recording and assessing core and chip sample recoveries and results assessed. ENERGY Esso 1977-1979 Historic Drilling Esso discussed several issues which highlight the shortcomings of some of the Esso drill results. Poor core recovery through some of the ore zones and sample smearing in the open hole LIMITED 17 percussion holes led Esso to give greater weight to the Mt Sopris Logger radiometric grades. Esso used deep open hole percussion drilling to test the depth potential; however, they concluded that this was of limited effectiveness due to high water flows (poor recovery?) and the holes not staying straight. For these reasons, Esso elected not to assay most of the deep percussion holes. Glengarry 2005-6 Historic Drilling Core recovery was recorded in logs and on core photographs. Mega Georgetown 2007 Historic Drilling Radiometric logging of RC cutting bags provided guidance as to those down hole intervals for which geochemical assaying is justified. There is good correlation between radiometric readings for uranium and assay lab uranium values.Spectrometer readings should not be considered to provide absolute values given the limited volume of the samples. These results provide confidence that all significant uranium mineralisation intersected in the drilling program was sampled for assay. Measures taken to maximise sample recovery and ensure representative nature of the samples. Esso 1977-1979 Historic Drilling Esso discussed several issues which highlight the shortcomings of some of the Esso drill results. Poor core recovery through some of the ore zones and sample smearing in the open hole percussion holes led Esso to give greater weight to the Mt Sopris Logger radiometric grades. Esso used deep open hole percussion drilling to test the depth potential; however, they concluded that this was of limited effectiveness due to high water flows (poor recovery?) and the holes not staying straight. For these reasons, Esso elected not to assay most of the deep percussion holes. Glengarry 2005-6 Historic Drilling GREENVALE ENERGY LIMITED 18 Core recovery was shown to be good in logs and on core photographs Drilling procedure was effective. . Mega Georgetown 2007 Historic Drilling RC sampling was checked with radiometric logging of RC cutting bags .Mega Georgetown demonstrated the effectiveness of the RC sample recoveries, taking into account that spectrometer readings should not be considered to provide absolute values given the limited volume of the samples. These results provide confidence that all significant uranium mineralisation intersected in the drilling program was sampled for assay. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging In the Esso open hole percussion drilling ,high water flows and drill hole deviation meant targets were not reached and sampling was compromised.. In the other drill programs sampling bias is not apparent. Overall recoveries of the Esso Core, Glengarry Due Diligence core holes and Mega Georgetown RC drilling is shown to be reasonable to excellent and supported by radiometric logging. Whether core and chip samples have been Drill samples :Geological logging geologically and geotechnically logged to was carried out by wella level of detail to support appropriate trained/experienced geologist and data Mineral Resource estimation, mining entered via a well-developed logging studies and metallurgical studies system designed to capture descriptive geology, coded geology and quantifiable geology. All historical logs have checked for consistency and reassessed in a state of the art Relational Data Base by the Principal Geologist. Data has been captured digitally through Excel spread sheets and Explorer 3 Relational Data Base Management System. Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography. The logging of Diamond core and RC chips is both qualitative and quantitative. Alteration, weathering and mineralisation data contain both qualitative and quantitative fields . The total length and percentage of the The entire length of all drill holes has relevant intersections logged. been geologically logged. GREENVALE ENERGY LIMITED 19 Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Drill core sampli