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PVW Resources (‘PVW’, “the Company”) is pleased to advise that the Company’s maiden drilling program has commenced at the 100%-owned Tanami Heavy Rare Earth and Gold Project in the Tanami region of the Northern Territory.
Highlights
- Maiden drilling program has commenced at the Tanami Heavy Rare Earth Project in WA, expected to comprise ~10,000m of Reverse Circulation (RC) and ~25,000m of air-core (AC) drilling.
- Initial focus of RC drilling is at the Castella (previously named Killi Killi East) and Watts Rise prospects, with the aim of extending areas of known Heavy Rare Earth Element (HREE) and gold mineralisation.
- Potential for extensive hydrothermal unconformity-related rare earth mineralisation identified along the 18km long Watts-Castella trend.
- Extensive target area with known REE and gold mineralisation and multiple discovery opportunities.
- Air-core drilling to commence in September targeting strike extensions at the Serpa and Nesa prospects.
- Program expected to continue through until approximately October/November 2022, providing strong news flow for PVW over the coming months.
The drilling program is expected to comprise approximately 10,000m of Reverse Circulation (RC) drilling and 25,000m of air-core (AC) drilling, with a primary focus on extending areas of known Heavy Rare Earth (HRE) mineralisation.
RC drilling is now underway at the Castella prospect (previously named Killi Killi East), where rock chip sampling undertaken by PVW Resources in 2021 returned high-grade results of up to 12.45% Total Rare Earth Oxides (TREO).
Following the completion of the Castella program, the RC rig will then move to the Watts Rise prospect, located 12km north-west of Castella, where rock chip results of up to 9.26% TREO have been returned. The RC program will be followed by AC drilling, which is expected to commence in September, targeting strike extensions at the Serpa and Nesa prospects.
PVW Resources considers the entire 18km of unconformity that extends between Nesa in the north-west and Castella in the south-east to have a favourable geological setting for further HRE discoveries, with this area to be the core focus of ongoing drilling and exploration programs.
Executive Director of PVW Resources, Mr. George Bauk, commented: “We are absolutely delighted to have drilling underway in the Tanami, providing the first real test of the string of high-priority targets generated by our 2021 field program and historical data analysis.
“The Tanami Project has all the right ingredients to deliver a significant rare earths discovery – with the right stratigraphy and structures and with known occurrences of heavy rare earth mineralisation.
“The initial focus of the drilling will be at the Castella and Watts Rise prospects, where rock chip results have already confirmed high-grade HRE mineralisation, before moving on to test other key targets along the 18km prospective corridor that extends between Nesa and Castella.
“We expect this drilling to continue until well into the December 2022 Quarter, providing shareholders with a steady stream of news flow over the remainder of the year.”
Figure 2: Drilling locations
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PVW:AU
PVW Resources
Overview
Renewable technologies are leading the charge into the future of energy production. Electric vehicles (EVs), wind turbines, and other green technologies are gaining momentum, showing no signs of slowing down. Looking at EVs alone, experts project 34.4 percent more units will ship in 2022 than in 2021. The fast-paced growth of renewable technologies has created increased demand for the rare earth elements (REE) and heavy rare earth elements (HREE) needed to manufacture them. Plus, increasing geo-political uncertainty means demand for REE and HREE is growing, putting more pressure on the supply chain.
REEs and HREEs are required to manufacture the magnets found within EVs, wind turbines, medical equipment and even smartphones. However, over 85 percent of the world’s REE (>95 percent Heavy REE) is produced in China, prompting governments to take action. For example, in 2021, the Pentagon awarded US$30.4 million to Australia's Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF), the largest non-Chinese producer, to build an REE processing facility in Texas. Additionally, the U.S. Department of Defense recently awarded US$35 million to MP Materials to build an HREE processing facility in California.
U.S. President Biden announced a new investment in February 2022, stating, “We’re investing $35 million in MP Materials, currently America’s only rare earth mining and processing operation, to help create a fully domestic supply chain for the magnets that power electric vehicle motors, wind turbines, and so much more."
Where will the West’s REE and HREE production come from? Countries are limited by their natural resources and they’re not all sitting on high-grade REE deposits. Fortunately, mining-friendly Australia is emerging as a potential global REE extraction leader. REE and HREE extraction only began in the country in 2007, yet it has the sixth-largest REE reserves on the planet and is in a perfect position to increase its output.
PVW Resources (ASX:PVW) is an Australia-based exploration and development mining company targeting Tier 1 jurisdictions in Western Australia. The company is focused on exploring and developing its HREE asset in the Tanami Region, which has the potential to be a company-making globally significant discovery. A strong management team with experience taking REE projects from discovery to production is ready to do it again with PVW Resources. PVW Resources is also exploring multiple gold assets in world-class gold-producing provinces within the state.
The company’s flagship project in Tanami has already yielded encouraging data that indicates the presence of heavy rare earth elements. Data generated from rock chip and soil sampling, geological mapping, ground radiometric and airborne geophysics have guided the company to Killi Killi East, a 3-kilometer formation with up to 12.45 percent Total Rare Earth Oxides (TREO), which measures the presence of both REE and HREE per tonne.
In a recent interview, CEO George Bauk, explained the importance of heavy rare earth elements, noting: “Heavy rare earth distribution is around 80 percent at the Killi Killi project in Tanami. The critical bit is the heavy nature of the dispersion. HREE is critical with electric vehicles, particularly in the motors and the permanent magnets used in them. We all know the demand is just growing exponentially with electric vehicles and the criticality in defense.”
PVW Resources has an all-star management team with extensive (and rare) expertise in REE mining. Bauk previously served as the Managing Director/CEO of Northern Minerals and led the company from greenfields to production. The team also includes consulting geologist Robin Wilson, a former Northern Minerals Exploration Manager who is credited with the discovery of the prolific Browns Range, and Colin McCavana who founded Northern Minerals and served as the chairman who guided the company’s development. Beyond these REE experts, the management team is rounded out with experts in administration, corporate finance, and exploration.
Company Highlights
- PVW Resources is an Australian exploration and development company focused on developing its HREE asset in Tanami to potentially become a global supplier of the critical minerals
- The company also holds outstanding strategic land positions in world-class gold-producing provinces
- Promising exploration data of the Killi Killi East formation within Tanami has yielded incredibly promising results, with up to 12.45 percent TREO from rock and soil samples from throughout Killi Killi East
- Expertise in REE and HREE is rare, yet PVW Resources has a management team with direct experience in taking an REE asset from discovery to production and they’re ready to do it again, differently.
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Exploring Western Australia for REE and HREE