PVW Resources

Initial Drilling Confirms Widespread Heavy Rare Earth Mineralisation At Tanami REE Project, WA

Encouraging mineralisation intersected at Castella and 380m-long anomalous zone of yttrium outlined at Watts Rise; Assays still pending for 97 RC holes

PVW Resources (ASX: PVW) (‘PVW’, “the Company”) is pleased to report positive initial results from its maiden Reverse Circulation (RC) drilling program at the 100%-owned Tanami Heavy Rare Earth and Gold Project in Western Australia.


Highlights

  • Encouraging assay results received for the first 35 Reverse Circulation (RC) holes from the recently completed Phase 1 RC program.
  • Drilling to date comprises 10,727m of RC drilling (7,204m at Castella and 3,523m at Watts Rise), air-core program still in progress.
  • Initial assay results from Castella include:
    • 22TARC002 - 2m @ 6,496 ppm TREO (296 ppm Dy2O3, 2,347 ppm Y2O3) from 3m,including 1m @ 9,530 ppm TREO from 3m.
    • 22TARC005 - 4m @ 3,803 ppm TREO (210 ppm Dy2O3, 1,343 ppm Y2O3) from 2m, including 2m @ 5,202 ppm TREO from 4m.
    • 22TARC015 – 1m @ 6,191 ppm TREO (251 ppm Dy2O3, 1,765 ppm Y2O3) from 12m.
    • 22TARC030 - 1m @ 5,928 ppm TREO (336 ppm Dy2O3, 3,568 ppm Y2O3) from 18m.
  • Further highly elevated pXRF readings from Castella awaiting assay results include:
    • 22TARC053 – 1m @ 17,753 ppm Y2O31 from 2m.
    • 22TARC051 – 1m @ 3,918 ppm Y2O 1 from 21m.
  • RC drilling at Watts Rise has also returned elevated yttrium pXRF readings within a consistently anomalous zone of yttrium and strontium extending over 380 metres – assay results pending.
  • Highly elevated pXRF readings within the anomalous zone at Watts Rise include:
    • 22TARC101 – 1m @ 20,541 ppm Y2O 1 from 63m.
    • 22TARC107 – 1m @ 5,182 ppm Y2O 1 from 35m.
  • Gold assays pending for Watts Rise to follow up previous high-grade mineralised intersections from historic drilling.
  • Regional air-core drilling is continuing to test prospective stratigraphy and structures, in an area over 4.2km in strike along the Watts Rise trend.

Figure1:RCdrillingattheTanamiHeavyREEProject,WA.

Initial results have confirmed the potential of the project to host significant rare earth mineralisation, with both shallow and deeper mineralisation encountered at both prospects tested to date (Castella and Watts Rise). Thirteen of the 35 RC holes for which assay results have been received have returned assays of 1m @ 0.15% TREO or more (see Appendix 1).

The RC component of the program is now complete with 132 holes drilled for 10,727m while regional air-core (AC) drilling is continuing with 91 holes completed so far for 2,817m. Rare earth assay results have so far been received from 35 RC holes (of 132 completed RC holes).

The RC drilling was designed to test highly elevated surface rare earth mineralisation at both the Castella and Watts Rise prospects, while the AC drilling is currently testing the broader Watts Rise – Castella regional target defined by exploration activities in 2021 and 2022.

Executive Director Mr George Bauk said:These results confirm the presence of heavy REE mineralisation both at depth and near surface across the Tanami REE Project.

“Assay results for the first 35 holes at Castella are encouraging and, while the grade and thickness of the intercepts does not yet indicate that we have an orebody, they do show that we are exploring in the right area with excellent potential to vector into thicker and higher grade areas.

“We are also extremely encouraged by the continuity of the extensive pXRF yttrium anomaly seen at Watts Rise. The continuity of this mineralised envelope over 380m of strike which remains open down-dip is very encouraging.

“The success of the drill program to date has prompted us to accelerate exploration with a detailed ground gravity survey commencing later this month to assist in identifying the mineralisation controls at depth. Meanwhile, the regional AC drilling continues to reveal buried rare earth anomalism and pathfinder anomalism along the 18km corridor and at the two priority targets areas of Castella and Watts Rise.


Click here for the full ASX Release

This article includes content from PVW Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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