Latest Assays Confirm Rare Earths And Gold Potential At Tanami REE Project, WA

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

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Highlights

• New TREO assay results received from maiden 2022 drilling program at the Tanami REE and Gold Project in WA, including:
  
• 22TARC053 – 1m @ 2.19% (21,865 ppm) TREO (1,228 ppm Dy2O3, 11,810 ppm Y2O3) from 2m.
• 22TARC101 – 2m @ 0.80% (8,042 ppm) TREO (579 ppm Dy2O3, 5,001 ppm Y2O3) from 62m
• including 1m @ 1.43% (14,332 ppm) TREO (1,046 ppm Dy2O3, 9,194 ppm Y2O3) from 63m.
• 22TARC107 – 1m @ 0.86% (8,645 ppm) TREO (506 ppm Dy2O3, 4,139 ppm Y2O3) from 35m.
• Significant gold mineralisation intersected at Watts Rise confirming historic results, with the mineralisation remaining open at depth. Assays include:
  • 22TARC104 – 16m @ 1.64 g/t Au from 76m including 8m @ 2.58 g/t Au from 80m.
  • 22TARC102 – 16m @ 0.72 g/t Au from 64m including 4m @ 1.66 g/t Au from 76m.
  • 22TARC103 – 4m @ 1.17 g/t Au from 64m.

Further significant results have been returned in the latest batch of assays, confirming the potential of the project to host rare earth as well as gold mineralization, which has been confirmed with significant new intersections extending the known gold zone at Watts Rise.

At the same time, pXRF analysis of regional air-core drilling has outlined extensive new REE target areas, further strengthening the Company’s exploration pipeline in this emerging area.

Executive Director Mr George Bauk said: “Weareverypleasedwiththe initial results from our maiden drill program in what is a vast area comprising an 18km long prospective corridor at the Tanami Project.

“With assay results now received for 66 RC holes, around half the program, we have demonstrated the potential for significant rare earth mineralization beneath the surface anomalism, and we have encountered significant extensions of the known gold mineralization at Watts Rise.

We now have plenty of data to indicate that this is a fertile system with enormous potential to host significant mineralization.

“Early indications from the regional air-core program are also extremely encouraging, defining new target areas which will continue to strengthen our regional pipeline.

“Consistent with our systematic and science-based approach, we are undertaking a ground gravity survey and we have commissioned a consultant structural geologist to undertake an extensive mapping exercise commencing later this month.

“The combined data from these programs, together with the full suite of assay results from RC and air-core drilling, once available, should help us to vector into the most prospective parts of the 18km corridor for the next phase of drilling.”

Overview

The 2022 drilling program is now complete with a total of 132 RC holes completed for 10,727m and 357 air-core holes for 16,206m. Importantly, the 4-month program was completed without incident – a credit to the PVW exploration team and the Prospect drill crew.

Prospective REE host stratigraphy intersected in regional air-core drilling, with a variable sequence comprising Pargee Sandstone and Killi Killi Formation unconformity, mafic intrusive and altered gneissic granites within the Killi Killi Formation.

There are numerous assays pending with REE results returned for 66 RC holes, all 4m RC composite results returned, and gold and REE results for all air-core holes pending.

REE assays will continue to be returned until December 2022, with the first 4m composite air- core results expected in approximately two weeks. 1m re-samples of anomalous 4m composites and air-core REE results are also likely to be returned between late November and January 2023.

The RC drilling has tested highly elevated surface rare earth mineralisation at both the Castella and Watts Rise prospects and has further evaluated the area around historical gold results at Watts Rise.

The AC drilling has provided a first-pass test of the broader Watts Rise – Castella regional targets defined by exploration activities in 2021 and 2022. This regional drilling program is exploring for indications of REE and gold mineralisation undercover and early indications from the geology and highly elevated pXRF yttrium readings are encouraging and outlining new regional targets..

Ground gravity survey completed over Watts Rise and in progress over Castella. Consultant Geologist Carl Brauhart to commence detailed mapping of outcrops with an emphasis on structure and geochemistry of the local and regional alteration system.

This, together with final results from the 2022 drilling, will help to refine priority follow- up targets for the next phase of drilling in 2023

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