PVW Resources

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

Extensive new REE targets identified with assays still pending for 66 RC holes and from the recently completed regional air-core program

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.

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


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.

PVW:AU
The Conversation (0)
  Desoto Resources Limited

Acquisition of High-Grade Rare Earths Project in the Northern Territory

Best intercept of 50m @ 1.55% TREO, incl. 12m @ 4.51% TREO (14.9% Nd/Pr)

DeSoto Resources Limited (ASX:DES) (“DES” or the “Company”) is pleased to announce an acquisition within its exploration landholding in the Northern Territory. This acquisition encompasses a historical drilling dataset targeting Rare Earth Elements (REE).

Keep reading...Show less
Businessmen shaking hands.

Arafura Makes Financing Progress with Up to US$300 Million for Nolans Rare Earths Project

Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) announced it has received conditional approval for up to US$300 million in debt financing for its Nolans project from Export Development Canada (EDC).

Located in Australia's Northern Territory, Nolans is a rare earths mining and processing operation focusing on the production of neodymium and praseodymium (NdPr). These elements are critical for manufacturing the permanent magnets used in electric vehicles, wind turbines and a variety of other high-tech applications.

Arafura is aiming to secure a total of US$775 million in senior debt funding to advance the asset.

Keep reading...Show less
DY6 Metals

Additional Historical Drilling Results Confirms Tundulu REE Potential

DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and Niobium (Nb) in southern Malawi, is pleased to report the results of historical drilling that confirm the potential for the Tundulu Project to host significant rare earth elements mineralisation.

Keep reading...Show less
Rare earths on the periodic table.

Rare Earth Metals: Heavy vs. Light (Updated 2024)

The 17 elements that make up the group of rare earth metals are diverse in their applications and market dynamics. They are often broken up into two categories according to their atomic weight: light and heavy. Only scandium falls outside this categorization system.

Overall, the different rare earth metals play a huge role in the development of various technologies. They are often used in electronics like laptops and smartphones, as well as spacecraft and missile weaponry. Growing demand for batteries and green technology is adding to their importance and versatility as well.

Keep reading...Show less

Ucore's Louisiana Rare Earth Refinery is Strategically Aligned with the United States' Objectives on Western Supply Chain Resilience

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to comment on the US Government's announcement to strengthen the developing American electric vehicle ("EV") market through increased tariffs on imports from the People's Republic of China ("PRC") to protect American workers and businesses. On May 14, 2024, the White House announced:

"With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China's exports of EVs grew by 70% from 2022 to 2023-jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China's unfair trade practices."

Simultaneously, the US Trade Representative issued a statement on Section 301 tariffs recommending a series of steps to eliminate the PRC's unfair trade practices, which include:

"… (4) continuing to assess approaches to support diversification of supply chains to enhance our own supply chain resilience."

and a new 25% tariff on permanent magnets[1].

Permanent magnets are the essential component inputs for EV motors that are currently 90% plus controlled by China. Therefore, these government EV policy developments strategically align with Ucore's heavy and light rare earth element ("REE") separation facility, which is advancing in Alexandria, Louisiana. At total nameplate capacity, the Louisiana Strategic Metals Complex ("SMC") is designed to simultaneously process up to six different sources of US-friendly feedstock from all corners of the Western world. This diverse supply chain, coupled with Ucore's focus on both heavy and light REEs, will help ensure Ucore's resiliency from any single geopolitical or natural instability as the nascent North American rare earth market takes root over the remainder of the decade.

Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, stated: "As US tariffs are implemented to level the commercial playing field by the US, our strategic ability to supply and support OEM EV manufacturers by processing heavy and light feedstock from a multitude of different Western sources essential to permanent magnet manufacturing, gives us the flexibility to grow and prosper at our Louisiana SMC. We expect this to be of significant benefit as we increase production from 2,000 tonnes per annum to our planned total nameplate production of 7,500 tonnes per annum[2] over our first few years of production and subsequently expand our footprint across North America."

# # #

 

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on November 20, 2023) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ChemX Materials

Options Prospectus

ChemX Materials Limited (ASX:CMX) (ChemX or the Company) has released its Prospectus announcement.
Keep reading...Show less

Latest Press Releases

Related News

×