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PVW Resources (‘PVW’, “the Company”) is pleased to advise that final assay results from the 2022 drilling program at the 100%-owned Tanami Heavy Rare Earth and Gold Project in Western Australia have further upgraded the project’s gold potential, with one-metre resampling of 4m composite assays from the Watts Rise prospect returning high-grade results, and air-core drilling defining an extensive gold anomalous zone at Monte Cristo.
Highlights
- 1m resampling of previously reported significant 4m composite gold intercepts from Reverse Circulation drilling at the Watts Rise Prospect returns high grades, including:
- 22TARC104 – 13m @ 3.72 g/t Au from 79m
- including 2m @ 12.97 g/t Au from 79m
- and including 1m @ 11.55 g/t Au from 83m
- 22TARC102 – 14m @ 1.08 g/t Au from 64m
- including 1m @ 6.81 g/t Au from 76m
- 22TARC101 – 1m @ 5.48 g/t Au from 59m
- 22TARC104 – 13m @ 3.72 g/t Au from 79m
- Air-core drilling at the Monte Cristo prospect highlights 4km of gold anomalous Killi Killi Formation on wide spaced drilling, including an end-of-hole assay result from the centre of the anomaly of:
- 22TAAC0279 – 2m @ 0.31g/t Au (308ppb Au), from 68m.
Figure 1: Watts Rise section 487840m, including 1m RC resample results.
The one-metre resampling was undertaken on significant 4m composite results from Reverse Circulation (RC) drilling initially announced in October 2022 (ASX:PVW 24 October 2022 – Latest assays confirm rare earths and gold potential at Tanami REE Project, WA).
The gold results reported in this announcement add to the exciting Rare Earth Element (REE) results reported from air-core drilling (ASX:PVW 09 February 2023, Multiple new Heavy Rare Earth targets identified following exciting air-core results), reinforcing the Tanami Project’s exceptional discovery potential.
Executive Director Mr George Bauk said: “These results illustrate the outstanding gold potential in the Tanami region, with one-metre resamples of the 4m composites reported from our 2022 RC drilling campaign delivering a number of plus 10 gram-per-tonne gold results.
“These results are located less than 20km from Black Cat Syndicate’s Coyote Gold Deposit, which represents one of the highest-grade gold deposits in Australia with a recently updated underground Resource of 365,000 ounces grading an exceptional 14.6g/t Au1.
“PVW’s exploration programs at the Tanami Project have now delivered exciting results in both Rare Earths and gold, which represent a match made in heaven as a combination of minerals in one deposit.
“The PVW team is now finalising an interpretation of both the gold and REE results, with this analysis to underpin our 2023 exploration programs for both REE and gold.”
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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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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