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PVW Resources (‘PVW’, “the Company”) is pleased to advise that it has identified multiple significant new REE anomalies from air-core drilling completed in 2022 at its 100%-owned Tanami Heavy Rare Earth and Gold Project in Western Australia, opening up exciting new opportunities for follow-up exploration in 2023.
Highlights
- Significant TREO assay results returned from 2022 air-core drilling, including:
- Monte Cristo Prospect 22TAAC0352: 10m @ 1,857ppm TREO (59ppm Dy2O3 468ppm Y2O3) from 19m including 5m @ 3,071ppm TREO (95ppm Dy2O3 568ppm Y2O3) from 20m (65% HREO).
- Monte Cristo Prospect 22TAAC0351: 11m @ 1,037ppm TREO from 22m.
- Serpa Prospect 22TAAC0176: 6m @ 1,676ppm TREO from 35m.
- Watts East Prospect 22TAAC134: 1m @ 7,032ppm TREO (634ppm Dy2O3 4394ppm Y2O3) from 30m (93% HREO).
- Monte Cristo Prospect 22TAAC0352: 10m @ 1,857ppm TREO (59ppm Dy2O3 468ppm Y2O3) from 19m including 5m @ 3,071ppm TREO (95ppm Dy2O3 568ppm Y2O3) from 20m (65% HREO).
- Successful air-core campaign defines multiple new follow-up REE drill targets:
- Watts East: highly elevated REE with 1m @ 7,032ppm TREO at the bottom of the hole and very high HREO ratios at 93% suggesting the target is an offset extension of Watts Rise.
- Serpa: structurally-controlled and mafic hosted mineralisation which is open along strike within the Killi Killi Formation and below the unconformity – confirming the Company’s exploration model.
- The significant widespread TREO mineralisation at Monte Cristo are saprolite clay-hosted, with the peak of the anomaly at 5m @ 3,071ppm open along strike.
- Watts East: highly elevated REE with 1m @ 7,032ppm TREO at the bottom of the hole and very high HREO ratios at 93% suggesting the target is an offset extension of Watts Rise.
Figure 1: Tanami air-core drilling results.
Following a lengthy wait for assay results, the Company has now received results from its extensive regional air-core program in 2022, successfully identifying new high-priority exploration targets and confirming the significant prospectivity of the Project.
Importantly, the wide-spaced regional air-core drilling undertaken by the Company has proven to be a viable exploration technique for buried REE mineralisation in the Tanami.
Detailed ground gravity has also proven to be a very effective exploration tool, with the areas surveyed at Watts Rise and Castella both revealing additional detail to the sub-surface that will complement drilling and magnetics.
By utilising the structural geological interpretation, detailed ground gravity, multi-element geochemistry of mineralisation and the host stratigraphy, the shallow regional REE results represent complementary targets to the exciting new Watts Rise Breccia Zone target identified in 2022 (see ASX announcement, 29 November 2022).
PVW Executive Director, Mr George Bauk, said: “These new air-core results are very exciting and mark a significant development in our exploration of the Tanami Project. They have outlined a number of new priority targets, taken from conceptual targets to highly anomalous TREO results ready for follow-up, substantially enhancing our exploration pipeline in the Tanami.
“Since field work was completed in November 2022, the Company’s exploration geologists have continued to improve their understanding of REE mineralisation in the Tanami. Recognising the need to find ore zones, the 2022 exploration effort has provided PVW with a pipeline of prospects and targets that were previously unknown.
“We are now ideally positioned to prioritise and test these new targets in 2023.
“The results reported in this announcement, stemming from exploration undertaken in 2022, highlight the value of systematic exploration utilising tried and tested methods. The results of the ground gravity survey provide an exciting exploration technique that can quickly advance the understanding at a prospect level, complementing the more regional magnetics and local drilling data.
“With these results from regional air-core drilling, we have developed a detailed targeting methodology using structural, stratigraphic, geochemical and geophysical characteristics.
“We are excited to return to the Tanami in 2023 for an exploration campaign that will be focused on follow-up of these new targets and exploring the regional tenements for the next generation of REE discoveries.”
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
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