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PVW Resources (ASX: PVW) (‘PVW’, “the Company”) is pleased to advise that it has secured an exciting new exploration and growth opportunity in one of the world’s most prospective emerging REE provinces, the Gascoyne Province in north-west Western Australia.
Highlights
- PVW Resources Ltd (PVW) has secured a significant combined exploration package of 316km2 in the heart of the emerging Gascoyne REE Province in WA.
- The package encompasses major structures covering highly prospective geological units including anomalous REE stream sediment samples grading >1,000ppm TREO (total rare earths oxide).
- The Gascoyne Province is one of the most exciting new REE provinces globally, and includes the new Yangibana Mine, owned by Hastings Technology Metals, which is currently under construction.
- The ground package (which includes 1 granted EL and four ELA's) is located in close proximity to a number of recent REE discoveries and active explorers, including:
- Kingfisher Mining Ltd (15km)
- Desert Metals Ltd (17km)
- Krakatoa Resources Ltd (30km)
- Dreadnought Resources Ltd (120km)
Figure 1: PVW Gascoyne Project Location, showing currently active REE projects and recent Mineral Resource Estimates.
The Company has entered into a purchase agreement to acquire a 100% interest in a portfolio of five exploration tenements located in close proximity to a number of exciting recent REE discoveries and the new Yangibana rare earths mine (Figure 1).
The 316km2 Project consists of one granted Exploration Licence and four Exploration Licence Applications in highly prospective parts of the Capricorn Orogen within the Gascoyne Province.
Situated east of Gascoyne Junction township, the region has quickly become highly prospective for REE in a variety of geological environments.
Hastings Technology Metals (ASX: HAS) and Dreadnought (ASX: DRE) have exciting resource projects located approximately 120km north of PVW’s closest tenement, while Kingfisher Mining (ASX: KFM) has reported significant recent REE surface results within 15km along strike to the north-west from the same tenure.
Other active explorers who have released very positive results in the region include Desert Metals (ASX: DM1) and Krakatoa Resources (ASX: KTA).
While in the Gascoyne Province PVW will focus on carbonatite and other hydrothermal REE mineralisation, the monazite sands and clay-hosted deposits being discovered regionally are also viable targets that will be explored.
Commenting on the acquisition, PVW Executive Director George Bauk said:
“This is a fantastic addition to our portfolio in one of the world’s most exciting emerging rare earths provinces. The potential and pedigree of this region is evidenced by the number of active explorers and mine developers, and the exciting REE results which have been reported in recent times.
“This is a complementary acquisition to our Tanami REE Project, allowing us to leverage the technical strengths and REE knowledge of our team in a new, exciting region. The combination of projects being HRE in the Tanami and now LRE in the Gascoyne ensure PVW are across all the critical rare earths. We are really looking forward to securing the grant of the remaining four tenements and getting on the ground as soon as possible to start exploring.
“This work will progress in parallel with the next phase of planned work at the Tanami Project, where we have recently identified exciting new exploration targets for unconformity-hosted REE mineralisation.”
Click here for the full ASX Release
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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