Quarterly Activities Report March 2022

PVW Resources (‘PVW’, “the Company”) is pleased to provide its activities report for the quarter ended 31 March 2022.

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Highlight

Tanami Gold and Rare Earth Element (REE) Project

With field work limited by the wet season and high Covid caseloads in regional centres the office time has allowed the exploration team time to focus on mineralogical study results, metallurgical testwork and planning for the 2022 exploration drilling program. Highlights from the March Quarter include:

• Five metallurgical samples, each 20kg, returning strong surface mineralisation with up to 8.43% TREO.
• Metallurgical sample average HREO percentage of 80% including an average of 2,990ppm dysprosium oxide and up to 5,795ppm dysprosium oxide.
• Ore sorting and magnetic separation testing successful in upgrading the rare earth grade of samples while rejecting significant mass, indicating important potential to save on downstream processing costs.
  • Ore Sorting obtained a TREO grade of 7.16% at a recovery of 87.3%.
  • Magnetic separation obtained an 81.2% recovery and 50.8% mass rejection.
• Mineralogical studies continue to add to the understanding of mineralogy and ore paragenesis, assisting the geological understanding and exploration.
• 2022 drilling program has been designed with the initial phase being 10,000m RC drilling and 25,000m Aircore drilling. Program will also include further ground-based reconnaissance work to follow up additional targets.

Kalgoorlie Gold Project

Kalgoorlie – King of the West Auger Anomaly was tested with an Aircore drill grid. During the quarter the company has completed the first drill program over the King of The West auger anomaly.

Drilling indicates a variable weathering profile and variable end of hole geology, particularly in the south of the area drilled. Final results are pending for the drilling.

Corporate

$9.5m placement heavily oversubscribed placement completed.

Exploration activities

The Tanami Project has advanced with positive outcomes at many levels during the Quarter. Metallurgical testwork has returned positive initial results, metallurgical sample assays confirming TREO mineralisation, and ore sorting and magnetic separation techniques successful in upgrading the rare earth grade while rejecting significant mass. Mineralogical studies continue to add to the understanding of mineralogy and ore paragenesis, assisting the geological understanding and exploration.

The Kalgoorlie Gold Project’s King of the West Prospect has been drill tested with Aircore over the main auger gold anomaly confirming regolith and geological assumptions.

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