September 2022 Quarterly Activities Report

PVW intersects multiple intersections of Heavy Rare Earths and Gold during its maiden drilling program at its Tanami Project in Western Australia

Highlights

Tanami Rare Earth Element (REE) and Gold Project

Exploration during the period has continued in the Tanami for REE and Gold. Reverse Circulation (RC) exploratory drilling was completed at the Castella and Watts Rise prospects, and first pass air-core drilling commenced along the 18km regional stratigraphic target. Results for the Company’s first drilling campaign in the Tanami for REE and gold are very positive.

• 132 RC holes have been completed for 10,727m. Assays to date from 66 RC holes have returned numerous significant TREO results including:
  • 22TARC002 (Castella) – 2m @ 0.65% (6,496 ppm) TREO (296 ppm Dy2O3, 2,347 ppm Y2O3) from 3m, including 1m @ 0.95% (9,530 ppm) TREO from 3m.
  • 22TARC053 (Castella) – 1m @ 2.19% (21,865 ppm) TREO (1,228 ppm Dy2O3, 11,810 ppm Y2O3) from 2m.
  • 22TARC005 (Castella) – 4m @ 0.38% (3,803 ppm) TREO (210 ppm Dy2O3, 1,343 ppm Y2O3) from 2m, including 2m @ 0.52% (5,202 ppm) TREO from 4m
  • 22TARC101 (Watts Rise) – 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 (Watts Rise) – 1m @ 0.86% (8,645 ppm) TREO (506 ppm Dy2O3, 4,139 ppm Y2O3) from 35m.
• Subsequent to the end of the Quarter the first pass air-core program has tested approximately 12km of the 18km considered prospective stratigraphy. The regional drilling was completed with 357 holes drilled for 16,206m.
• A detailed ground gravity survey and field mapping campaign have commenced. These exploration activities will add detailed data sets that will be utilised in conjunction with the drilling and assay data to define the next generation of targets.

Corporate

The Company presented at the New Age Metal Conference in Perth, Sydney and Melbourne. Annual Report was finalised and preparation for the AGM is complete, scheduled for November 29, 2022.

Exploration activities

Subsequent to the end of the quarter the combined RC and air-core drilling program was completed 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.

The RC drilling has tested beneath highly elevated surface rare earth mineralisation at both the Castella and Watts Rise prospects and has provided confirmation of historical gold results at Watts Rise.

The air-core drilling provides 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 pXRF yttrium readings are encouraging.

There are numerous assays pending with REE results returned for 66 RC holes, all 4m RC composite (gold assays) results returned and 1m resamples are awaited. Results for 4m composite gold and 1m sample REE assays for all air-core holes are pending.

With exploration activities focused on the Tanami Project, exploration in other regions of Kalgoorlie, Leonora and Ballinue has been restricted to planning and preparation for later in 2022.

Tanami Project

Previous on ground surface exploration, desktop mineralogical studies, and drilling results confirm several styles of REE mineralisation in both the Pargee Sandstone and the Killi Killi Formation.

The TREO results returned from RC drilling to date highlight mineralisation of the Meso/ Paleoproterozoic unconformity, overlying units within the Pargee Sandstone and structurally controlled sites below the unconformity. Mineralisation styles and variable hosts confirmed in the drilling indicate a complicated mineralising system.

The significance of the brecciation and mineralogy within the Killi Killi Formation potentially provides a range of additional exploration opportunities away from the immediate unconformity targets. The first drilling campaign completed by the Company in the region has been successful in validating targets and identifying REE mineralisation and the potential remains for discoveries in the Tanami Project.

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