Join our daily newsletter At The Bell to receive exclusive market insights
- PVW Resources (PVW) applies for several new tenements in its WA Tanami project area on the back of some recently completed fieldwork at the project
- The company says field observations have found rare earth mineralisation at the Killi Killi East and Watts Rise prospects
- Drilling data 2010-2012, completed by previous owner Orion Metals (ORM), helped identify the rare earth mineralisation at the Tanami project
- In light of its new finds, PVW has applied for three new tenements covering 420 sqkm in the Tanami project area
- Still, shares in PVW moved sideways today to close grey at 18 cents each
PVW Resources (PVW) has applied for several new tenements in its WA Tanami project area on the back of some recently completed fieldwork at the project.
The junior explorer said today field observations have found potential rare earth mineralisation at some key prospects. The Tanami project is prospective for rare earth elements (REE) and gold.
An on-ground review of surface geology and mineralisation, along with a review of historical drilling data, found rare earth mineralisation at the Killi Killi East prospect over a 2.2-kilometre strike length, with elevated portable X-ray fluorescence (XRF) measurements of yttrium.
Meanwhile, rare earth mineralisation was also found at the Watts Rise prospect in the project area, which lies roughly 12 kilometres away from Killi Killi East.
PVW said fellow ASX-listed Orion Metals (ORM), who previously owned the Tanami project, completed some gold and REE drilling in these areas between 2010 and 2012.
It was this drilling work that helped PVW identify the areas of rare earth mineralisation alongside the company’s own on-ground fieldwork.
PVW Executive Director George Bauk said the recent field program highlighted the “extensive” REE mineralisation at the Killi Killi East prospect.
“Whilst historical drilling in the early 2010s intersected REE mineralisation, the style of mineralisation was not recognised or well-understood at that time,” Mr Bauk said.
He said following its fieldwork program, PVW has applied for three more tenements in the Tanami region which are prospective for REE mineralisation.
“Samples are in the lab and we look forward to the results which will provide us with available information.”
The three new REE-prospective tenements cover a 420-sqkm region in the Tanami project area.
Meanwhile, PVW has also applied for a fourth new tenement: an 8.9-sqkm area roughly 12 kilometres east of the Coyote Gold Mine in WA’s Tanami region.
While PVW recently completed the fieldwork at the Tanami prospect, the company still has an airborne magnetic and radiometric survey in progress in the project area. PVW said this survey work is nearing completion, though the company did not specify an end date.
On top of all this, PVW said soil sampling work at the Killi Killi prospect is set to re-commence soon after a short delay.
Still, for all the work ongoing at the Tanami project, PVW shares moved sideways today. PVW closed grey with shares worth 18 cents each this afternoon. The company has a $12.2 million market cap.
