PVW Resources Ltd (ASX:PVW) is buoyed by aircore drilling completed in 2022 at the Tanami Heavy Rare Earth and Gold Project in Western Australia that returned “exciting” results and identified multiple new heavy rare earth targets.
Results of up to 7,053 parts per million (ppm) total rare earth oxides (TREO) at Watts East have opened up new areas for follow-up exploration and confirm the prospectivity of the project.
Strong aircore results were also returned from the Monte Cristo and Serpa prospects at the 100%-owned Tanami Project.
“Very exciting”
PVW executive director George Bauk said: “These new aircore 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."
Investors have also warmed to the results, with shares as much as 27.3% higher intraday to $0.14.
Drilling highlights
Among the long-awaited results from the extensive 2022 regional aircore campaign are:
- 10 metres at 1,857ppm TREO with 59ppm dysprosium oxide (Dy2O3) and 468ppm yttrium oxide (Y2O3) from 19 metres including 5 metres at 3,071ppm TREO (95ppm Dy2O3 and 568ppm Y2O3) from 20 metres (65% HREO) at Monte Cristo;
- 11 metres at 1,037ppm TREO from 22 metres at Monte Cristo;
- 6 metres at 1,676ppm TREO from 35 metres at Serpa;
- 1-metre at 7,032ppm TREO with 634ppm Dy2O3 and 4,394ppm Y2O3) from 30 metres at Watts East (93% HREO).
The result from Watts East is particularly encouraging as it was at the bottom of the aircore hole and the very high heavy rare earth oxides (HREO) ratio of 93% suggests the target is an offset extension of Watts Rise.
Results from Serpa confirm PVW’s exploration model of structurally-controlled and mafic-hosted mineralisation within the Killi Killi Formation and below the unconformity and this is open along strike.
The widespread TREO mineralisation at Monte Cristo is saprolite clay-hosted, with the peak of the anomaly at 5 metres at 3,071ppm open along strike.
Tanami aircore drilling results.
Viable exploration technique
Importantly, the wide-spaced regional aircore 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 a very effective exploration tool, with the areas surveyed at Watts Rise and Castella 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 new Watts Rise Breccia Zone target identified in 2022.
“Pipeline of prospects”
“Since fieldwork was completed in November 2022, the company’s exploration geologists have continued to improve their understanding of REE mineralisation in the Tanami,” Bauk said.
“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,” he said.
The executive director said that the results reported in this announcement, stemming from exploration undertaken in 2022, highlighted 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 aircore 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.”
Seeking Browns Range lookalike
PVW Resources is targeting deposits similar to the Browns Range Project which are rich in dysprosium and terbium.
Browns Range is being developed in a strategic partnership between owner Northern Minerals Ltd (ASX:NTU) and Iluka Resources in a bid to feed Iluka plant with particular focus on these heavy rare earths.
PVW believes the high levels of these elements coupled with developed flow sheets to extract the minerals, make for an exciting journey.
The mineralogy is critical in rare earth processing and a xenotime-hosted deposit will be a premium deposit.