PVW Resources NL (ASX:PVW) has validated the exploration potential of the Jungle Well Project within the company’s Leonora Project after completing a desktop review of 2002 Moving Loop Electromagnetics (MLTEM) datasets.
The aim of the recompilation and review of data was to identify and improve exploration targets.
Historical datasets are invaluable in the exploration process and PVW’s work is an example of the use of historical data to refine targets.
PVW company has also engaged Southern Geoscience Consultants (SGC) to begin planning Fixed Loop Electromagnetic surveying (FLTEM) to further refine drill targets over multiple conductors.
“Work highlights potential”
PVW Resources executive director George Bauk said: “This work undertaken on granted mining lease M37/135 highlights the potential of the Leonora projects.
“Review of historical ground geophysics and follow-up, including diamond core drilling with results to 13.22 metres at 1.74 g/t gold from 276 metres, add to the pipeline of prospects to be explored.
“The Leonora project has immediate potential, and we look forward to commencing our exploration efforts in the June quarter.”
Following the completion of FLTEM activities and interpretation, exploration drilling will then aim to test and confirm the source of the conductors.
The news was welcomed by investors with shares up 10% to 16.5 cents.
EM survey
The company consulted with SGC to recompile and review EM and diamond core drilling data collected during nickel exploration activities in 2002 and 2003.
This included an MLTEM survey over a large portion of M37/135 and FLTEM surveys over two conductors along with diamond drilling utilised to test the same two conductors.
Historic ground EM datasets, a commonly utilised method of geophysical exploration for various commodities, over the Jungle Well Project area have been restored from the archive and historical exploration at the project has shown this method can be applied to sulphide hosted gold mineralisation.
Significant gold mineralisation is associated with porphyry hosted sulphide mineralisation, intersected in historic diamond drilling which targeted EM conductors.
Leonora Project
The company’s 100%-owned Leonora Project is spread over 195 square kilometres and comprises follow-up targets at Jungle Well and Brilliant Well tenures.
Jungle Well has a 26,000-tonne JORC resource which was mined previously in the mid-1990s during a low gold price.
Drilling is planned to explore the extension of the existing pit as well as along strike following up an intersection of 13.2 metres at 1.74 g/t which was drilled while exploring for nickel.
Brilliant Well Project is south of the Bundarra Gold Project owned by Northern Star Resources Ltd (ASX:NST) (OTCMKTS:NESRF) (NYSE:STIC) with historical gold intersections including 4 metres at 4.09 g/t and 10 metres at 3.36 g/t.
Conductors lie along with the Jungle Well mineralised trend, and along with parallel trends to the east where the magnetic data maps a complex series of folded and faulted bedrock units.
Tanami Project
The company’s wholly-owned Tanami Project is in the Tanami Region on northeast WA that hosts the large Callie Project being mined by Newmont Corporation (NYSE:NEM) (TSE:NGT).
Over the past three years, the company has put together a 1,100 square kilometres contiguous land package with solid geological information and historical drill results that require immediate follow-up.
Previous exploration in early 2010 resulted in 12 metres at 2.94 g/t gold from the surface and 5 metres at 6.99 g/t also from the surface.
Kalgoorlie Project
The company has a 96-square-kilometre tenement package at Kalgoorlie, considered as the gold heartland in Western Australia.
Near-term, drill targets include regional bedrock targets that recorded previous drill results of 6 metres at 2.61 g/t and 4 metres at 2.39 g/t as well as new conceptual targets.