PVW Resources Ltd (ASX:PVW) has fast-tracked an auger drilling program originally scheduled for next quarter at its Kalgoorlie Project testing near-surface gold anomalism on two tenements following the availability of a Kalgoorlie-based auger drill rig to complete the work.
The company will take advantage of this early availability to complete part of the program, with the remainder continuing in quarter two.
Drilling will start on E27/571 with 100 holes planned at the southern end of the tenement and then move to E27/614.
Shares have been more than 22% higher this morning to 16.5 cents.
PVW is also finalising drill sites at the Leonora Project with the aim of beginning reverse circulation (RC) drilling later this month.
“Busy period”
Executive director George Bauk said: “Auger drilling has commenced at our Kalgoorlie Project aimed at collecting samples below the soil profile.
“This will provide the team with information to assist with drill target definition.
“The area adjoining our tenements has produced some excellent results in the past 12 months which have encouraged us to commence exploration in this area immediately.
“It’s a busy period for the company following the completion of the merge with Thred Limited.
“We are currently planning the final position of the holes at Leonora for our RC drilling program which could start as early as next week, subject to the arrival of the drill rig.”
Systematic first-pass testing
At Kalgoorlie tenement E27/571 straddles the same magnetic stratigraphy that hosts the Gordon Sidar and possibly the Palm gold deposits.
Historic drilling has tested only a small portion of this tenement and the auger aims to provide a systematic first-pass test utilising accurate multi-element geochemical analysis techniques.
The area selected for testing within E27/614 has also received limited previous exploration.
Depth of cover is unknown over most of the area, hence as required, auger holes will be pushed deeper to establish a better understanding of the regolith profile.
Samples will be sieved to -2mm in the field, prior to collection, and then to an ultrafine particle size at the laboratory prior to assay.
Results are expected within 3-4 weeks from sample arrival at the Perth-based laboratory.