PVW Resources NL (ASX:PVW) has completed the acquisition of Stark Resources Pty Ltd and the King of the West Project expansion agreement, thereby consolidating its landholding at the Kalgoorlie Project.
This acquisition arrangement includes an asset swap with Yandal Resources (ASX:YRL) with a 2% NSR royalty on each other’s properties.
The additional seven tenements acquired through the swap of interests in tenements with Yandal strategically either abut or are adjacent to PVW’s existing tenure.
Consolidated land holding
PVW's executive director George Bauk said: “This transaction has consolidated our land holding at our Kalgoorlie project.
“We have an outstanding 1.2-kilometre soil anomaly that warrants a drill program.
“This project is located within 30 kilometres of Kalgoorlie, near existing mining and processing plants which provides numerous commercialisation options.”
To consolidate the tenements into PVW subsidiary PVW Kalgoorlie Pty Ltd, the following transactions have been finalised:
- PVW and YRL have swapped interests in respective tenements, with PVW acquiring seven tenements from YRL and selling one tenement to YRL. The tenement swap includes a 2% net smelter return royalty applicable to tenure acquired by each party only; and
- PVW has acquired 100% of the issued capital of Stark, with the following consideration paid/issued to the Stark vendors – cash payment of $15,000, 1,500,001 fully paid ordinary shares in the capital of PVW, and 1,700,000 performance rights comprised of 850,000 tranche A performance rights and 850,000 tranche B performance rights.
Exploration and project summary
Located at the heart of the PVW’s Kalgoorlie Project, King of The West is an area prospective for gold mineralisation, with the return of positive assays from recent auger sampling within E2/614 confirming this.
Auger drilling and geochemical sampling on E27/614 are the first detailed systematic exploration activities undertaken over the northern third of the tenement.
Results have included large gold anomalies >40ppb with numerous results above 80ppb, peaking at 176ppb.
Auger coverage of this open anomaly has been extended to the south, with return of results awaited prior to aircore drilling.
Results were also positive from further auger drilling on E27/571 extending the anomalous strike.
The Pappy prospect was also defined – boasting a continuous 2.2-kilometre northwest zone of +40ppb gold.
Follow up aircore drilling will be undertaken as soon as possible.