PVW Resources NL (ASX:PVW) has received strong total rare earth oxide (TREO) results of up to 8.43% TREO from five, 20-kilogram metallurgical samples sourced from the Tanami Project on the Western Australian side of the Northern Territory border.
These results indicate the strong presence of surface outcrop mineralisation and have seen shares rise by 8.33% to $0.585.
Samples were taken from three different locations over 18 kilometres of strike, from the Watts Rise and Killi Killi East 2 targets.
The average heavy rare earth oxide (HREO) in samples was 80%, which included an average of 2,990 parts per million (ppm) dysprosium oxide and a high of 5,795ppm dysprosium oxide.
First drilling later this year
“These results continue to demonstrate the significant mineralisation at surface,” PVW Resources executive director George Bauk said.
“It provides more confidence to the rock chips taken during the two field programs in 2021 and also highlights the extent of the surface mineralisation as the samples are up to 18 kilometres apart.
“The average grade of the combined 100-kilogram metallurgical sample is 4.2% TREO and with up to 80% heavy rare earths.
“Dysprosium oxide is averaging 2,990ppm with a highest result of 5,795ppm. We look forward to the results from the metallurgical sighter test program being undertaken by IMO who have experience in rare earth metallurgy.
“Prices for rare earths are very strong with dysprosium oxide up to US$475/kilogram.
"The team is awaiting final results from our 2021 exploration program including soil samples and the geophysical interpretation of recent and historical data.
“Drilling is being planned and organised and we are looking forward to the company’s first drill hole in the Tanami Project later this year.”
Key next steps
PVW Resources now intends to complete geophysical interpretation of the Watts Rise-Killi Killi trend in January, with geochemical soil sample results expected to be received from the same area over January and into February.
Preliminary metallurgic studies are slated to be completed in March, with a maiden gold/rare earth element drilling program for the Watts Rise and Killi Killi prospects planned for April.
About PVW Resources
PVW Resources is a Western Australian exploration company exploring Tier 1 mining jurisdictions for REE and gold in Tanami, Kalgoorlie and Leonora
The company’s 100%-owned Leonora Project spans 195 square kilometres and comprises follow-up targets across the Jungle Well and Brilliant Well tenures.
PVW also has a 150-square-kilometre tenement package close to world-class deposits near Kalgoorlie and owns the Tanami project, where it has put together a 1,100-square-kilometre land package with solid geological information and historical drilling results.
Recently, the company acquired the Ballinue Project, prospective for nickel, copper and platinum group elements (PGE) in the West Yilgarn Region of Western Australia.