Drilling underway at Tanami Heavy Rare Earth Project

PVW Resources (‘PVW’, “the Company”) is pleased to advise that the Company’s maiden drilling program has commenced at the 100%-owned Tanami Heavy Rare Earth and Gold Project in the Tanami region of the Northern Territory.

Highlights

• Maiden drilling program has commenced at the Tanami Heavy Rare Earth Project in WA, expected to comprise ~10,000m of Reverse Circulation (RC) and ~25,000m of air-core (AC) drilling.

• Initial focus of RC drilling is at the Castella (previously named Killi Killi East) and Watts Rise prospects, with the aim of extending areas of known Heavy Rare Earth Element (HREE) and gold mineralisation.

• Potential for extensive hydrothermal unconformity-related rare earth mineralisation identified along the 18km long Watts-Castella trend.

• Extensive target area with known REE and gold mineralisation and multiple discovery opportunities.

• Air-core drilling to commence in September targeting strike extensions at the Serpa and Nesa prospects.

• Program expected to continue through until approximately October/November 2022, providing strong news flow for PVW over the coming months.

The drilling program is expected to comprise approximately 10,000m of Reverse Circulation (RC) drilling and 25,000m of air-core (AC) drilling, with a primary focus on extending areas of known Heavy Rare Earth (HRE) mineralisation.

RC drilling is now underway at the Castella prospect (previously named Killi Killi East), where rock chip sampling undertaken by PVW Resources in 2021 returned high-grade results of up to 12.45% Total Rare Earth Oxides (TREO).

Following the completion of the Castella program, the RC rig will then move to the Watts Rise prospect, located 12km north-west of Castella, where rock chip results of up to 9.26% TREO have been returned. The RC program will be followed by AC drilling, which is expected to commence in September, targeting strike extensions at the Serpa and Nesa prospects.

PVW Resources considers the entire 18km of unconformity that extends between Nesa in the north-west and Castella in the south-east to have a favourable geological setting for further HRE discoveries, with this area to be the core focus of ongoing drilling and exploration programs.

Executive Director of PVW Resources, Mr. George Bauk, commented: “We are absolutely delighted to have drilling underway in the Tanami, providing the first real test of the string of high-priority targets generated by our 2021 field program and historical data analysis.

“The Tanami Project has all the right ingredients to deliver a significant rare earths discovery – with the right stratigraphy and structures and with known occurrences of heavy rare earth mineralisation.

“The initial focus of the drilling will be at the Castella and Watts Rise prospects, where rock chip results have already confirmed high-grade HRE mineralisation, before moving on to test other key targets along the 18km prospective corridor that extends between Nesa and Castella.

“We expect this drilling to continue until well into the December 2022 Quarter, providing shareholders with a steady stream of news flow over the remainder of the year.”

Figure 2: Drilling locations

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