PVW Resources Ltd (ASX:PVW) has identified multiple new rare earth element (REE) targets at the Tanami REE and Gold Project in the Northern Territory after fielding high-grade REE results with gold to boot from the maiden round of drilling on the tenure.
Although about half of the reverse circulation (RC) drilled assays are still pending, the company believes its results to date have revealed a fertile system with high potential for material mineralisation.
"A fertile system"
“We are very pleased with the initial results from our maiden drill program in what is a vast area comprising an 18-kilometre-long prospective corridor at the Tanami Project,” PVW Resources executive director George Bauk said.
“With assay results now received for 66 RC holes, around half the program, we have demonstrated the potential for significant rare earth mineralisation beneath the surface anomalism, and we have encountered significant extensions of the known gold mineralisation at Watts Rise.
“We now have plenty of data to indicate that this is a fertile system with enormous potential to host significant mineralisation.”
Maiden drilling results
Total rare earth oxides (TREO) assays of note in parts per million (ppm) include:
- 1-metre at 2.19% (21,865 ppm) TREO (1,228 ppm dysprosium, 11,810 ppm yttrium) from 2 metres;
- 2 metres at 0.80% (8,042 ppm - 579 ppm dysprosium, 5,001 ppm yttrium) from 62 metres, including 1-metre at 1.43% (14,332 ppm - 1,046 ppm dysprosium, 9,194 ppm yttrium) from 63 metres; and,
- 1-metre at 0.86% (8,645 ppm - 506 ppm dysprosium, 4,139 ppm yttrium) from 35 metres.
- 16 metres at 1.64 g/t gold from 76 metres including 8 metres at 2.58 g/t from 80 metres;
- 16 metres at 0.72 g/t from 64 metres including 4 metres at 1.66 g/t from 76 metres; and
- 4 metres at 1.17 g/t from 64 metres.
“Early indications from the regional aircore program are also extremely encouraging, defining new target areas which will continue to strengthen our regional pipeline,” Bauk continued.
“Consistent with our systematic and science-based approach, we are undertaking a ground gravity survey and we have commissioned a consultant structural geologist to undertake an extensive mapping exercise commencing later this month.
“The combined data from these programs, together with the full suite of assay results from RC and aircore drilling, once available, should help us to vector into the most prospective parts of the 18-kilometre corridor for the next phase of drilling.”
Shares have been as much as 10.72% higher intraday to $0.155.
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