Diversified exploration company PVW Resources (ASX:PVW) has reinforced the ‘high-grade’ gold potential following resampling of previously reported gold intercepts from reverse circulation (RC) drilling at the Watts Rise prospect, as part of its Tanami Heavy Rare Earth and Gold Project in Western Australia.
The results, generated by 1m resampling undertaken on ‘significant’ 4m composite results, have confirmed rare earth element (REE) and gold potential at the project, and upgrade the potential for gold mineralisation to exist at Watts Rise.
Adding on, PVW Resources notes aircore (AC) drilling at the Monte Cristo prospect has highlighted an ‘extensive’ 4km gold anomalous zone.
“These results are located less than 20km from Black Cat Syndicate’s (ASX:BC8) Coyote Gold Deposit, which represents one of the highest-grade gold deposits in Australia”
Key results from resampling include hole 22TARC104 with 13m @ 3.72g/t gold (Au) from 79m including 2m @ 12.97g/t Au from 79m and 1m @ 11.55g/t Au from 83m; and hole 22TARC102 with 14m @ 1.08g/t Au from 64m including 1m @ 6.81g/t Au from 76m.
Meanwhile, key results from AC drilling at Monte Cristo include hole 22TAAC0279 with 2m @ 0.31g/t Au (308 parts per billion (PPB) Au), from 68m.
RC drilling was conducted to test highly elevated surface rare earth mineralisation at both the Castella and Watts Rise prospects, as well as further evaluate the area around historical gold results at Watts Rise. AC drilling was undertaken to explore for indications of REE, however the drill lines and targets were also designed to test for gold mineralisation undercover, including extensions to Monte Cristo.
Drilling comprised a total of 132 RC holes and 357 AC holes.
Addressing the results, PVW Resources Executive Director George Bauk said: “These results illustrate the outstanding gold potential in the Tanami region, with one-metre resamples of the 4m composites reported from our 2022 RC drilling campaign delivering a number of plus 10 gram-per-tonne gold results.
These results are located less than 20km from Black Cat Syndicate’s (ASX:BC8) Coyote Gold Deposit, which represents one of the highest-grade gold deposits in Australia with a recently updated underground resource of 365,000 ounces grading an exceptional 14.6g/t Au.
PVW’s exploration programs at the Tanami Project have now delivered exciting results in both Rare Earths and gold, which represent a match made in heaven as a combination of minerals in one deposit.
The PVW team is now finalising an interpretation of both the gold and REE results, with this analysis to underpin our 2023 exploration programs for both REE and gold.”
The company also notes the occurrence of REE mineralisation and ‘high-grade’ gold mineralisation within the same location is considered ‘unique’, and that the gold results add to the ‘exciting’ REE results reported by AC drilling, and reinforce the project’s ‘exceptional’ discovery potential.
In addition, it is reported mineralisation encountered at Watts Rise is open at depth to the northeast and that there is a potential structural offset along strike to the east, which is expected to be investigated by upcoming drilling in 2023.
Meanwhile, structural mapping identified a ‘large’ breccia zone at surface that has been defined as a REE exploration target, and is also expected to be tested by 2023 exploration drilling.
PVW Resources is an ASX-listed company headquartered in Perth, Western Australia with a portfolio of exploration tenements scattered throughout the states Tanami, West Yilgarn, Leonora, and Kalgoorlie regions. The company’s wholly owned Tanami project is located in Western Australia’s Kimberley region and is situated about 1,500km northeast of Perth, and 220km south-southeast of Halls Creek in the Tanami desert adjacent with the Northern Territory (NT) border.
The project covers a total landholding of 1,270km-square and has returned multiple ‘significant’ REE anomalies with drilling assays up to 21,865 parts per million (ppm) total rare earth oxide (TREO).
Other assets included in the company’s exploration arsenal include the Kalgoorlie Project, Leonora Project, and the West Yilgarn Project.