PVW Resources NL (ASX:PVW) has announced that it has expanded the size of its King Of The West Project by 50% to over 150km² in a series of deals with adjoining tenement holders.
Transaction details
The transactions include an asset swap with Yandal Resources, and an acquisition of a 29km² land package from Stark Resources.
Yandal deal
- Parties have agreed to swap interests in respective tenements
- 2% NSR royalty applicable only to tenement acquired by each party
Stark deal
- Binding term sheet for PVW to acquire Stark
- $15,000 cash; plus
- 1,500,001 fully paid ordinary shares in PVW; plus
- 1,700,000 performance rights including:
- 850,000 Tranche A
- 850,000 Tranche B
PVW tenement map displaying expansion from Yandal and Stark transactionsAbout King Of The West
King of The West sits in the heart of the PVW’s Kalgoorlie Project, with assays from auger drilling having confirmed the gold prospectivity of the project, including “large Au anomalies”.
The drilling is the first systematic exploration over the northern third of the tenement, with coverage set to be expanded to the south before the commencement of AC drilling.
“with our recent successful auger drilling program…it provides a greater contiguous area to expand on these results”
Management comments
PVW Resources Executive Director George Bauk said: “These transactions add 50% to our current land holding in the Kalgoorlie region, and with our recent successful auger drilling program, which has identified significant anomalies, including a 1.2km wide highly anomalous zone, it provides a greater contiguous area to expand on these results”
“Results are eagerly awaited form the Black Flag air core program and from extensional auger drilling”
“Kalgoorlie is a world class gold province and we have a substantial land package located 30km from the centre of Kalgoorlie, surrounded by operating mines and mills, with outstanding results to follow up.”
Images: PVW Resources NL
