Expands Kalgoorlie Project By 50%
PVW Resources Ltd (ASX:PVW) has entered into agreements with adjoining tenement holders increasing the prospective Kalgoorlie tenement package by 50% to over 150 sq. km.
The return of positive assays from recent auger sampling with E2/614 confirmed the prospectivity of the King of The West project area for gold mineralisation and led PVW to move to expand its interests in the area.
The recent auger drilling and geochemical sampling on E27/614 were the first detailed systematic exploration activities undertaken over the northern third of the tenement. Results returned to date include large Au anomalies >40ppb Au with, numerous results above 80ppb, peaking at 176ppb Au. The southernmost line of the 400m x 100m auger grid returned a 1.2km continuous section of >80ppb Au.
Auger coverage of this open anomaly will be extended (commencing immediately pending good weather) to the south, prior to air core drilling. Results are pending for extensional Auger drilling on E27/571, as are assays from the Black Flag Project air core drilling.
The additional tenements acquired are strategically located, either abutting or adjacent to PVW’s existing tenure.
To consolidate tenements into PVW Resource Ltd subsidiary PVW Kalgoorlie Pty Ltd, the following transactions are agreed:
PVW and YRL have agreed to swap interests in respective tenements. The tenement swap includes a 2% NSR Royalty applicable to tenure acquired by each party only.
PVW has executed a binding terms sheet to acquire 100% of the issued capital of Stark, pursuant to which PVW will pay the following consideration to the Stark vendors:
a) cash payment of $15,000;
b) 1,500,001 fully paid ordinary shares in the capital of PVW; and
c) 1,700,000 performance rights comprised of 850,000 tranche A performance rights and 850,000 tranche B performance rights, on terms to be agreed and subject to ASX approval.
Each of the transactions is conditional on conclusion of satisfactory due diligence.
“These transactions add 50% to our current land holding in the Kalgoorlie region, and with our recent successful auger drilling programme, which has identified significant anomalies, including a 1.2km wide highly anomalous zone, it provides a greater contiguous area to expand on these results,” Executive Director, George Bauk, said.
“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.”
For further information please visit: https://pvwresources.com.au/