- PVW Resources (PVW) successfully completes its $9.5 million placement and will use the money to bolster exploration at the Tanami project in WA
- The funds were raised through the issue of 23.75 million shares to institutional and sophisticated investors at a price of 40 cents each
- Exploration work at Tanami began in April, with mapping and surface rock chip sampling currently underway
- Once heritage approvals are received, PVW will undertake 35,000 metres of reverse circulation and aircore drilling at the Killi Killi East and Watts Rise prospects
- PVW Resources is down 3.23 per cent with shares trading at 30 cents as of 1:32 pm AEST
PVW Resources (PVW) has successfully completed its $9.5 million placement and will use the money to bolster exploration at the Tanami project in WA.
The funds were raised through the issue of 23.75 million shares to institutional and sophisticated investors at a price of 40 cents each.
The shares were issued in two phases, with phase one issuing 18,146,352 shares and phase two issuing 5,603,648 shares.
Ground-based exploration work at Tanami began in April, with mapping and surface rock chip sampling currently underway.
Exploration is focused on the 18-kilometre unconformity target and extensions to areas of known heavy rare earth mineralisation.
Heritage approvals are scheduled to begin in late May, paving the way for PVW’s first-ever drilling program at Tanami in late June.
Around 10,000 metres of reverse circulation and 25,000 metres of aircore drilling is planned with the priority on the Killi Killi East and Watts Rise prospects.
“The successful completion of this landmark placement marks a key milestone for PVW in our journey to unlock the potential of our exciting Tanami REE and Gold Project,” Executive Director George Bauk said.
“With a strong cash balance, PVW is now very well placed to move ahead with the comprehensive exploration programs we already have underway at this highly prospective, yet under-explored region.
“Current ground exploration activities are progressing well, and we are all now looking forward to the imminent commencement of drilling, which we expect will occur in June following the completion of heritage surveys.”
PVW Resources was down 3.23 per cent with shares trading at 30 cents as of 1:32 pm AEST.