PVW Resources announced that final assay results from the 2022 drilling program at the 100%-owned Tanami Heavy Rare Earth and Gold Project in Western Australia have further upgraded the project's gold potential, with one-metre resampling of 4m composite assays from the Watts Rise prospect returning high-grade results, and air-core drilling defining an extensive gold anomalous zone at Monte Cristo. The one-metre resampling was undertaken on significant 4m composite results from Reverse Circulation (RC) drilling initially announced in October 2022. The gold results reported in this announcement add to the exciting Rare Earth Element (REE) results reported from air-core drilling, reinforcing the Tanami Project's exceptional discovery potential.

All assay results have now been returned from the 2022 drilling program at the Tanami Project, with a total of 132 RC holes for 10,727m and 357 air-core holes for 16,206m completed in the campaign. The RC drilling tested highly elevated surface rare earth mineralisation at both the Castella and Watts Rise prospects and further evaluated the area around historical gold results at Watts Rise. The occurrence of REE mineralisation and high-grade gold mineralisation at the same location is unique.

The air-core drilling provided a first-pass test of the broader Watts Rise ­ Castella regional targets, defined by PVW exploration activities in 2021 and 2022. Historical drilling to the south of the Castella area by previous explorers, including anomalous air-core results, highlighted the Monte Cristo prospect as a target for PVW. The regional air-core drilling program was primarily exploring for indications of REE, however, the drill lines and targets were also designed to test for gold mineralisation undercover, including extensions to the Monte Cristo prospect.

The results reported demonstrate a 4km long gold anomaly, over multiple 400-600m wide spaced drill lines with drill holes spaced from 40-80m along the lines. Resampling of the significant 4m composite assays reported in October 2022 has shown high grade gold improving in grade and width at depth. Resamples are collected to provide a larger and better-quality sample, hence the increase in grade of some samples within anomalous intervals is expected in typical gold mineralized systems. At Watts Rise, the grade has been significantly improved, with some samples indicating a high-grade component to the mineralisation.

Results returned from the 1m resamples continue to indicate significant widths, with a best result of 13m @ 3.72 g/t Au from 79m including a high-grade component of 2m @ 12.97 g/t Au from 79m. The 4m composite assays validated previous explorers' drill results and resamples provide an improvement in grade that supports further exploration both down plunge and along strike. The mineralisation is open at depth to the north-east and there is a likely structural offset along strike to the east which will be investigated by upcoming drilling in 2023.

Structural mapping identified a large breccia zone at surface that has been identified as an REE exploration target. What influence this structure has on gold mineralisation is unknown and will be tested by 2023 exploration drilling. The extension of air-core drilling, which had been predominantly focused on REE, to test areas for anomalous gold has identified an anomalous trend with a strike length of approximately 4km.

The anomaly represents a significant exploration target. PVW air-core drilling intersected the anomalous Killi Killi Formation schists and intrusive mafic units over 2km south of the Castella Project. The anomaly broadly coincides with the location of previous explorers' drilling at Monte Cristo.

The wide-spaced air-core drilling provides the first-pass geological and geochemical coverage of the newly recognised prospective stratigraphy. Gold anomalous results in the drilling over multiple sections, confirm a saprolite /saprock hosted gold anomaly with a peak of 0.31 g/t Au (308ppb Au) from 68m at the end of the hole. During the course of the drilling, significant geological changes have been observed coinciding with elevated pXRF yttrium values, elevated TREO results and now elevated gold results.

Follow-up infill and deeper drilling in 2023 will aim to locate the fresh rock source of the anomaly while extending the supergene anomaly.