PVW Resources has completed its landmark $9.5 million share placement comprising 23.75 million shares at an issue price of 40 cents per share.
The Western Australian company is exploring Tier 1 mining jurisdictions for rare earths and gold in Tanami in the Northern Territory, and Kalgoorlie and Leonora in Western Australia.
PVW now has 96,335,413 shares on issue and cash exceeding $10 million, putting it in a strong position to advance programs at the flagship Tanami Heavy Rare Earth and Gold Project, where it recently commenced exploration, with extensive ground-based activities including mapping and surface rock chip sampling.
Exploration is continuing along the 18-kilometre unconformity target to extend areas of known heavy rare earth mineralisation.
Heritage approvals are now scheduled to commence in late May which will pave the way for commencement of the company’s first-ever drilling program in the Tanami in June.
PVW Resources executive director George Bauk said with a strong cash balance, PVW was now well placed to move ahead with the comprehensive exploration programs already under way at the 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,” he said.