PVW Resources : Kalgoorlie - King of The West Augur Anomaly Extended

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15 November 2021

Kalgoorlie - King of The West

Auger Anomaly Extended, and Open

Highlights

• Auger geochemistry results have extended the King of The West gold anomaly 2km south, now 4km x 1.5km of +40ppb Au including:
• • +50ppb Au zone of +1.2km width over +2.0km of strike to extend the peak of the anomaly a further 2km to the south;
  • All extension lines resulted in wide zones of consistent +50ppb Au; and
  • The 4km x 1.5km +40ppb Au anomaly is still open to the southeast with multiple +50ppb Au samples returned on the southernmost extension line.
• Data compilation and review of recently acquired tenements show anomalous drill results along strike from active open pit operations.

Figure 1: PVW Kalgoorlie Project, gold in auger results showing extensive anomaly at the King of The West prospect.

ASX:PVW 17 Jun 2021, Kalgoorlie West - Positive Auger Results Outline Targets and ASX:PVW 6 Sep 2021, Kalgoorlie Exploration - Positive Aircore and Auger Results..

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PVW Resources Limited (PVW or the Company) has confirmed the King of The West auger anomaly extends at least another 2km south and is open to the southeast. Results from September auger drilling show the original 1.2 km wide zone of highly elevated gold continues in width and tenor.

The level of anomalous gold and the material sampled is equivalent to the anomalous areas that led to the discovery of Golden Cities gold deposits.

One line of 400m spaced Aircore drill holes (drilled in 1994-1995 by North Ltd) which partially tests the auger anomaly confirming anomalous gold in paleochannel sediments and in weathered granites. This drill hole spacing is too wide to have conclusively tested the anomaly. Three closer spaced drill holes, immediately north of the 1994-1995 drill line are located to the east of the auger anomaly.

Executive Director George Bauk comments, "These results are significant and highlight an exciting prospect in a very prospective gold region with the Norton Gold Golden Cities deposits hosting over 1 million ounces to the north of us. The 4km x 1.5km soil anomaly is open to the south and I look forward to the next stage of exploration on this project."

The next step is to systematically test the King of The West auger anomaly with Aircore and RC drilling to confirm the source of the near surface gold anomaly.

King of The West Auger Anomaly

Figure 2: PVW Kalgoorlie Project, location of recent Auger activities. Historical Kalgoorlie Project exploration drilling results refer to ASX:PVW, Thred Prospectus Appendix A - Independent Geologists Report, Appendix 1 ; drill collar and significant intercepts related to recently added tenure included in this report.

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The staged exploration approach has proven successful in Kalgoorlie with conversion of the King of The West geophysical target to a priority drill target. Originally the target was defined by the intersection of a pronounced north-northwest magnetic trend (typical of greenstone units) and northwest faulting that can be traced northwest to the Golden Cities and Federal deposits. These deposits are known to have granodiorite and northeast dipping veins and shears hosting the gold mineralisation. The King of The West prospect is adjacent to the dislocation of a Proterozoic dolerite dyke with apparent displacement.

The structural elements combined with nearby mineralisation (paleochannel and bedrock), positioned on the axial plane of a major regional anticline provided the basis for the conceptual geophysical target.

As a first pass to test the King of The West target a 6km x 3km area has been auger drilled on a 400m x 100m spaced grid. Results were positive with elevated gold contourable above 40ppb Au. Numerous samples above 50ppb Au are located along trends and as multiple sample anomalies. Several northwest trends are visible as are northeast trends. Extensional auger to the south now confirms the main +40ppb anomaly in an arcuate zone averaging 1.5km wide over 4km of strike.

Multielement geochemistry has confirmed the main Au anomaly is coincident with elevated Nickel and Manganese which suggest sampled medium has a lateritic origin. This is important as it discounts the likelihood that near surface gold is alluvial in nature.

Whether the source of the auger anomaly is auriferous veins and structure in underlying bedrock, or gold in buried paleochannel deposits will only be confirmed with systematic drill testing.

Kalgoorlie Drilling Update

Aircore drilling at the Black Flag prospect of previously inaccessible lines and first pass Aircore drilling at the Pappy prospect is complete with results pending. Samples for these drilling programs were submitted to the assay laboratories in September so we are anticipating another 4 weeks before results start being reported.

The Pappy prospect Aircore drilling intersected a sequence (west to east) of intermediate - felsic intrusives / volcanics to variably carbonaceous shales, with a deepening weathering profile below the main auger anomaly. Central to most drill lines was a zone of variably sheared, silicified, micaceous and ferruginous schists. Sulphides and iron oxides after sulphides were observed in numerous holes generally associated with quartz veining and chlorite schists. Ferruginous schist observed in the upper weathering profile are expected to be a weathering product of the chloritic schists.

Historical Drilling On Recently Acquired Tenure

Included in Table 2 and 3 are the drill collars and significant intercepts (assay results >0.2 ppm Au) for drill holes shown within newly acquired tenure on Figure 1 and 2. JORC tables following describe the historical drilling. An additional 508 drill collars averaging 45m deep were added to the database.

Significant results from the additional drilling include:

• 9m @ 0.32g/t Au from 30m; and
• 12m @ 0.23g/t Au from 28m

The significant intercepts listed in Table 3 include, 97GCAR501 with 10m @ 2.44 g/t Au from 42m. This result was followed up with an RC scissor role which did not replicate the same

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high-grade interval. There was no explanation provided for the intercept in company annual reports available via the WAMEX reporting system. This result will be followed up in the field and given its proximity to mineralisation at Jakarta it should not be discounted without further investigation.

Figure 2, shows the drill hole location and maximum Au value for the historical drilling reported here.

Figure 3: PVW Kalgoorlie Project, typical deep saprolitic weathering profile sampled with Aircore drilling at the

Pappy prospect.

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Competent Person's Statement

The information in this document relating to gold exploration activities is based on information compiled by Mr Karl Weber, a professional geologist with over 25 years' experience in minerals geology including senior management, consulting, exploration, resource estimation, and development. Mr Weber completed a Bachelor of Science with Honours at Curtin University in 1994; is a member of the Australasian Institute of Mining and Metallurgy (Member No. 306422) and thus holds the relevant qualifications as Competent Person as defined in the JORC Code. Mr Weber is a full-time employee of PVW Resources. Mr Weber has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves'. Mr Weber consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Authorisation

This announcement has been authorised for release by the Board of PVW Resources Limited.

For further information, please contact:

George Bauk	Joe Graziano
Executive Director	Company Secretary
[phone]	[phone]

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