PVW Resources Limited provided an update on rare earth and gold assay results received from the field program completed in October 2021 at the Tanami REE/Gold project. The field program completed in October included rock chip sampling, reconnaissance geological mapping, soil sampling and ground radio metrics at the Killi Killi East and Watts Rise prospects. Results are still pending for the soil sampling program however assays have been received for the 23 rock chip samples, 20 of which were from Killi Killi East, one from Watts Rise and two from regional sampling.

The new sampling results have now outlined a drill target with high-grade surface mineralization occurring over an approximate strike length of 800m at Killi Killi East 1 and at least 500m at Killi Killi East 2. The REE mineralization predominantly occurs within the Pargee Sandstone close to the unconformity with the underlying older Killi Killi Formation. Significantly, the most recent assay results have returned REE mineralization from what is interpreted to be brecciated and altered Killi Killi Formation (samples TARK0030, 0031, 0032). This suggests there is potential for mineralization within the Killi Killi Formation and hence a significantly more extensive target than previously thought.

Three of the rock chip samples from Killi Killi East 2 also returned anomalous gold assays with assays of 3.13 g/t, 1.33 g/t and 0.58g/t Au (samples TARK0033, 0041, 0042). These samples were taken as follow-up to the gold assays of up to 8.94g/t and 4.43g/t Au from the August sampling program, with gold mineralization occurring in the Pargee Sandstone /conglomerate proximal to the unconformity. All the samples discussed above are selective in nature with a high potential for bias and should not be considered as being representative of the overall mineralized structure or zone.

A new interpretation of geophysical data from the Watts Rise-Killi Killi East trend is nearing completion which will assist in drill targeting of the 18km long Pargee Sandstone - Killi Killi unconformity. Drilling is planned to commence in April at both Watts Rise and Killi Killi East, focused on the surface REE mineralisation identified to date as well as regional conceptual drill targets. Preliminary metallurgical studies are also currently underway with results expected in March.

Killi Killi East: The rare earth mineralisation occurs mostly within a basal conglomerate unit of the Pargee Sandstone. Where mineralised, the conglomerate unit is often strongly hematitic but also displays silicification and brecciation in places. Field evidence suggests the mineralisation is both structurally and lithologically controlled.

Cross-cutting structures possibly act as structural traps for mineralisation along this trend, with the basal conglomerate unit providing a suitable lithochemical host. Potential for REE mineralisation hosted within the Killi Killi Formation has also now been recognized. The drill program for Killi Killi East will be finalized once the geochemical soil sampling results have been received however the current rock chip results and geological mapping have defined drill targets of at least 800m and 500m strike length at Killi Killi East 1 and 2 respectively.

Watts Rise: The Watts Rise prospect is located approximately 12km northwest of Killi Killi East. Only two rock chip samples were taken there in the October 2021 field program, one of which was a barren sample of Pargee Sandstone, for lithogeochemical purposes. The other sample returned an assay of 2.54% TREO which was proximal to a sample of 3.9% TREO taken in the August 2021 field program.

The rare earth mineralisation at Watts Rise also occurs within a basal conglomerate unit of the Pargee Sandstone, close to the unconformity with the Killi Killi Formation. The drill program for Watts Rise will be finalised once the geochemical soil sampling results have been received. Regional REE Target: The contact between the Pargee Sandstone and the Killi Killi Formation is a regional-scale unconformity of over 18km strike length and is considered prospective for hydrothermal unconformity-related REE mineralisation, examples of which occur across a large part of the Birrindudu Basin (eg.

Browns Range, Boulder Ridge). The two main prospect areas, Killi Killi East and Watts Rise occur 12km apart and are both located close to the contact between the Pargee Sandstone and the Killi Killi Formation. PVW Resources exploration program will target faults and structures that transect the regional unconformity and potentially act as conduits for mineralising fluids.

Deposits of the hydrothermal unconformity-related style can have a small areal footprint (<200m) which may require detailed geological mapping and close spaced drilling. As part of the drilling program in April, regional targets along the unconformity between Watts Rise and Killi Killi East will also be tested. These regional targets are currently still being finalised.