PVW Resources : Mineralogy confirms Heavy Rare Earths at Tanami are Xenotime

12 July 2021

7 December 2021

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Mineralogy confirms Heavy Rare Earths contained in xenotime mineralisation at the Tanami HRE Project

Highlights

• Mineralogy study undertaken by Diamantina Laboratories confirms Heavy Rare Earths are contained in a xenotime mineralisation:
• • Seven rock chip samples assessed from Killi Killi East and Watts Rise prospects which had TREO grades of up to 12.45% with an average of 80% of Heavy REO.
• Independent Metallurgical Operations (IMO) have commenced metallurgical sighter test work on Killi Killi East and Watts Rise samples.
• Significance of xenotime:
• • High percentage of dysprosium and terbium, used in Permanent Magnets.
  • Similar to Northern Minerals Browns Range Project:
    o Flowsheet to produce a HRE Carbonate from xenotime mineralisation well tested at Browns Range (located ~80km North of Tanami Project).

Figure 1: Pie chart showing average distribution of REO for all samples with TREO >1%

Figure 2: Northern Minerals Browns Range Project (ASX:NTU), processing TREO dominated by xenotime mineralisation

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PVW Resources Limited ("PVW" or "the Company") is pleased to announce the results of a mineralogical study conducted on rock chip samples from the Company's Tanami Heavy Rare Earth (HRE) Project.

Seven samples from the rock chip sampling program completed in August, details of which were provided in the ASX announcement dated 13 October titled "Confirmation of high-grade Heavy Rare Earths at Tanami Project (100%), Western Australia", were selected for more detailed mineralogical studies. The study included Scanning Electron Microscope (SEM) analysis and polarising light microscopy (PLM). Analysis indicates the presence of xenotime in all samples that assayed greater than 1% TREO (six of the seven samples).

Executive Director Mr George Bauk commented "This is a significant step in the development of the Tanami Heavy Rare Earth Project. The mineralogy report has confirmed that the HRE are predominantly contained within a xenotime mineralisation which is very similar to the mineralisation at Northern Minerals Browns Range Project."

"We have engaged Independent Metallurgical Operations Pty Ltd (IMO), a very experienced metallurgical group with significant relevant experience in rare earths and in particular xenotime mineralisation, to undertake a sighter test work program on a 100kg bulk sample taken from a number of locations along the 1.8km Killi Killi corridor."

Figure 3: SEM image of sample TARK0008 (xenotime - white, florencite - grey, quartz - black

"This early metallurgical test work will provide valuable knowledge to the company as we develop our strategyto advancethis project. As I have said previously, 2022 will be largely focused on exploration activities as we can leverage off the great work done at Northern Minerals in relation to the metallurgy and flow sheet development based on the xenotime mineralisation."

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"The exploration team guided by Robin Wilson, who led the team that discovered the Browns Range Heavy Rare Earth deposits at Northern Minerals, is pulling all the data together that has been captured over the past four months on the project, including geological mapping, ground radiometric surveys, rock chip and soil sampling, coupled with the review/interpretation of the airborne surveys completed by PVW and the historical surveys. All of this data will be used to design a drill program for 2022 following the northern wet season."

Mineralogy Study

A mineralogy study was completed by highly respected mineralogist Dr. Roger Townend of Diamantina Laboratories. A total of seven samples were selected from rock chips from the Watts Rise and Killi Killi East prospects, taken during the August 2021 field program. Prospect locations from where the samples were taken are shown in Figure 4 below and the ASX announcement dated 13 October titled "Confirmation of high-grade Heavy Rare Earths at Tanami Project (100%), Western Australia" also contains the assay details. Details are summarised as follows:

Sample ID	Prospect	TREO %	HREO %	Au (g/t)
TARK0002	Killi Killi East 2	9.26	77.6	0.31
TARK0004	Killi Killi East 2	0.05	13.6	8.94
TARK0006	Killi Killi East 2	1.29	62.4	4.43
TARK0008	Killi Killi East 1	12.45	92.1	0.24
TARK0013	Watts Rise	3.90	80.8	0.01
TARK0015	Killi Killi East 1	4.4	84.6	0.01
TARK0019	Killi Killi East 2	1.29	95.5	0.02

All samples submitted for mineralogy have elevated rare earth assays except TARK0004 which was selected due to the high-grade gold assay. The study included SEM analysis of all samples and polarising light microscopy studies of polished thin sections prepared from each sample.

Figure 4: Killi Killi-Watts Rise Prospects - Mineralogy sample locations (diagram from PVW ASX announcement dated 18 November 2021 titled "Tanami Rare Earths Project - Exploration Update")

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The study concludes that the HRE are predominantly associated with the phosphate mineral xenotime. In all samples except TARK0004 (which assayed 0.05% TREO) the presence of xenotime was detected. The light rare earths are predominantly attributed to the phosphate minerals goyazite and florencite. This rare earth mineral assemblage has strong similarities with several of the rare earth deposits at Northern Minerals Browns Range Project, located approximately 80km to the north of Killi Killi.

Xenotime occurs disseminated in the 10-30 micron size range (see Figure 3 above) or as aggregates of up to 800 microns (see Figure 5 below). Rock types are described as sandstone/orthoquartzites or conglomerates.

Figure 5: SEM image of sample TARK0002 (xenotime - white, florencite - grey, in quartz - black)

Preliminary metallurgical test work

IMO have commenced metallurgical sighter test work on Killi Killi and Watts Rise samples. The samples comprise of four 20kg samples from Killi Killi East and one 20kg sample from Watts Rise. The flowsheet of the proposed test work is shown in Figure 6 below. The test work will include ore sorting studies as well as magnetic separation and flotation trials. Results of this study are expected in March 2022.

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Figure 6: Tanami Rare Earth Project - Metallurgical test work flow sheet

IMO are a respected metallurgical group with first-hand experience on developing and implementing test work programs on rare earth projects and in particular xenotime mineralisation. PVW selected Australia's largest locally owned metallurgical services company - IMO - to be their metallurgical representatives for the Tanami Heavy Rare Earth Project.

IMO are managing the beneficiation flowsheet development test work with the aim of creating a flowsheet which generates a high-grade heavy rare earth concentrate at an optimum recovery. IMO takes account of process economics and processing implications in not just the beneficiation circuit but also the downstream hydrometallurgical circuit.

ABOUT IMO

IMO has extensive rare earth flowsheet development experience having supported well-known ASX and TSX listed companies with rare earth project development and operations not just in Australia (WA, NT) but also internationally (Canada, Tanzania, Mongolia, South Africa, Kenya, Malawi, Angola).

IMO covers all areas of metallurgy within its consultancy as well as having metallurgists at various operations locally and internationally. The metallurgical company has been operating for over 20 years, having gained a wealth of experience during this time.

The PVW test work is being managed at "Metallurgy Pty Ltd" a purpose-built metallurgical facility. It provides IMO with a dedicated facility and a hands-on approach to managing metallurgical test workto providePVWwith an optimum outcome.

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