PVW Resources : Phase 1 Aircore Drilling Commences at King of The West

10th February 2022

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Kalgoorlie - King of The West

Phase 1 Aircore Drilling Commences

Highlights

• The main King of The West auger anomaly, a +2.0km x 1.2km wide +50ppb Au zone which remains open to the south, is being tested with Aircore drilling.
• Phase 1 Aircore drilling will target the main +2.0km x 1.2km anomalous zone with 100m spaced holes on 400m spaced lines.
• Phase 2 Aircore (proposed for mid-2022) will be prioritised to infill Phase 1 drilling and target other anomalous zones within the current auger coverage. Other targets will be prioritised as required along strike to the northwest and to the southeast within the Scotia - Kanowna Dome hinge zone, or where structure and host rocks are favourable.

Figure 1: Exploration drilling at King of The West testing the main auger anomoly has commenced

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PVW Resources Limited (PVW or the Company) has commenced drilling at the King of The West project. The main auger anomaly is targeted based on the +50ppb Au auger results and the following geological features adding merit to the drill target:

• location along strike from operating mines, the main anomaly is 8km southeast from mineralisation at the Golden Cities operations: Havana, Federal and Jakarta open pits.
• location over a major structural feature, parallel to the hinge-line which defines the Scotia - Kanowna Dome and extends northwest to Golden Cities and southeast to Kanowna Belle.
• location over late structures with the same strike as shears and faults hosting the Golden Cities mineralisation, controlled by northeast dipping shears within the hornblende biotite granodiorite.

The drilling will test for bedrock and paleochannel mineralisation on a 400 x 100m grid, with vertical Aircore drill holes. It is anticipated holes will terminate in fresh bedrock at a depth of 60-90m. Previous drilling has intersected paleochannel clays in some areas, hence the decision for vertical drilling to assist in penetration through the clays. Given the wide drill hole spacing and the transported cover follow up drilling proposed for later in 2022 will target a suitable tenor of Au anomalism based on results from Phase 1 Aircore drilling.

The auger anomaly and anomalous intersections in exploration drilling, provide PVW with multiple targets between King of The West and Norton Gold Fields operations at Golden Cities..

Executive Director George Bauk comments, "This significant soil anomaly is an exciting target for PVW. Over the past 12 months the company has undertaken exploration that has developed this target which warrants follow up drilling

We have consolidated this land package over the past 6 months, increasing the land holding to over 150km2 within 30km of Kalgoorlie. We have seen recent commencing of mining at the Jakarta mine to the northwest of our tenement package, to within 100m of our boundary".

Figure 2: Norton Goldfields Jakarta Mine, within 100m of the North West boundary of King of the West

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Figure 3: PVW Kalgoorlie Project, location of recent Auger activities and planned Aircore drilling over regional airborne magnetics. Historical Kalgoorlie Project exploration drilling results refer to: ASX:PVW 15 Nov 2021, Kalgoorlie - King of The West Auger Anomaly Extended, and Open. ASX:PVW 6 Sep 2021, Kalgoorlie Exploration - Positive Aircore and Auger Results. 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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King of The West Exploration

The King of The West anomaly and anomalous results along strike and on adjacent trends are located near the hinge of the Scotia - Kanowna Dome. The granite cored domes in Archean lode gold systems are known to be associated with major deposits. Major deposits often form in adjacent greenstones and greenstones located above the dome if the granite is still buried.

Figure 4: PVW Kalgoorlie Project, location of exploration activities over Geological interpretation.

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The granite cored domes influence the structural elements of surrounding greenstones and in some cases are the primary source of much of the gold deposited in adjacent greenstones. In the case of the Scotia - Kanowna Dome, which is exposed due to erosion, mineralisation is not only located in the adjacent greenstone (Gordon Sirdar, Mulgarrie, Kanowna Belle and Red Hill) but also within the core of the dome in Granodiorite or "Mafic Granite" which provides a style on mineralisation that can be targeted.

Mineralisation at the Federal deposit provides a useful analogy for targeting mineralisation in the Scotia - Kanowna Dome. The mineralising systems observed result in a distal epidote alteration (up to 100m from mineralisation) and more proximal muscovite - biotite alteration which is synchronous with quartz-sulphide veins. Alteration zones may differ from greenstone hosted mineralisation with only weekly developed chlorite - carbonate alteration (Davis et al., 2010). These attributes will assist in interpretation of drill data and can assist the geologists on site with the location of drill holes.

References

Davis B.K., Blewett R.S., Squire R., Champion D.C., Henson P.A., 2010. Granite-cored domes and gold mineralisation: Architectural and geodynamic controls around the Archaean Scotia-Kanowna Dome, Kalgoorlie Terrane, Western Australia. Precambrian Research 183, 316-337.

Exploration activities forecast for the Quarter

Tanami Project

• Interpretation and targeting following processing of Airborne Survey data.
• Preparation for the April drill program

Kalgoorlie Gold Project

• Kalgoorlie Heritage Surveys to accommodate future drilling requirements.
• King of The West drilling program to target the Auger 1.5km x 4km anomaly
• Auger geochemistry on Kalgoorlie Projects

Results are pending for the following:

• Tanami - Soil sample results from September and October/November field programs.
• Tanami - Detailed ground radiometric results at Killi Killi East and Watts Rise.
• Kalgoorlie - Black Flag line extensions
• Kalgoorlie - Pappy Prospect Aircore
• Leonora - Brilliant Well Aircore and RC
• Leonora - Jungle Well North Aircore
• Leonora - MLEM survey interpretation will follow Aircore results.
• Leonora - Jungle Well Mineral Resource Estimate update

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