PVW Resources Ltd (ASX:PVW), a mineral exploration company focused on identifying and developing high-quality resource projects, has announced a binding agreement to acquire 100% interest in gold and silver projects located in Nevada and Idaho, USA. The portfolio includes the Cobb Creek Project in Nevada, situated within the Independence Trend, and the Colorado Gulch and Silverstar Projects in central Idaho, both located in emerging mineral-rich districts. The acquisition provides PVW with a pipeline of opportunities to explore for gold and silver across 34.4 square kilometres in strategically selected regions.
The Cobb Creek Project has shown promising historical drilling results, including intersections of 33.5m at 1.9 g/t Au from 18.3m. Historical estimates indicate a non-JORC gold resource of 173,000 ounces at 1.44 g/t Au. PVW Resources acknowledges that a Competent Person has not yet verified this historical estimate under the JORC Code, and further work is required to classify it as mineral resources or ore reserves. The Colorado Gulch and Silver Star projects, both underexplored, feature gold-silver-base metal vein and breccia systems that were mined in the 1800s but have seen no modern systematic exploration.
To fund the acquisition and exploration activities, PVW Resources has secured firm commitments to raise $2.5 million through a placement to sophisticated and professional investors, led by CPS Capital Group Pty Ltd. The placement will involve the issue of approximately 166,666,667 fully paid ordinary shares at $0.0165 per share, along with free attaching options. New directors, Martin Walter and William (Rick) Brown, will join the PVW Board, bringing experience from the acquisition and resource definition of the Navidad Silver Deposit.
Martin Walters, incoming director, expressed excitement about the acquisition, highlighting the potential of the Cobb Creek Project and the high-grade projects in Idaho. He believes the projects have the potential to rapidly complement Cobb Creek and underpin a portfolio that can deliver a minimum one-million-ounce gold inventory. The company plans to quickly move into follow up workings across all projects now fully funded and providing shareholders with continuous progress reports with our findings as they come to hand.”
