The PVW Resources NL (ASX: PVW) share price has returned from its trading halt and is rocketing higher.
In morning trade, the rare earths explorer's shares were up as much as 92% to 35.5 cents.
The PVW Resources share price has pulled back a touch since then but remains up 46% to 27 cents.
Image source: Getty Images
Why is the PVW Resources share price rocketing higher?
Investors have been bidding the PVW Resources share price higher today following the release of an update relating to its Tanami Project in Western Australia.
According to the release, assay results have been received for 20 rock chip samples from the Killi Killi East and Watts Rise prospects at the Project.
As you might have guessed from the PVW Resources share price performance, the results have been very positive. Management advised that its assays revealed up to 12.45% Total Rare Earth Oxides (TREO), with 14 of 20 samples returning assays greater than 1% TREO and heavy rare earths comprising on average 80% of TREO.
Furthermore, the rare earth mineralised samples at Killi Killi East are located over 1.8km strike length and adjacent to a regional unconformity.
What's next?
An exploration field program will soon re-commence with geochemical surface sampling and ground radiometrics at Killi Killi East. Follow-up drilling is also planned at Watts Rise and Killi Killi East targeting rare earth and gold mineralisation.
PVW Resources' Executive Director, George Bauk, commented: "These are significant Heavy Rare Earth results. We now know so much more about this style of mineralisation and what we have uncovered to date at Killi Killi indicates there is significant potential within the Killi Killi Corridor, which is over 2km long, and the regional target of over 18km along the Killi Killi East/Watts Rise trend."
"We are all aware of the state of the nation in respect to Critical Minerals, with rare earths at the forefront and that has been supported by the recent announcement by the Morrison Government to support the industry through the $2 billion loan facility for Australian Critical Minerals projects to help secure the vital supplies of resources needed to drive the new energy economy and support the resources jobs of the future."
"PVW has significant experience in advancing a greenfield HRE project to production and what we have is a project in the Tanami that has the potential to be the next significant HRE project in Australia and perhaps the world," he added.
