PVW Resources makes ASX debut, opening at 16 cents and trading up to 20.5 cents

PVW Resources Limited (ASX:PVW) made an encouraging debut on the ASX today, opening at 16 cents and trading up to 20.5 cents. The company closed at 17.5 cents with more than 1.846 million shares traded. PVW, formerly known as Thred Limited, raised $4.5 million in its IPO after increasing the target from $2.5 million and will issue 22.5 million shares at 20 cents each. The board considers that the strong demand for shares in the IPO is a positive endorsement of the company’s proposed acquisition of PVW Resources NL and its business strategy focused on gold. PVW‘s principal assets are: The Kalgoorlie project: The Leonora project: and The Tanami project. “Systematic exploration planned” PVW chairman David Wheeler said: “The company has assembled an experienced management and exploration team which is well qualified to exploit the potential of the company’s mineral assets. “The board has significant expertise and experience in mineral exploration, project development and corporate finance, and aims to ensure that funds raised through the public offer will be utilised in a cost-effective manner to advance the company’s projects.” Phase 1 targets Leonora Phase 1 of the planned exploration program will centre on determining the operational potential across the Jungle Well mining lease at the Leonora Gold Project. This will include an initial 5,000-10,000 metre RC and diamond drill campaign in the first quarter of 2021. Phase 1 activities will also include initial testing with 3,000-5,00 metres of aircore drilling of structural targets within the King of the West-Kalgoorlie Gold Project. Phase two at Tanami Project Phase 2 exploration is planned to start with a drilling program in the Tanami Gold Project in the second half of 2021. This area has had limited exploration at depth and the company is eager to follow up significant results at the Killi Killi prospects which need further exploration. Some of the Phase 2 activities in the Tanami will be dependent on geophysical and geochemical data acquisition and interpretation proposed in early 2021. Phase 3 and 4 programs Phase 3 and 4 exploration activities in 2022 will return to the Leonora and Kalgoorlie Projects to infill and follow up results where positive. With success during Phase 1 and 2, the Tanami Gold Project will require further follow up drilling and initial drill testing of new targets.