PVW Resources pivots to the US with Nevada–Idaho gold-silver deal and $2.5m raise

Key highlights

• PVW to acquire 100% of three US projects: Cobb Creek (Nevada) and Colorado Gulch/Silverstar (Idaho), totalling 34.4km². 
• Historical (non-JORC) gold resource at Cobb Creek’s McCall deposit: ~173koz @ 1.44 g/t Au; multiple shallow historical intercepts up to 33.5m @ 1.9 g/t and 4.6m @ 5.4 g/t.  
• Placement to raise A$2.5m at A$0.0165/share with 2:3 free options (ex. $0.025, 24 months); CPS Capital leads.  
• Board refresh: incoming directors Martin Walter and William (Rick) Brown, part of the team behind the Navidad silver discovery later acquired by Pan American Silver for US$626m. 
• Market snapshot (12:41pm AEST, Wed 17 Sep 2025): PVW A$0.034 (+25.9%), vol. 14.3m, mkt cap ~A$6.76m, 1-yr +61.9%, OS 198.9m, 52-wk A$0.010–0.041. (Session data supplied.)
  
   

PVW Resources (ASX: PVW) has unveiled a US expansion anchored by a binding deal to acquire three gold–silver projects across Nevada and Idaho, backed by a A$2.5 million placement. The move places the micro-cap explorer on North America’s premier gold address—Nevada’s Independence and Carlin trends—and adds two high-grade, historically mined targets in Idaho where systematic modern exploration has been limited. 

What PVW is buying—and why Nevada/Idaho matter

The headline asset is Cobb Creek in Elko County, Nevada, positioned where two fertile structures intersect: a N–NW epithermal corridor tied to Western Exploration’s Gravel Creek discovery and a N–NE corridor linking Doby Gorge to McCall, Cobb Creek’s historical resource area. This structural confluence is the sort of setting that hosts many of Nevada’s tier-one systems. The McCall deposit itself carries a historical (NI43-101, non-JORC) 173koz @ 1.44 g/t Au across oxide and sulphide material—open in all directions—and sits within rocks known to be prospective for Carlin-style mineralisation. 

Historical drilling and trenching compiled in the announcement include broad, near-surface intercepts such as 33.5m @ 1.9 g/t Au from 18.3m (incl. 12.2m @ 4.1 g/t), 30.5m @ 1.7 g/t from 6.1m (incl. 15.2m @ 2.9 g/t), and 21.3m @ 1.7 g/t from 47.2m (incl. 9.1m @ 3.2 g/t). PVW cautions these are historical and not JORC-compliant, but they paint a picture of consistent shallow mineralisation with open extensions to test. 

Regionally, PVW highlights neighbours and analogues: Western Exploration’s Aura Project (Gravel Creek, Wood Gulch, Doby Gorge) with ~1.3Moz Au and 13.6Moz Ag (NI43-101), and Idaho’s Beartrack-Arnett (Revival Gold) with ~4.2Moz Au (NI43-101)—both cited to underscore the endowment of these belts. 

In Idaho, Colorado Gulch (Wood River Mining District) and Silverstar (Central Idaho Gold Belt) bring historic high-grade vein systems back into focus. At Colorado Gulch, 1980s work reported veins traced for ~1.1km and bulk-sample supported averages around 13.6 g/t Au and 43.4 g/t Ag from a historic adit (not JORC-compliant; coordinates partially documented). Silverstar saw small-scale production in the mid-20th century and sits ~10km from Beartrack-Arnett in a similar tectono-magmatic corridor. PVW will begin reconnaissance sampling and trenching shortly to validate grades and footprint. 

The money and the plan

PVW has firm commitments to raise A$2.5m via a placement at A$0.0165/share with free attaching options (2 for 3) exercisable at A$0.025 for 24 months. The raise will be delivered in two tranches, with Tranche 2 subject to shareholder approval. Funds are earmarked for permitting, geophysics (gravity/DDIP), verification drilling at McCall, and first-pass programs at the Idaho projects. 

A maiden 2,500m drill program at Cobb Creek within six months (permits pending) aims to (1) validate the historical resource to JORC standards, (2) test extensions under thin volcanics to the east and along strike to the west, and (3) probe deeper Carlin targets in Lower Plate carbonates beneath McCall’s greenstones. The company also flags multiple soil anomalies—some Carlin-like (Au–As association), some epithermal-leaning (Au–Ag)—that rank as follow-ups along the two structural corridors. 

Management’s full commentary

Incoming director Martin Walter framed the timing and scale of the opportunity:

“We are bringing PVW into Nevada at exactly the right time. The state is experiencing a genuine gold boom, with majors and juniors alike aggressively drilling extensions on the Carlin and Independence trends. Nevada is already one of the world’s greatest gold producers, and yet projects like Cobb Creek remain virtually untouched since the early 1990s. That underexplored potential, in the middle of a world-class district, is incredibly rare.
 

At Cobb Creek, the NI43-101 (non-JORC) Historic Resource of ~173,000 ounces is just the starting point. The geology strongly supports significant growth — untested feeder zones, silver not historically assayed, and multiple open extensions. With record-breaking gold prices now above US$3,500 an ounce, every new ounce we discover will generate more value than ever before. I believe Cobb Creek alone has the scope to grow into a substantial deposit. Equally exciting are our Idaho high-grade projects, Colorado Gulch and Silverstar where high grades of gold and silver have been reported in historical records. This sort of high-grade, near-surface mineralization, sitting within proven gold belts, gives us a huge advantage in fast-tracking ounces into a resource base. These projects have the potential to rapidly complement Cobb Creek and underpin a portfolio that I believe can deliver a minimum one-million-ounce gold inventory.

I’m also very pleased to be working alongside a first-class technical team. William Brown, who has been instrumental in major discoveries such as Navidad (750Moz silver) and Mara Rosa (1.5Moz gold), and Dr. Max Baker, a PhD geologist with over 40 years’ experience including senior roles at Newcrest and Integra Resources. Their track record of finding and developing world-class deposits gives me enormous confidence in what PVW can achieve with these assets.

We look forward to… quickly move into follow-up workings across all projects now we are fully funded and providing shareholders with continuous progress reports with our findings as they come to hand.” 

(Note: references to price levels and resources in the quote are contained in the company’s release; PVW reiterates that historic resources and past assays are non-JORC and require verification.) 

Source: PVW ASX Announcement 

Investor lens: a micro-cap’s US re-rating case

At the time of writing this article PVW shares were trading at A$0.034, up by 25%

Early catalysts include:

• Permitting and start of the 2,500m program at McCall;
• Results from re-assays/QAQC to underpin a JORC conversion pathway for the historical resource; 
• Geophysics (gravity/DDIP) that can vector deeper Carlin targets; and 
• Idaho fieldwork confirming grade continuity and strike at Colorado Gulch and Silverstar. 
  
   

Risks are typical for an early-stage explorer: permitting timelines in multiple US states, the non-JORC nature of legacy data, and the funding cadence required to move from target generation to resource definition. PVW’s board additions and belt scale help, but drill intercepts and QAQC will ultimately carry the valuation.

Bottom line

PVW’s Nevada–Idaho pivot gives the company a clear narrative: verify and expand a shallow, open mineralised system at McCall while chasing structural repeats along two proven corridors, and re-test historical high-grade vein systems in Idaho with modern methods. With A$2.5m raised, new technical leadership, and near-term drilling on the cards, the next six months should determine whether PVW can convert historic promise into JORC-compliant inventory—and with it, a more durable market re-rating.