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Additional Information
Market:ASX
Sector:General Mining
EPIC:PEK
Latest Price: 0.21  (-8.89% Descending)
52-week High:0.64
52-week Low:0.21
Market Cap:42.62M
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Peak Resources Full Peak Resources profile here

Peak Resources (ASX: PEK) aims to develop into a medium sized mining house based on exploration and development.

 

The company holds an extensive portfolio with the main focus the Ngualla Rare Earth Project in southern Tanzania.  Additionally, Peak holds a number of gold projects comprising a mix of brownfield, greenfield and advanced exploration prospects within Tanzania and Western Australia.

Pdf

Peak Resources positive progress at Ngualla Rare Earth Project, initial assays in July

Wednesday, June 15, 2011 by John Phillips
Peak Resources positive progress at Ngualla Rare Earth Project, initial assays in July

Peak Resources (ASX: PEK) is continuing exploration at the highly prospective Ngualla Rare Earth Project in Tanzania, with two track mounted multi-purpose drill rigs in full production.

So far 14 angled reverse circulation holes for 1760 metres have been completed to the planned depth of 120 metres, with initial assays forecast to be received in late July from SGS Laboratories in Perth.

Peak said sample recovery has improved this year compared to last year, with consistently higher sample weights and less variation in sample size achieved in this early phase of the program.

Added to the improved samples is a faster exploration rate, with drill rig production rates improved due to more powerful equipment.

Drilling at the project is designed to provide sufficient data for an initial JORC Resource to be completed for both the bedrock and alluvial zones of rare earth mineralisation, which were discovered by the company in 2010.

Rare earth mineralisation was intersected by previous drilling in the Southern Rare Earth Zone at Ngualla, and is enriched in the weathered zone of the carbonatite.

Peak said the new drilling has intersected deeply weathered carbonatite in several drill holes to depths up to 120 metres from surface, with the holes located on drill traverses 200 metres and 400 metres further south of the previous drill traverses.

Exploration at the project will be extensive, with an estimated 20,000 metres of reverse circulation, diamond and aircore drilling in the current program.

Drilling has the potential to extend until the end of October 2011, with the resource estimate expected before the end of the March quarter of 2012.

Peak has the rights to earn 80% of Ngualla, which has the potential to host large, near surface deposits of rare earths, niobium – tantalum and phosphate.

 

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