Proactiveinvestors recommends
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
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
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 drilling extends rare earth mineralisation by 250m at Ngualla

Thursday, August 18, 2011
Peak Resources drilling extends rare earth mineralisation by 250m at Ngualla

Peak Resources (ASX: PEK) has further revealed the vast potential of the Ngualla Project in southern Tanzania by drilling ten reverse circulation (RC) holes in the Southern Rare Earth Zone, extending the rare earth mineralisation by 250 metres.

The mineralisation has been identified to the southwest of the zone with several new wide drill intersections from surface. Extensive primary mineralisation in fresh rock carbonatite beneath the enriched weathered profile is also confirmed.

Importantly, results from the most southern drill traverse show that the rare earth mineralisation still remains open to the south and west and the limits of the mineralisation in the Southern Rare Earth Zone have also not yet been determined to the north or at depth.

The results confirm extensive primary REO mineralisation within fresh carbonatite, which is significant in terms of additional tonnage potential. Primary mineralisation in the unweathered carbonatite typically grades from 1% to 2.5% REO.

Peak would be pleased with the progress at Ngualla since the release of assay results from the discovery drill holes at the end of September 2010.

A total of 71 RC drill holes for 9,032 metres have now been completed of the total 22,000 metres 2011 drilling program.

With assays from just 18 of these holes received to date and analytical data from 54 completed holes currently outstanding, a steady flow of new assay results is expected over the coming weeks.

Ngualla has potential to be one of the largest and better grade new rare earth discoveries in recent years.

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

A maiden JORC Resource is forecast by the end of the March quarter 2012.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.