A new player in the rare earths story which has been fascinating the market recently. See ALK, LYC, ARU, GGG
A bit of upside already since announcement (see below), but actual sample results are yet to be released.
This should be imminent and then we could really see some action on PEK.
Watch this space perhaps?
Peak Resources confirms rare earth anomalies at Ngualla project
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Peak Resources (ASX: PEK) has provided an update on its potentially large scale Ngualla Carbonatite project in south western Tanzania – 120km from the inland port city of Mbeya.
Executive director of Peak, Mark Maine said today a preliminary assessment of analytical data from geochemical soil sampling confirms extensive anomalism in Rare Earth Elements plus Niobium, Tantalum and Titanium.
Work in 2009 had indentified phosphate material from the surface. The Project has a surface expression of 3.5km to 4km in diameter, making it one of the largest mineralised carbonatites in the world.
The Company’s initial focus was on the phosphate potential of the carbonatite with the programme developed with a heavy weighting on potential phosphate mineralisation.
However, as field work has progressed the potential of the Project to host a range of mineralization targets was shown to be far greater than first anticipated.
Results to date confirmed wide spread coherent phosphate in soil anomalous zones of +5% phosphate with maximum soil values of +20% phosphate. With confirmation the Ngualla Carbonatite project to be highly mineralised with extensive phosphate, lanthanum and base metal mineralisation being identified.
Several base metal anomalous trends have been partially defined. Maximum element concentrations in soils are; copper 380ppm, lead 1320ppm, zinc 1540ppm, lanthanum 5435ppm and molybdenum 83ppm. This anomalous trend is still open to both north and south and has been subject to the recently completed infill sampling.
Results from the initial batch of 278 samples have now been received from the Perth assay laboratory.
The results are currently being compiled and will be reported in detail when data assessment is complete. However, from a preliminary assessment of the data the results confirm extensive anomalism in REE’s plus Niobium, Tantalum and Titanium.
The company said that this it is still early stage exploration, however the results have further highlighted the Ngualla Project’s prospectivity for phosphate and rare earths. The data for both rare earths and phosphate have been “extremely encouraging” with the initial Niobium results now also providing a major addition to the potential of the Ngualla Project.
