www.peakresources.com.au
Peak Resources Limited (ASX:PEK), listed on the Australian Stock Exchange (ASX:PEK) in November 2006 and based in Perth, aims to develop itself into a medium sized mining house based on exploration and development of its highly prospective exploration portfolio.
The Company holds an extensive portfolio with the main focus being 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.
Peak Resources commences highly anticipated drill program at Ngualla rare earths project
Peak Resources (ASX: PEK) has commenced resource definition drilling at the Ngualla Project in Tanzania aiming to define an initial JORC Resource estimate for both the bedrock and alluvial zones of rare earth mineralisation discovered in 2010.
In September last year Peak discovered extensive Rare Earth Oxide (REO), niobium-tantalum and phosphate mineralisation within the Ngualla Carbonatite in southern Tanzania.
The company has rights to earn 80% of this new project, which has potential to host large, near surface deposits of REO, niobium–tantalum and phosphate.
The results were highly encouraging due to the wide spacing and reconnaissance nature of the holes, and the broad down hole intervals of mineralisation intersected.
A multi-purpose reverse RC-diamond–aircore drill rig has commenced drilling and a second RC rig is also on site and is expected to start drilling later this week.
Core samples for ongoing beneficiation and metallurgical test work will also be provided by diamond drilling.
In order to test the extent of the niobium–tantalum–phosphate mineralisation to the north of Ngualla Hill, two wide spaced traverses of exploratory RC drill holes are planned after the completion of the resource drilling program
The current phase of drilling consists of an estimated 115 RC holes for 15,000m, 8 diamond holes for 1,400m and 130 aircore holes for 3,000m.
In early April preparatory site works, expansion of the exploration camp and training of personnel commenced at Ngualla.
As a result of poor road conditions in other parts of Tanzania delays have been experienced in getting the drilling equipment to site. Ground conditions on site at Ngualla are dry and the rain season has ended.
With the aim of addressing sample recovery difficulties encountered in the December 2010 program, powerful, track mounted, multi-purpose drilling rigs and associated equipment have been sourced.
The company has appointed Resource consultants Hellman and Schofield Pty Ltd as geological consultants to assist with data validation, geological modelling and future resource estimation.
Peak expects Representatives from Hellman and Schofield Pty Ltd to visit the Ngualla drilling operations in August as part of the audit process associated with the resource estimation.
The company expects the resource drilling component of the program to take several months to complete. The precise timing will be dependant on drill productivity and the exact extent of the mineralisation in the Southern Rare Earth Zone, which is currently open to the north, south and west.
The 2011 drilling program consists of four parts based on mineralisation style, priority and geographic location. These four areas are the Southern Rare Earth Zone, South West Alluvials, North East Alluvials, and the Northern Niobium–Tantalum Zone.
