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Peak Resources Ltd.
Summary
| Project: | Ngualla | |
|---|---|---|
| Deposit: | Ngualla | |
| Location: | Tanzania | |
| Commodities: | Rare Earth | |
| Date: | 4/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 12-4-2017: Peak Resources Ltd. announces a Resource Estimation report for its Ngualla deposit at the Ngualla project. Updated Ore Reserve for Ngulla project. Peak Resources Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to provide a revised Ore R | |
| Resources: | (Reserve, P+P): 18.5Mt @ 4.80% REO for 887000t REO contained at project | |
| CP/QP: | [Overall Report]: Ryan Locke (Orelogy Pty Ltd.) | |
| ABSTRACT: | Peak Resources Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to provide a revised Ore Reserve estimate for the Ngualla Rare Earth Project in Tanzania. The updated Ore Reserve estimate for the Ngualla Project is 18.5 million tonnes at 4.80% REO (total rare earth oxide plus yttrium) for 887,000 tonnes contained REO and is classified as shown in Table 1 below. The Ore Reserve is reported in accordance with the JORC Code 2012, is estimated by Mr. Ryan Locke of independent mining consultancy Orelogy Consulting Pty Ltd and accompanies the announcement by the Company of a positive Bankable Feasibility Study (BFS) into the development of the Ngualla Project (ASX Announcement “BFS positions Ngualla as one of the world’s lowest cost rare earth projects” of 12 April 2017. A detailed summary of the supporting material assumptions and data (Table 1 as per JORC 2012 Guidelines) is provided in the Appendix and in Table 2 overleaf. Further details are summarised in the BFS ASX Announcement. Commenting on the updated Ore Reserve, Peak’s Managing Director Mr Darren Townsend said: “The announcement of this Ore Reserve estimate accompanies the completion of the Bankable Feasibility Study for Ngualla; both are major milestones in the development of the Ngualla Project into a low cost producer of magnet metal rare earth products. The Ore Reserve is not only one of the world’s largest but is also high quality, with over 91% in the highest JORC Proved category.” | |
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