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Peak Resources Ltd.
Summary
| Project: | Ngualla | |
|---|---|---|
| Deposit: | Ngualla | |
| Location: | Tanzania | |
| Commodities: | Rare Earth | |
| Date: | 3/2/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 2-3-2017: Peak Resources Ltd. announces a Resource Estimation report for its Ngualla deposit at the Ngualla project. Re-issue of Mineral Resource Estimate to include barite . Peak Resources Limited (“Peak” or “the Company”; ASX Code: PEK) is pleased to re | |
| Resources: | (Resource, Total): 214.4Mt @ 2.15% REO, 16.6% BaSO4 for 4.62Mt REO contained at project | |
| CP/QP: | [Resources]: Rod Brown (SRK Consulting (Australasia) Pty Ltd.) | |
| ABSTRACT: | Peak Resources Limited (“Peak” or “the Company”; ASX Code: PEK) is pleased to re-issue the Mineral Resource estimate for its Ngualla Rare Earth Project in Tanzania to include a further commodity – the industrial mineral barite. As part of the work programs for the Ngualla Rare Earth Project Feasibility Study, which remains on track for completion in the near term, it has become apparent that a high grade barite stream is produced during rare earth processing. The Company wishes to keep the market informed of the potential for barite, which, although it will not be included in the Feasibility Study, will be evaluated subsequently as a potential upside for the Project. The industrial mineral barite (barium sulphate, BaSO4) is a major component of the host rock to the REO mineralisation at Ngualla, particularly in the Weathered Bastnaesite Zone that is the basis of the Feasibility Study currently nearing completion. Metallurgical testwork completed by Peak has indicated that relatively pure barite is expected to report to one of the rare earth waste streams during processing. n light of this potentially economic by-product of a future rare earth operation at Ngualla, Peak commissioned SRK Consulting (Australasia) Pty Ltd (SRK) to include the reporting of barite as a byproduct within the rare earth Mineral Resource estimate at a 1% lower grade cut off REO. The Mineral Resource estimates are classified in accordance with the 2012 edition of The Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). The rare earth oxide (REO) component of the Mineral Resource estimate, the supporting data, estimation methodology and Material Information remain unchanged from the 2016 Mineral Resource estimate completed by SRK and are reported in ASX Announcement ‘Higher Grade Mineral Resource for Ngualla Rare Earth Project’ of 22 February 2016. | |
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