Peak Rare Earths Limited (ASX: PEK) has announced the final set of assay results from its critical minerals exploration programme, which is targeting the multi-commodity potential of the Ngualla carbonatite system.
Assay results cover a maiden drilling campaign in the Breccia Zone, comprising of 11 reverse circulation and two diamond drill holes. They confirm extensive high-grade and thick intercepts of fluorspar across the Breccia Zone, supporting the potential of a globally significant fluorspar deposit at Ngualla. High-grade rare earth mineralization and elevated levels of niobium have also been intercepted within the Breccia Zone; further enhancing the prospectivity of the area.
CEO, Bardin Davis, commented, “The results from our maiden drilling campaign in the Breccia Zone are extremely exciting and confirm a major fluorspar discovery. Fluorspar is an increasingly strategic critical mineral, and we have the potential of a globally significant deposit. The final assay results from the Northern Zone are also very pleasing and further extend the mineralization area of high-grade phosphate. We intend to further assess the potential for low-cost development options for these two commodities.”
Highlights from Breccia Zone include:
- NRC390: 80m at 30.8% CaF2 from surface including 10m at 53.3% CaF2 from 34m
- NRC408: 34m at 44.2% CaF2 from surface including 10m at 59.2% CaF2 from surface
- NDD048: 68m at 30.6% CaF2 from surface including 6m at 61.5% CaF2 from surface and 8m at 58.1% CaF2 from 12m
The final set of assays from seven RC holes within the Northern Zone have also been finalized. These demonstrate further high-grade intersections of phosphate, further extending the existing extent of phosphate mineralization in the south direction.
Fluorspar is used in electrolytes with lithium batteries and to purify graphite anodes, while phosphate is used in lithium iron phosphate EV batteries and fertilizers, which are crucial to boosting food security and agricultural yields in Tanzania and East Africa.
The ongoing engagement with strategic parties around low-cost phosphate and fluorspar development options that could complement the delivery of the Ngualla Rare Earth Project.
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