Engagement with strategic partners continues to Peak

Peak Rare Earths (ASX:PEK) will continue engaging strategic partners regarding low-cost phosphate and fluorspar development options that could complement the delivery of its Ngualla Rare Earth Project in Tanzania. 

The $49.19 million market capitalisation company says engagement with strategic parties is in line with plans for additional drilling, part of the next phase of its critical minerals exploration program.

Peak’s share price had risen 27.027% to $0.235 as of 10am AWST.

The company will evaluate the multi-commodity potential of Ngualla through a series of near term activities, including updating the conceptual model of the Northern Zone to identify further drill targets and preferential areas of mineralisation for further development. 

Other activities include mineralogical analysis of the fluorspar DD core from the breccia zone, and preliminary flowsheet evaluation for both the Breccia and Northern zones. 

The company today (20 March 2024) has made a ‘major, high-grade’ fluorspar discovery from the final batch of assay results generated from the recent critical minerals exploration program. 

Peak Rare Earths CEO Bardin Davis says: “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 mineralisation area of high-grade phosphate. We intend to further assess the potential for low-cost development options for these two commodities.”

Yesterday , Peak acquired the freehold title over its 19-hectare Teesside site from Homes England. The landholding sits within the Wilton International Site, which is near the town of Middlesbrough in the Tees Valley, UK. 

The acquisition of freehold follows the exercise of roughly £1.859 million option to enter into a 250-year lease in may 2021. The company says the benefits of the freehold over a long-term lease include supporting a higher value and greater flexibility around future development opportunities, as well as exit options. 

However, the Teesside site is no longer regarded as a core asset given the adoption of a sequenced development strategy entailing the initial development of the Ngualla Project as a standalone ‘high-grade’ concentrate project; and a longer term intention of developing Tanzanian downstream opportunities. 

As such, unsolicited approaches received over the past year and exit options are being considered.    

Peak Rare Earths is an ASX-listed exploration company focused on delivering the ‘high-grade’ Ngualla Rare Earth Project in Tanzania. 

Write to Adam Drought at Mining.com.au 

Images: Peak Rare Earths
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.