Peak Rare Earths (ASX:PEK) has posted the ‘highest grade’ niobium intercept to date from its Ngualla Rare Earth Project in Tanzania.
The $57.17 million market capitalisation company says results, generated from a further 22 reverse circulation (RC) holes from the Northern Zone at Ngualla, extend the existing rare earths (REE) mineralisation.
REE mineralisation is interpreted to be enhanced by elevated levels of heavy REEs — dysprosium and terbium.
Key results include niobium (Nb2O5) grades up to 1.26% Nb2O5 from surface including 1.88% Nb2O5 — the highest grade niobium intercept to date at Ngualla.
Further assays from the Northern and Breccia zones are expected by the end of March 2024.
To date, assays from 31 RC holes across the Northern Zone have been finalised since drilling was completed at the end of 2023.
The critical minerals exploration program was designed to target the multi-commodity potential of the Ngualla carbonatite system.
Ngualla is touted as one of the largest and highest grade neodymium and praseodymium (NdPr) rare earth deposits in the world.
Peak Rare Earths CEO Bardin Davis says: “The extension of shallow and widespread phosphate mineralisation within the Northern Zone is also very pleasing and supports the recently identified opportunity to supply phosphate into the local fertiliser market.
We are eagerly awaiting the assay results from the remaining drillholes across the Northern Zone and Breccia Zone.”
Peak Rare Earths is focused on delivering its Ngualla Project to enable low carbon technologies to power the green transformation.
As of December 2023, Peak Rare Earths had $15.291 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Peak Rare Earths
