Peak Resources: Ngualla drilling program update and new high grade results
December 18, 2012 (Source: Peak Resources) — Peak Resources Limited (Peak; ASX: PEK; OTCQX: PKRLY), is pleased to provide an update on results received to date from the 2012 drilling program and report additional new high grade drill results received from its 100%-owned Ngualla Rare Earth Project in Tanzania.
The 2012 program of 13,600m of RC and diamond drilling in the priority area of the Southern Rare Earth Zone targeted for first production is now complete and field activities have ceased until the end of the rains in April 2013.
The 2012 drilling will allow for the estimation of a large Measured Mineral Resource and provide the definition required for a detailed mine plan and schedule for the project.
Drilling completed in 2012 defines a continuous zone of high grade mineralisation from surface defined by several holes averaging over 5% REO down their entire length, extending to vertical depths of over 100m and including individual 2m composite samples grading up to 9.53% REO. The high grade zone extends over a strike length of 350m and width of 100m or more. This zone was not identified by drilling used to complete the maiden Mineral Resource in February 2012 and is expected to increase the amount of high grade mineralisation within this part of the deposit.
Results received to date also extend the Southern Rare Earth Zone a further 300m to the south, and at depth in several areas.
Drill results highlights:
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New assay results received from a further 25 drill holes of the 2012 program include:
NDD012: 140m at 4.66% REO* from surface to end of hole
NDD013: 160m at 5.06% REO from surface to end of hole
NDD017: 145.8m at 4.62% REO from 23.9m
NRC268: 134m at 4.45% REO from surface
NRC271: 80m at 4.40% REO from surface
Assay results for the remaining 13 holes are awaited and a revised Mineral Resource estimate is on schedule for completion by the end of the first Quarter 2013.
*REO = Total Rare Earth Oxide. See Table 3 for drill intersection details and Table 2 for individual rare earth distribution.
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