Peak Rare Earths Limited (ASX: PEK) has commenced a new exploration programme at its Ngualla Rare Earth Project in Tanzania.
The Ngualla Project is a large carbonatite system which contains a large, high grade, bastnaesite-hosted rare earth deposit. The advancement of development studies and project approvals has been Peak’s main focus at the Ngualla Project since drilling completed in 2016 to support the definition of Ore Reserves. Limited recent exploration has been undertaken outside of the Bastnaesite Zone.
A new exploration programme will now commence to test the multi-commodity exploration potential identified at the Ngualla Project.
The initial focus of this programme will be two highly prospective areas within the deposit, the Northern Zone and Breccia Zone, which are prospective for a range of critical commodities including monazite-hosted rare earths, niobium, phosphate and fluorspar.
Peak intends to commence a ~4,000m RC drilling campaign aimed at further delineating the Northern Zone and Breccia Zone.
A tender process for exploration drilling has commenced and it is expected that the initial drilling programme will extend from July to October 2023.
The estimated cost of this exploration programme is ~A$1.5M and will be funded from Peak’s recent equity capital raising1 which is consistent with previous market guidance.
The initiation of this new exploration programme will not impact Peak’s primary focus on progressing the Ngualla Project to a Final Investment Decision by the end of September 2023.
Key technical and commercial workstreams are well advanced with Early Works planning and Front-End Engineering and Design (FEED) underway. The Ngualla Project is already supported by a Bankable Feasibility Study Update, JORC compliant Ore Reserves (that support a 24-year life of mine) as well as extensive drilling and resource definition.
Exploration Programme Activities
As a precursor to its upcoming drilling programme, Peak has engaged SRK to develop a conceptual geological model for the Northern Zone of the Ngualla Deposit. This will assist in delineating prospective mineralization as well as further refining individual drill targets. It is anticipated that SRK will complete this work by mid-July.
Peak has commenced a tender process for the drilling scope of work and it is anticipated that the drilling programme will be undertaken between July and October 2023.
For further information please visit: https://peakrareearths.com/
