Peak Resources in trading halt pending Ngualla rare earth project drilling results

Peak Resources (ASX: PEK) has been granted a trading halt by the ASX pending the release of information regarding exploration drilling results at the Ngualla rare earth project in Tanzania.

The company expects to make an announcement on or before the commencement of trading on Thursday 4th August.

Peak Resources has been continuing reverse circulation and diamond drilling campaign at the project where 14 angled reverse circulation holes for 1760 metres were completed in June to the planned depth of 120 metres, with initial assays expected shortly.

Sample recoveries have improved this year compared to last year, with consistently higher sample weights and less variation in sample size achieved in this early phase of the program. Added to the improved samples is a faster exploration rate, with drill rig production rates improved due to more powerful equipment.

Drilling at the project is designed to provide sufficient data for an initial JORC Resource to be completed for both the bedrock and alluvial zones of rare earth mineralisation, which were discovered by the company in 2010.

Rare earth mineralisation was intersected by previous drilling in the Southern Rare Earth Zone at Ngualla, and is enriched in the weathered zone of the carbonatite.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18296/peak-resources-in-trading-halt-pending-ngualla-rare-earth-project-drilling-results-18296.html