Peak Resources (ASX: PEK) has been granted a trading halt by the ASX pending the release of information about a material acquisition.
The company expects to make an announcement on or before the commencement of trading on Friday 26th August, 2011.
Earlier in the month Peak further revealed the vast potential of the Ngualla Project in southern Tanzania by drilling ten reverse circulation holes in the Southern Rare Earth Zone, extending the rare earth mineralisation by 250 metres.
Peak would be pleased with the progress at Ngualla since the release of assay results from the discovery drill holes at the end of September 2010.
Ngualla has potential to be one of the largest and better grade new rare earth discoveries in recent years.
Peak has rights to earn 80% of the project, which also has the potential to host large, near surface deposits of niobium – tantalum and phosphate.
A maiden JORC Resource is forecast by the end of the March quarter 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18914/peak-resources-in-trading-halt-pending-acquisition-announcement--18914.html
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