Annual Report to Shareholders
Perth, Nov 12, 2013 AEST (ABN Newswire) - The year saw Peak Resources Limited (
ASX:PEK) make rapid progress in the development of its 100% owned Ngualla Rare Earth Project in Tanzania.
An infill resource drilling program consisting of 130 holes for 13,600 metres was completed during the dry season between May and November 2012. Drilling focused on the Bastnaesite Zone, mineralogically the most favourable area of the greater Ngualla deposit and identified for initial production.
The drilling supported a revised Mineral Resource estimate that was completed in April 2013. The weathered Bastnaesite Zone is now a high confidence, well defined Mineral Resource with 86% in the highest 'Measured' JORC category
Test work was successfully completed to develop and demonstrate a simple metallurgical process for Ngualla's weathered bastnaesite mineralisation. A proven three stage process of beneficiation, sulphuric acid leach and solvent extraction enables a simple, low cost, low risk operation and differentiates Ngualla from other projects.
A Scoping Study and preliminary economic assessment was completed in December 2012 and subsequently revised in May 2013 to include the new Mineral Resource and further efficiencies achieved in the metallurgical process.
To view the annual report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PEK-657181.pdf
Contact
Peak Resources Limited
T: +61-8-9200-5360
F: +61-8-9226-3831
WWW: www.peakresources.com.au
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