AMN - TANZANIA: High grade fluorite zones at Ngualla

Wide zones of high grade fluorite mineralisation have been identified during trench sampling at Peak Resources’ Ngualla rare earth project in Tanzania. Continuous zones of up to 78 metres at 37% fluorite were identified.

Highlights:

 Two of the three surface trenches completed are continuously mineralised along their entire lengths of 78 metres and 55 metres, with the mineralisation remaining open in all directions.

 Higher grade intervals include 12 metres at 54% fluorite and 8 metres at 62% fluorite, with the highest 2 metre sample returning a maximum grade of 82% fluorite.

 Rare earth mineralisation up to 53 metres at 2.37% total rare earth oxide (REO) was also identified by the trench sampling.

 These first trench sampling results reinforce the multi commodity endowment of the Ngualla carbonatite and the potential for supplementary value add products for a future rare earth operation.

 The BFS for the Ngualla rare earth project is on schedule for completion late in the first quarter or early in the second quarter of 2017 and this remains the company’s priority focus and the main value driver for the project.

The discovery of occurrences of high grade fluorite mineralisation reinforces the potential for supplementary value add commodities that may allow the company to diversify the products from a future rare earth operation at Ngualla, especially once on site infrastructure and an access road have been established. Peak will continue to assess the economic potential of known occurrences of other commodities and which include phosphate, niobium, barite as well as fluorite.

Additional trenching and sampling, including the extension of the initial three trenches, is planned to define the full width and continuity of the fluorite mineralisation along strike. Additional trenches will test the areas of higher grade rare earths discovered in this new geological setting.

Systematic mapping and rock sampling of the remaining hills of fenite, together with initial mineralogical studies and trenching of any new areas of mineralisation discovered will precede potential initial drill testing of the highest priority target areas.

Peak’s Managing Director Darren Townsend said, “The wide zones of mineralisation identified by trenching, together with the large areas of soil cover with isolated fluorite outcrops along strike, support the potential for a significant fluorite deposit. This has the potential to add value and product diversification to a future rare earth operation at Ngualla.”

www.peakresources.com.au

News courtesy of International Mining