(MENAFN- ProactiveInvestors - Australia) Peak Resources (ASX: PEK) director Jonathan Murray has acquired 213,702 shares on market for a consideration of A$38,122.8 - or an average entry price of around A$0.178 per share.
Peak is currently undertaking a Scoping Study on the Ngualla Rare Earth Project in Tanzania, which remains on budget and on track for completion in December 2012.
The Study will provide a keenly awaited preliminary economic assessment of the rare earth project, where recent reverse circulation drilling has returned results including 42 metres at 7.86% Rare Earth Oxide from 48 metres.
Ngualla already hosts a very significant resource of 170 million tonnes at 2.24% of rare earth oxides for 3.8 million tonnes of contained REO. Within this resource there is a highly weathered and near surface zone estimated at 40 million tonnes at 4.07% REO for 1.6 million tonnes of contained REO.
Importantly - over half of the in-ground value at Ngualla comprises the Critical Rare Earths of Neodymium, Dysprosium, Europium, Terbium and Yttrium.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.