Peak Rare Earths

Major High-Grade Fluorspar Discovery

Peak Rare Earths Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to announce the final set of assay results from its critical minerals exploration programme, which is targeting the multi-commodity potential of the Ngualla carbonatite system.


  • Critical minerals exploration programme is supporting the multi-commodity potential of the Ngualla carbonatite system
  • Completion of all remaining assays from the current drilling:
    • 7 RC drill holes from the Northern Zone as well as 11 RC and 2 DD drill holes from the Breccia Zone
  • Assays from Breccia Zone confirm outstanding high-grade thick intercepts of fluorspar supporting the potential of a globally significant fluorspar deposit:
    • NRC390: 80m at 30.8% CaF2 from surface including 10m at 53.3% CaF2 from 34m
    • NRC408: 34m at 44.2% CaF2 from surface including 10m at 59.2% CaF2 from surface
    • NDD048: 68m at 30.6% CaF2 from surface including 6m at 61.5% CaF2 from surface and 8m at 58.1% CaF2 from 12m
  • Prospectivity of Breccia Zone further enhanced by significant high-grade rare earth mineralisation as well as elevated levels of niobium:
    • NRC408: 34m at 3.77% TREO from surface including 8m at 4.87% TREO from 2m and 16m at 4.63% TREO from 14m
  • Final assays from Northern Zone extend the area of high-grade phosphate mineralisation, supporting the recently identified opportunity to supply phosphate into local fertiliser sector:
    • NRC384: 28m at 16.7% P2O5 from 6m and 41m at 22.9% P2O5 from 39m to end of hole
    • NRC388: 40m at 20.3% P2O5 from 6m,
  • Ongoing engagement with strategic parties around low-cost phosphate and fluorspar development options that could complement the delivery of the Ngualla Rare Earth Project
  • Further drilling to be evaluated as part of the next phase of the exploration programme

Assay results cover a maiden drilling campaign in the Breccia Zone, comprising of 11 Reverse Circulation (“RC”) and 2 Diamond Drill (“DD”) holes. They confirm extensive high-grade and thick intercepts of fluorspar across the Breccia Zone (Figure 1) supporting the potential of a globally significant fluorspar deposit at Ngualla. High-grade rare earth mineralisation and elevated levels of niobium have also been intercepted within the Breccia Zone; further enhancing the prospectivity of the area.

The final set of assays from 7 RC holes within the Northern Zone have also been finalised. These demonstrate further high-grade intersections of phosphate, further extending the existing extent of phosphate mineralisation in the south direction.

Both fluorspar and phosphate are increasingly strategic critical minerals:

  • Fluorspar is used in electrolytes within lithium batteries and to purify graphite anodes; and
  • Phosphate is used in lithium iron phosphate EV batteries and fertilisers, which are critical to boosting food security and agricultural yields in Tanzania and East Africa.

Commenting on the assay results, Bardin Davis, the CEO of Peak, said:

“The results from our maiden drilling campaign in the Breccia Zone are extremely exciting and confirm a major fluorspar discovery. Fluorspar is an increasingly strategic critical mineral, and we have the potential of a globally significant deposit. The final assay results from the Northern Zone are also very pleasing and further extend the mineralisation area of high-grade phosphate.

We intend to further assess the potential for low-cost development options for these two commodities”.

Results overview

The assay results from 18 RC holes and 2 diamond holes across the Northern Zone and Breccia Zone covering a total of 1,533m are included within this latest batch of results (Figure 2). Drilling in the Breccia Zone has targeted the southern and northern extent of the area where previous trench samples identified high-grade fluorspar at surface. The final set of drill holes from the Northern Zone has focused on infill between the current mineralised area and the Bastnaesite Rare Earth Zone, which lies ~1km south of the Northern Zone.

All assays pertaining to the current drilling campaign have been completed and covered a total of 57 drill holes for a total of 4,200m (Table 1).

Table 1. Drilling summary – 2023 exploration campaign


Click here for the full ASX Release

This article includes content from Peak Rare Earths Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Rare earths on the periodic table.

Rare Earth Metals: Heavy vs. Light (Updated 2024)

The 17 elements that make up the group of rare earth metals are diverse in their applications and market dynamics. They are often broken up into two categories according to their atomic weight: light and heavy. Only scandium falls outside this categorization system.

Overall, the different rare earth metals play a huge role in the development of various technologies. They are often used in electronics like laptops and smartphones, as well as spacecraft and missile weaponry. Growing demand for batteries and green technology is adding to their importance and versatility as well.

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Ucore's Louisiana Rare Earth Refinery is Strategically Aligned with the United States' Objectives on Western Supply Chain Resilience

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to comment on the US Government's announcement to strengthen the developing American electric vehicle ("EV") market through increased tariffs on imports from the People's Republic of China ("PRC") to protect American workers and businesses. On May 14, 2024, the White House announced:

"With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China's exports of EVs grew by 70% from 2022 to 2023-jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China's unfair trade practices."

Simultaneously, the US Trade Representative issued a statement on Section 301 tariffs recommending a series of steps to eliminate the PRC's unfair trade practices, which include:

"… (4) continuing to assess approaches to support diversification of supply chains to enhance our own supply chain resilience."

and a new 25% tariff on permanent magnets[1].

Permanent magnets are the essential component inputs for EV motors that are currently 90% plus controlled by China. Therefore, these government EV policy developments strategically align with Ucore's heavy and light rare earth element ("REE") separation facility, which is advancing in Alexandria, Louisiana. At total nameplate capacity, the Louisiana Strategic Metals Complex ("SMC") is designed to simultaneously process up to six different sources of US-friendly feedstock from all corners of the Western world. This diverse supply chain, coupled with Ucore's focus on both heavy and light REEs, will help ensure Ucore's resiliency from any single geopolitical or natural instability as the nascent North American rare earth market takes root over the remainder of the decade.

Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, stated: "As US tariffs are implemented to level the commercial playing field by the US, our strategic ability to supply and support OEM EV manufacturers by processing heavy and light feedstock from a multitude of different Western sources essential to permanent magnet manufacturing, gives us the flexibility to grow and prosper at our Louisiana SMC. We expect this to be of significant benefit as we increase production from 2,000 tonnes per annum to our planned total nameplate production of 7,500 tonnes per annum[2] over our first few years of production and subsequently expand our footprint across North America."

# # #

 

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term establishment of a heavy and light rare-earth processing facility in the U.S. State of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in Southeast Alaska, USA.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding any disclosure in the press release above about the US Department of Defense or the Government of Canada Programs and the expected successful progress and resulting milestone payments from these Programs, the Company has assumed that the Programs (including each of their milestones) will be completed satisfactorily. For additional risks and uncertainties regarding the Company, the CDF, the Demo Plant and ongoing Programs (generally), see the risk disclosure in the Company's MD&A for Q3-2023 (filed on SEDAR on November 20, 2023) (www.sedarplus.ca) as well as the risks described below.

Regarding the disclosure above in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Element project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSX™; RapidSX™ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSX™; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Louisiana or Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACTS

Mr. Michael Schrider, P.E., Ucore Vice President and Chief Operating Officer, is responsible for the content of this news release and may be contacted at 1.902.482.5214.

For additional information, please contact:

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

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