Major Fluorspar Discovery at Tanzania’s Rare Earths Ngualla Project

Peak Rare Earths Limited (ASX: PEK) has announced a major high-grade fluorspar discovery at its Ngualla carbonatite project in Tanzania.

The discovery was made during the company’s recent critical minerals exploration program targeting the multi-commodity potential of the Ngualla deposit.

Assay results from the Breccia Zone at Ngualla have confirmed outstanding thick intercepts of high-grade fluorspar mineralization, supporting the potential for a globally significant fluorspar deposit. Highlights include:

• 80m at 30.8% CaF2 from surface in hole NRC390, including 10m at 53.3% CaF2
• 34m at 44.2% CaF2 from surface in hole NRC408, including 10m at 59.2% CaF2
• 68m at 30.6% CaF2 from surface in hole NDD048, including 6m at 61.5% CaF2

In addition to the fluorspar, significant high-grade rare earth and niobium mineralization was also intercepted in the Breccia Zone area. Results like 34m at 3.77% total rare earth oxides (TREO) from surface in NRC408 further enhance the prospectivity of this zone.

In the Northern Zone, the final assays have extended the area of high-grade phosphate mineralization, with intersections such as 41m at 22.9% P2O5 from 39m in NRC384. This supports the identified opportunity to supply phosphate into the local fertilizer sector.

Bardin Davis, CEO of Peak, commented: “The Breccia Zone results are extremely exciting and confirm a major fluorspar discovery…We intend to further assess the potential for low-cost development options for fluorspar and phosphate.”

Fluorspar is a critical mineral used in electrolytes for lithium-ion batteries and in graphite anode purification. Phosphate is used in lithium iron phosphate batteries for electric vehicles as well as fertilizers.

Peak will continue evaluating the fluorspar, phosphate and rare earth potential through mineralogical studies, flowsheet test work and additional drilling as part of the next phase of exploration at Ngualla.

The Ngualla Rare Earth Project

Located approximately 147km from the city of Mbeya in southern Tanzania and on the edge of the East African Rift Valley, the Ngualla Project is one of the largest, highest grade and lowest cost Neodymium and Praseodymium (NdPr) rare earth projects in the world.

The Ngualla Project entails the development of a mine, mill, beneficiation facilities, concentrator, community projects and associated infrastructure.