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Pele Mountain begins 7,000 metre drill program at Eco Ridge

Pele Mountain begins 7,000 metre drill program at Eco Ridge

Pele Mountain Resources (CVE:GEM), an explorer of rare earth metals, has now begun a 7,000 metre drill program at its flagship Eco Ridge rare earths and uranium project at Elliot Lake, Ontario.

Eco Ridge, formerly known as the uranium capital of the world and an important source of heavy rare earth oxides and yttrium,

The program will incorporate in-fill drilling within the existing resource, with the aim of upgrading up to 5 million tonnes of inferred resources into the indicated category.

The company said indicated resources are required for mine planning purposes for NI 43-101 compliant reports, subsequent to the pending updated preliminary assessment, due to be released next month.

The drill program will also include step-out drilling to the north and east of the resource, with the objective to bring up to 10 million additional tonnes into the inferred category.

Recently, Pele received an updated NI 43-101 resource estimate for Eco Ridge, which for the first time contained both rare earth oxides (REO) and uranium oxide.

The report found indicated resources of 51.9 million pounds of total rare earth oxides and 15.2 million pounds of uranium oxide, with additional inferred resources of 96.3 million pounds of TREO and 31.4 million pounds of uranium oxide.

China’s recently reduced export quotas have resulted in higher REO prices, rousing a rush to discover and produce new REO sources outside the country. Eco Ridge also includes the higher value heavy rare earths.

Eco Ridge is located within Elliot Lake, formerly known as "the uranium capital of the world".

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The company’s shares are trading about 6% higher intra-day, at 8.8 cents.

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