Pele Mountain increases estimate of uranium and rare earths project
Toronto-based Pele Mountain Resources Inc. (TSX VENTURE:GEM) announced last week an updated resource estimate for its Eco Ridge project in Ontario.
The company said recent drilling at the site led to a major boost in the estimate of uranium and rare earth resources.
Particularly, the results include an increase to indicted resources of of 22.55 million pounds of uranium, up 10%, and 80.51 million pounds of rare earth oxides, up 10% also.
Inferred resources include 37.62 million pounds of, up 136%, and 125.25 million pounds of rare earths, up 130%.
Pele Mountain said it is preparing to transition to the licencing and feasibility process.
The firm owns 100% of the Eco Ridge project, located in Elliot Lake in central Ontario.
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