Toronto junior miner Pele Mountain Resources is focusing on the sustainable development of its flagship Eco Ridge Mine Uranium and Rare Earth Elements ("REE") Project in Elliot Lake.
Pele expects to release an updated NI 43-101 resource estimate that will include both uranium and rare earth oxides for the first time.
The company plans for Eco Ridge to be a uranium mine that would produce rare earth elements as a by-product.
In a Jan. 4 release, the company said as the uranium market continues firming and extreme tightness in the REE market persists, market prices for uranium and REE remain exceptionally strong. Particularly, the uncertainty regarding long-term REE supplies has led to a rush to develop resources outside of China.
The company believes their northeastern Ontario property possesses strategic advantages that may place it ahead of its competitors in the race to bring these resources to production.
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