Peak Resources shares jumped by nearly 20 per cent after the company unveiled a maiden JORC-compliant resource at its Ngualla rare earths project in Tanzania that it says rivals the largest deposits in the world outside of China.

Perth-based Peak announced today it had identified 170 million tonnes at 2.24 per cent rare earths ore, for 3.8 million tonnes of contained rare earths at the southern and south west alluvial zones at Ngualla, using a 1 per cent lower grade cut off.