Spectrum Rare Earths (ASX:SPX) is preparing to launch a share...

Spectrum Rare Earths (ASX:SPX) is preparing to launch a share placement and has been granted an ASX trading halt.

The company is currently planning to re-start in early September diamond drilling at Skyfall, Northern Territory, to explore for primary Magnetic End Use Rare Earth mineralisation below existing surface assays.

Three holes will test potential for higher grades in primary feeder or fault zones at greater depths.

These will target primary mineralisation beneath the recently announced Exploration Target of 17 to 21 million tonnes at 0.4% to 0.6% Total Rare Earth Oxides (36% to 38% Magnetic End Use Rare Earth Oxides).

Spectrum holds 10,000km2 of prospective land package across 21 tenements, making it a dominant REE ground holder in the Northern Territory.

Multiple consolidated project areas are held across several key geological and metallogenic terrains, affording opportunity to diversify exploration into numerous commodities.

Spectrum's main focus is its flagship Skyfall Heavy and Magnetic End Use Rare Earth District where it retains 3,000 square kilometres, just 4 hours’ drive south of Darwin and associated infrastructure.

The halt will last until the earlier of the commencement of trade on Thursday, 4 September 2014, or the release of the announcement.

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