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.