American Rare Earths Limited
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Why are the recent drilling results at Halleck Creek considered exceptional for American Rare Earths?
In a promising update for the mining industry, American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) has announced continued exceptional drilling results from its October-November 2023 drilling campaign at Overton Mountain, situated within the expansive Halleck Creek Rare Earths project area.
The findings, derived from fifteen reverse circulation (RC) holes, offer further insights into the high-grade rare earth mineralization potential of the site. These results have exceeded expectations and are poised to have a significant impact on the company's JORC resource estimates.
Outstanding Drilling Assays
The recent drilling campaign at Halleck Creek has yielded impressive results. Key highlights include:
A total of 15 RC holes, each drilled to a depth of 102 meters, covering a cumulative distance of 1,530 meters.
Confirmation of higher-grade rare earth mineralization, extending from the surface and remaining open at depth.
A remarkable 26% increase in the average Total Rare Earth Oxide (TREO) grade, now standing at 4,179 ppm for the entire exploration program.
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The identification of the highest-grade assay, recording a remarkable 11,040 ppm TREO.
Several holes exhibiting consistently high-grade TREO values exceeding 1,500 ppm throughout their entire 102-meter length, including HC23-OM044, HC23-OM038, HC23-OM033, and HC23-OM042.
Neodymium and Praseodymium (NdPr) distribution accounting for 23% of the overall findings.
Resource Modeling Update and JORC Resource Estimates
American Rare Earths is currently in the process of updating its resource modeling, with a significant upgrade to the JORC resource estimates anticipated in the coming months. These estimations will likely benefit from the contributions of the final RC assays, providing valuable data for enhancing the company's current 1. 43 billion-tonne JORC resource.
The deposit's homogenous nature, as illustrated by cross-sections and fence diagrams, presents the opportunity for low-cost, near-zero strip ratio mining operations.
CEO's Perspective
CEO Donald Swartz expressed his enthusiasm for the remarkable results of the resource upgrade drilling campaign at Halleck Creek. He stated, "Exceptional results from the recent resource upgrade drilling campaign at the Halleck Creek Resource Area have not only surpassed our expectations but are expected to exceed our previous resource estimates. " Swartz particularly noted the significance of the average TREO values in the RC holes, highlighting the exceptional intercept in HC23-OM044.
Swartz also shared the company's confidence in providing shareholders with a substantial upgrade to their JORC resource estimates, with expectations set for the first quarter of 2024.
About American Rare Earths Limited
American Rare Earths Limited owns rare earth deposits in Halleck Creek, Wyoming, and La Paz, Arizona. These projects have the potential to become the largest and most sustainable rare earth projects in North America. The company is dedicated to developing environmentally friendly and cost-effective extraction and processing methods to meet the growing demand for resources essential to the clean energy transition and US national security.
Additionally, American Rare Earths continues to explore other opportunities and collaborates with US Government-supported R&D initiatives to develop efficient processing and separation techniques for rare earth elements, contributing to a renewable future.
These outstanding drilling results reinforce American Rare Earths' position as a key player in the rare earths sector, poised to meet the increasing global demand for these critical resources. As further data is analyzed and integrated into resource estimates, the company's potential for growth and contribution to clean energy and national security becomes increasingly apparent.
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