PHOENIX, April 27, 2022 (Newswire.com) - American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) (ARR or 'the Company') is exploring a potentially massive, rare earths minerals deposit in Albany County, Wyoming. The Company staked 181 additional mining claims covering an area of approximately 2,944 acres. The Company has announced results from surface sampling that revealed an expanded area of elevated Total Rare Earth Oxides (TREO). The results could indicate a larger mineral deposit than initially anticipated. See the technical report, full announcement and legal disclaimers here.
- Potentially massive Rare Earths mineral discovery in Wyoming has been expanded
- Results from 118 surface samples led the Company to increase the project area
- 181 mining claims covering 2,944 acres were added to the project
- Drilling results due June 2022 from the Halleck Creek Rare Earths Project
The growth brings the Project to over 6,000 acres in Albany and Platte Counties combined. The company has additional projects in Arizona and Nevada. Totaling over 13 thousand acres under exploration, the Company's holdings are believed to have the potential to be one of the largest suites of Rare Earths projects in the United States.
Table 1: Autumn/Fall 2021 TREO Sample Summary for Halleck Creek
|Average REO values (ppm)|
|Study Area||Rock Unit||No. Samples||Total REO||Light REO||Heavy REO||Magnetic REO||NdPr|
|Overton Mountain||Red Mountain Pluton (RMP)||94||3,187||2,850||257||744||700|
Managing Director and CEO of American Rare Earths Limited Chris Gibbs commented: "We are delighted with the results of this fieldwork. The Rare Earth Elements (REE) mineralization occurs consistently over wide areas at the Halleck Creek Rare Earth Project. By staking the additional claims, American Rare Earths Limited can fully evaluate the region. Our core drilling is progressing very well, and we are enthusiastically awaiting the results of that work, expected June 2022."
In late 2021, the Company conducted geologic mapping and geochemical sampling at the Halleck Creek Rare Earths project. Before staking the additional claims, the Company controlled 68 federal mining claims covering 1,265 acres and four Wyoming State mining leases covering 1,844 acres at the Halleck Creek Rare Earths Project area.
Table 2: Summary of Halleck Creek Mineral Control
|Existing Federal Claims||1,265||512||68|
|New Federal Claims (Staked Mar/22)||2,944||1,191||181|
|Total Federal Claims||4,209||1,703||249|
Currently, the Company is drilling nine exploration core holes. Six holes have been completed with a total core length of 2,254 feet, with exceptional core recovery exceeding 95%. The final drill holes are scheduled for completion later this month, then the areas of ground disturbance will be rehabilitated. The Company plans additional detailed geological mapping and geochemical sampling over the Halleck Creek project area. This work is scheduled for May 2022.
As the U.S. forges a clean energy future and secure defense industry supply chain, a robust domestic supply of rare earth elements could become more urgent. Global demand is projected to accelerate 400 to 600% over the coming decades, according to a 2021 International Energy Agency report.
About American Rare Earths Limited
American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) is an Australian company with assets in the growing rare earth metals sector of the United States of America, The Company's mission is to supply Critical Materials for Renewable Energy, Green Tech, Electric Vehicles, National Security, and a Carbon-Reduced Future. Mineral exploration projects include the La Paz Rare Earth Project in Arizona, the Searchlight Rare Earths Project in Nevada and the Halleck Creek Rare Earths Project in Wyoming.
This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company's plans for exploration, development, production and/or processing of materials, including the timing and associated costs and expenses. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business.
Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of the Company to successfully permit, plan, develop and/or construct a facility to mine, process and/or refine critical minerals, which may be delayed, and related costs and expenses, which may be increased beyond our current estimates; changes in domestic and foreign business, market, financial, political and legal conditions, which may or may not occur; the impact of the global COVID-19 pandemic, on any of the foregoing risks; and those factors discussed in the Company's JORC 2012 compliant technical reports as submitted to the Australian Securities Exchange (ASX). The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Susan Assadi e: firstname.lastname@example.org p: 347 977 7125
Source: American Rare Earths Limited