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American Rare Earths scores high-grade results and huge boost to Wyoming holdings
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American Rare Earths shares have been up by more than 12% on news of high-grade assay results from the exciting new Beaver Creek Project in Wyoming plus the company boosting its land holding in the area by 85%.
Assay results from surface samples confirm high-grade Total Rare Earth Oxides (TREO) ranging from 5.8% to a whopping 13.9%. Grades for the high-value magnetic rare earths, neodymium and praseodymium, ranged between a very solid 1% and 2.2% for those elements.
News of the results has hit just as American Rare Earths (ASX:ARR) has boosted its land holding from 303 to 562 hectares with a newly acquired state mineral lease.
Rich potential
Importantly, the lease is directly along strike from previously examined outcrops that yielded highly encouraging field sample results in July and has potential to contain additional enriched REE mineralization.
“These are outstanding results from the initial field work at our new project in Wyoming,” CEO Donald Swartz said of the latest results from Beaver Creek.
“The deposit is open at depth and historic reports indicate the rare earth mineralisation-outcrop may extend over 457 metres.
“We are enthusiastic about increasing our claim holdings and look forward to conducting further exploration activities to unlock the potential of this new high-grade discovery.”
The company is now planning more field work to define JORC Exploration Targets for Beaver Creek, which is north of ARR’s flagship Halleck Creek Project.
Testing upside at world top 5 project
It’s set to be a busy Northern Hemisphere autumn for ARR as it also starts drilling to assess the considerable upside potential of Halleck Creek. The already globally significant deposit with a current JORC resource of 1.43 billion tonnes remains open at depth and width, and only 25% of it has been drilled.
Within the existing resource is an estimated 4.73 million tonnes of TREO, and 24% of that comprises the magnetic rare earth elements essential for clean energy, modern communication and national security.
With the drilling permits approved and equipment on site, the program starting this month will target identified high-grade areas and test mineralisation to depths over 300 metres – more than twice current resource estimated depths.
Set to be punched are 865m in eight core holes, and 1,500m in 15 reverse circulation holes in the Overton Mountain sub-area of the Halleck Creek Project.
Approximately two tonnes of drill core will be used for additional metallurgical test work, which has so far yielded very positive results for the company in terms of the project’s potential economic viability and ESG profile. Core will also be utilised for geotechnical and geomechanical testing d for pit design purposes, while also providing material for a long-term enviro-engineering study.
One deep core hole (305m) aims to explore the depths of mineralisation within the Red Mountain Pluton area and will provide additional information for environmental, hydrological and permitting studies
The 15 proposed RC holes will provide data to define measured resources at Overton Mountain, while cuttings could be used for additional test work and the US Government backed R&D projects ARR supports.
Swartz said the company was looking forward to the drill program and advancing Halleck Creek as part of the solution for the US Government to reduce dependency on Chinese rare earths.
“Halleck Creek was recently recognised in the Top Five rare earths projects in the world and there is potential to significantly increase the size, quality, and grade of this deposit. This new program is focussed on adding value by targeting high grade zones,” he said.
“We are in the heart of the USA, the largest economy in the world that desperately needs these rare earth elements.”
Targeting surrounding claims
ARR’s exploration team is additionally advancing exploration activities into newer surrounding claims, having just completed the summer field mapping and surface sampling program in these areas.
The work has already identified four locations in the County Line, Bluegrass and Trail Creek claim areas that will be drilled to confirm rare earth mineralisation and verify higher-grade material after the company receives relevant permits.
More detailed results of this field reconnaissance program will be announced as soon as they are available, along with an accompanying JORC compliant exploration target.
This article was developed in collaboration with American Rare Earths, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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