American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) (“ARR” or the “Company”), a leader in the exploration and development of rare earth resources, is thrilled to announce the exceptional results from its recent drilling campaign conducted in October-November 2023 at Overton Mountain, within the expansive Halleck Creek Rare Earths project area.
Key Highlights of the Drilling Campaign:
- A total of 15 reverse circulation (RC) holes were drilled, each reaching a depth of 102 meters, culminating in an impressive 1,530 meters of drilling.
- Assay results have confirmed higher-grade rare earth mineralization starting from the surface, with the potential for further discoveries at greater depths.
- The average Total Rare Earth Oxide (TREO) grade has seen a significant increase of 26%, reaching 4,179 ppm across the entire exploration program.
- The highest grade assay recorded was an extraordinary 11,040 ppm TREO.
- Several holes demonstrated TREO grades exceeding 1,500 ppm along nearly their entire 102m length, notably:
- HC23-OM044: 102m @ 5472 ppm TREO
- HC23-OM038: 100.5m @ 4493 ppm TREO
- HC23-OM033: 102m @ 4291 ppm TREO
- HC23-OM042: 100.5m @ 4281 ppm TREO
- The distribution of Neodymium and Praseodymium (NdPr) remains consistent at 23%.
- An update on resource modeling is currently in progress, with a significant upgrade to JORC resource estimates anticipated in the upcoming months.
These results mark a substantial improvement over the Company’s previous JORC resource estimate, which had an average TREO value of 3,309 ppm. Notably, nine of the fifteen RC holes drilled exhibited an average TREO value greater than 4,000 ppm, using a cutoff value of 1,500 ppm. This advancement is set to considerably enhance the Company’s current 1.43 billion tonne JORC resource.
The cross sections and fence diagrams included in this release highlight the homogenous nature of the deposit. This characteristic is advantageous for the Company, suggesting the potential for low-cost, near-zero strip ratio mining operations.
CEO Donald Swartz commented on the results: “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. The average TREO values of the RC holes, especially HC23-OM044's outstanding intercept, demonstrate the potential of this project.”
“These results along with the recently announced diamond drilling results provide us confidence to be able to provide shareholders with a significant upgrade to our JORC resource estimates, which is expected in Q1 2024.”
American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) owns the Halleck Creek, WY and La Paz, AZ rare earth deposits which have the potential to become the largest and most sustainable rare earth projects in North America. American Rare Earths is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of rare earth elements to help ensure a renewable future.