American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) is thrilled to announce a substantial increase in the resource estimates for its Halleck Creek Rare Earths Project, following the completion of the detailed Technical Report of Exploration and Updated Resource Estimates. The report, which adheres to the 2012 JORC code, highlights a remarkable 64% increase in in-situ resources to 2.34 billion tonnes at a grade of 3,196 ppm Total Rare Earth Oxides (TREO), using a 1,000ppm TREO cut-off.
This significant update comes on the heels of the successful Sept/Oct 2023 exploration program, which included additional surface sampling and geological mapping. The exploration efforts have not only expanded the resource estimates but also enhanced the geological understanding of the Halleck Creek project, indicating that the deposit remains open at depth and along strike.
Key Highlights of the Updated Resource Estimates include:
- A 64% increase in in-situ resources to 2.34 billion tonnes, with 27% Magnetic Rare Earth Oxides (MREO), at a grade of 3,196 ppm TREO.
- Measured and indicated resources have seen a dramatic increase of 128%, amounting to 1.42 billion tonnes at a grade of 3,295 ppm TREO.
- The reevaluation of the economic and technical viability of the project supports a cut-off grade of 1,000 ppm TREO, a significant adjustment from the previous 1,500 ppm, enhancing the project's potential.
The 2023 drilling campaign has been instrumental in expanding the lateral and vertical extents of the resource, with the deposit remaining open for further exploration. This expansion and the subsequent increase in resource estimates underscore the project's potential and ARR's commitment to advancing the Halleck Creek project towards development.
In collaboration with Stantec, an international engineering consulting firm, ARR is developing a JORC scoping study to further evaluate the technical, mining, and economic aspects of the Halleck Creek project. The study's findings reinforce the economic viability of a 1,000 ppm TREO cut-off grade, aligning with the conditions for reporting a Mineral Resource with reasonable prospects of eventual economic extraction.
American Rare Earths CEO, Donald Swartz, commented on the results: “These results are illustrative of the enormous potential of the project when the resource increases 64% during a developmental drilling campaign, which increased measured/indicated resources 128%. Typically, you’ll see the resource decrease as infill drilling takes place – instead we’re seeing the opposite, with only 25% of the project being drilled to this point. The low-cost mine plan when combined with the breakthroughs around metallurgy have increased our confidence and excitement about this world class deposit. At 27% MREO, we look forward to releasing the results of the scoping study that is nearing completion.”
About us:
American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) owns the Halleck Creek, WY and La Paz, AZ rare earth deposits. The company’s flagship project at Halleck Creek, WY, has 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.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
