Highlights:
- Surface samples reveal up to 6,221 ppm TREO, marking a 64% increase over previous mine planning estimates.
- Recent scoping study showed an average of 3,805 ppm TREO.
- High-value magnetic rare earth oxides (MREO) constitute 27% of TREO.
- Enhanced mapping and sampling efforts pave the way for future high-grade resource drilling.
April 10, 2024 – American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY), an ASX listed rare earth elements (REE) sector, today unveiled promising assay results from its latest mapping and sampling program at the Cowboy State Mine area. These findings are set to significantly impact the company's strategic direction, highlighting the potential for a larger and higher-grade REE resource within the area.
The recent program has identified surface samples with up to 6,221 parts per million (ppm) Total Rare Earth Oxides (TREO), a substantial 64% increase compared to the averages used in the company's recent scoping study, which estimated 3,805 ppm TREO. Notably, the high-value magnetic rare earth oxides (MREO) averaged 27% of the TREO content, underscoring the economic potential of the resource.
The detailed mapping and sampling effort, which included 95 samples analyzed by ALS Global, has refined the geological understanding of the Cowboy State Mine area. This initiative has not only delineated the contacts between the RMP and surrounding granites but also identified significant areas covered with unconsolidated Tertiary gravel, offering considerable upside for future exploration and development.
These latest findings complement the updated JORC resource estimate announced recently, which confirmed 2.34 billion tonnes of enriched mineralization at Halleck Creek. The enhanced geological insights from the mapping and sampling campaign are instrumental for the company's future resource targeting and drill hole planning, ensuring a focused approach towards identifying high-grade areas contiguous to the existing mining area.
American Rare Earths is excited about the implications of these results for its operational strategy and the potential to significantly expand the resource base at the Cowboy State Mine. The company remains committed to leveraging these insights to enhance shareholder value and contribute to the sustainable supply of critical minerals.
Donald Swartz, Chief Executive Officer commented: “We are encouraged by these results that continue to demonstrate upside potential to our recently announced scoping study. These results are contiguous and complimentary to our recently released mine plans, of which the entirety was developed on state lands, which provides accelerated permitting. These higher-grade target areas will allow for optimising mine planning and project economics as we enter pre-feasibility level analysis. The low-operating costs ($38.38/kg NdPr equivalent) are largely attributable to the favourable geology, which is evident in these surface samples of highly enriched mineralisation within zero-strip-ratio mining areas. The Uranium and Thorium continue to occur in very low levels naturally”.
About us:
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) 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.
Contact details:
Jane Morgan
