American Rare Earths (ASX:ARR) unveil a 1.43 billion tonne Wyoming resource

American Rare Earths have blitzed expectations releasing a 1.43 billion resource, outpacing forecasts by almost 13 per cent at its Halleck Creek project in the US state of Wyoming.

The significant increase in the already mighty resource is expected to produce around 4.73 million tonnes of in-demand rare earth oxide materials in situ.

Nearly a quarter of the mineralisation constitutes precious magnetic rare earth elements.

It holds an average grade of 3309 parts per million TREO – and significant untapped potential in a district largely untouched by drilling.

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As much as 75 per cent of the district is yet to be drilled, and the open deposit sits from the surface to at least 150 metres, with consistent grades throughout, making it ideal for large-scale, low-cost open pit mining.

American Rare Earths Chief Executive Officer and Managing Director Chris Gibbs said the results confirm the company holds a strategically significant rare earth asset within the borders of a United States economy moving to reduce its dependence on imported rare earth.

“Global magnetic rare earth oxide consumption is forecast to more than treble by 2035. The US
government has made no secret that it is seeking to onshore supply of all critical materials for supply
chain and national security purposes,” he said.

“There is only one producing rare earth mine within the USA, the Mountain Pass mine in California. The USA needs a number of these mines to secure onshore supply of rare earths and we believe Halleck Creek is part of the future solution.

“The Halleck Creek project is shaping up to be a strategic asset for the USA to supply rare earths for future generations.”

With a resource covering 384 hectares of a 3304-hectare exploration area, Halleck Creek holds the potential to be established as a world-class deposit, and the company is ongoing metallurgical test work to optimise the flowsheet and provide the foundation of a scoping study for later this year as it continues to explore its Wyoming territory.

ARAREEARTH FPO NZ [ARR]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees: 7

American Rare Earths Limited engages in the exploration and development of mineral resources in Australia and the United States. The company explores for rare earth, scandium, and cobalt deposits. Its 100% owned flagship property is the Halleck Creek project situated in Wyoming, the United States. The company was formerly known as Broken Hill Prospecting Limited and changed its name to American Rare Earths Limited in July 2020. American Rare Earths Limited was incorporated in 1986 and is based in Sydney, Australia.

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