Continued Exceptional Drilling Results at Halleck Creek
14 Diciembre 2023 - 8:03AM
American Rare Earths Limited (ASX: ARR | ADRs - OTCQX: AMRRY |
Common Shares - OTCQB: ARRNF)
(“ARR” or the
“Company”) is pleased to announce continued exceptional
drilling results from its October-November 2023 drilling
campaign1,2 at Overton Mountain, located within the broader Halleck
Creek Rare Earths project area. See Figure 1. Of the
fifteen-reverse circulation (RC) holes drilled, there was an
average TREO value 24% higher than that of the Company’s previous
JORC resource estimate3 (3,309 ppm TREO). Nine of the fifteen RC
holes exhibit an average TREO value of greater than 4,000 ppm,
utilizing a cutoff value of 1,500 ppm. The addition of the final RC
assays will be a significant contribution to upgrading the
Company’s current 1.43 billion tonne JORC resource. The fence
diagrams presented herein illustrate the homogenous nature of the
deposit which lends itself to low-cost, near-zero strip ratio
mining operations. See Figure 2.
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.”
- ASX announcement November 1, 2023
- ASX announcement December 7, 2023
- ASX announcement March 30, 2023
Extract from Technical SummarySince the
announcements on November 1, 2023 and December 7, 2023, assays for
all fifteen RC holes drilled at the Overton Mountain resource area
have been received. The drill holes were spaced between 50 and 75
meters apart showing vertical and lateral continuity across the
exploration area. Major intercepts from RC assays reinforce
excellent results produced from diamond core. ARR is confident that
a significant measured resource will be achieved.
HC23-OM044 is the most impressive RC hole, exhibiting the best
intercept observed at the Halleck Creek to date.
- HC23-OM044 averages 4,207 ppm TREO
over 57.00 m; averages 8,364 ppm TREO over 31.50 m.
Average NdPr comprises 23% of TREO from all fifteen RC holes,
consistent with previously announced diamond core results. Penalty
elements remain de minimis, with an average thorium concentration
of 69 ppm, and an average uranium oxide concentration of 7 ppm.
This announcement has been approved by the CEO of American Rare
Earths.
Full technical summary and JORC Report can be
found here.
Competent Persons Statement: The information in
this document is based on information compiled by personnel under
the direction of Mr. Dwight Kinnes. This work was reviewed and
approved for release by Mr. Dwight Kinnes (Society of Mining
Engineers #4063295RM) who is employed by American Rare Earths and
has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 JORC Code. Mr. Kinnes consents to the
inclusion in the report of the matters based upon the information
in the form and context in which it appears.
About American Rare Earths
Limited: 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.
Head OfficeAmerican Rare Earths
Ltd1658 Cole Blvd, Suite G30Lakewood, CO,
80401info@americanrareearths.com.auamericanrareearths.com.au
For additional information:
Susan Assadi Media
Relations USsassadi@americanree.com347 977 7125
Beverly Jedynak Investor Relations
USBeverly.jedynak@viriathus.com312 943 1123
Figure 1 - Location of drillholes from Fall 2023
Drilling Campaign
Figure 2 – Fence diagram of 2023 core and RC
holes with assays
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/7dad4846-6403-4740-b893-be74d8c58cc2https://www.globenewswire.com/NewsRoom/AttachmentNg/9ef20833-3581-4c39-8310-f8e87095f518
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