American Rare Earths Limited Announces Outstanding Drill Results at Cowboy State Mine Area in Wyoming, USA

Jane Morgan Management

Sydney, Australia – 3 September 2024 | American Rare Earths Limited (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) (“ARR” or the “Company”) is pleased to report its first assay results from the 2024 drilling campaign at the Cowboy State Mine (CSM) area, located within the Halleck Creek Project in Wyoming, USA. The initial results, which include significant intercepts of Total Rare Earth Oxides (TREO), put further confidence in the project's potential to be a world-class Rare Earth Element (REE) deposit.

Highlights:

• Assay Results: A total of 756 samples from 11 core and Reverse Circulation (RC) holes (as well as one partial hole) have been analysed. The assay results reveal elevated rare earth mineralisation from surface to depths of at least 300 metres. 

• Exceptional Intercepts:

  • HC24-RM035: 299.1m @ 4,393 ppm TREO

  • HC24-RM023: 117.5m @ 4,006 ppm TREO 

  • HC24-RM026: 81m @ 3,673 ppm TREO 

  • HC24-RM028: 81m @ 3,602 ppm TREO 

  • HC24-RM030: 81m @ 3,652 ppm TREO 

  • HC24-RM031: 81m @ 2,698 ppm TREO

• Deposit Open At Depth: The results indicate that the deposit remains open at depth, with mineralisation extending well into Red Mountain.

• Next Steps: The results will now be used to update geological models, resource estimates, and to inform the upcoming Prefeasibility Study (PFS). 

CEO, Chris Gibbs commented: "These first assay results continue to demonstrate the upside potential of the Halleck Creek district. The 2024 drilling indicated elevated rare earth mineralisation of the CSM area extending well into Red Mountain. The sheer size and scale of the deposit continues to grow as these results confirm the deposit remaining open from surface to depths of at least 300m.” 

“These drill holes allow us to expand our resource estimates into Red Mountain in the western portion of the CSM area. Our team continues to focus development on the CSM area, a portion of the Halleck Creek Wyoming State Tenements. With a pathway to State permitting and recent Government funding, the CSM area represents a unique opportunity to work with the State of Wyoming to rapidly advance the Project. When the remaining assay results are received, we will update our geological models and resource estimates. This data, together with the results of geomechanical test work, will provide the basis for detailed mine planning within our upcoming PFS.”

Next Steps:

The Company is awaiting the remaining assay results, which will be incorporated into updated geological models and resource estimates. This data will provide the basis for detailed mine planning within the upcoming PFS.

About American Rare Earths Limited:

American Rare Earths (ASX:ARR | OTCQX:ARRNF | ADR:AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company 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 (REEs) elements to help ensure a renewable future.

Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au