Total
0
Shares
Source: American Rare Earths
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Through its U.S. subsidiary, American Rare Earths (ARR) has acquired the Searchlight Rare Earth Element (REE) Project in Nevada
  • The project is made up of 80 mining claims which American Rare Earths filed for earlier this year
  • Importantly, Searchlight is located within a precious metal mining district and can be found just 32 kilometres west of the only operating rare earths mine in the U.S.
  • Exploration work, including surface geological sampling and mapping, is being planned to locate higher grade veins at surface and future drilling targets
  • Company shares are up 8.7 per cent and trading at 7.5 cents

American Rare Earths (ARR) has acquired a new, high-grade rare earth elements (REE) project in Nevada, U.S.

The Searchlight REE Project is wholly owned by ARR’s U.S. subsidiary, Western Rare Earths (WRE), and comprises 80 unpatented mining claims that cover a 656-hectare area.

American Rare Earths staked these mining claims earlier this year after historical data revealed high grades of rare earths, especially heavy REEs and magnet-associated REEs.

The company also conducted a geological review and sampling program to confirm historical rare earth results. Samples included 14,800 parts per million (ppm) total REEs, 940ppm HREEs and 3320ppm magnetic REEs.

“The company is delighted to be adding the high-grade Searchlight REE Project to its portfolio of rare earths assets as a compliment to the company’s existing flagship La Paz Rare Earths Project in Arizona,” Managing Director Keith Middleton said.

Significantly, the Searchlight REE Project lies within a precious metal mining district and can be found just 32 kilometres west of the only operating and processing rare earths mine in the U.S.

“In addition, the project’s proximity to the only integrated operating and processing rare earths mine in the U.S., the Mountain Pass mine, and the project’s unique positioning within the friendly mining jurisdiction of the State of Nevada, further highlights the project as a strategic acquisition for the company,” he added.

The company’s subsidiary is planning an exploration program which will include surface geological sampling and mapping. This work will help to locate more higher grade veins at surface as well as targets for future drilling.

ARR’s shares are up 8.7 per cent and trading at 7.5 cents at 12:49 pm AEST.

ARR by the numbers
More From The Market Herald
Sunshine Gold (ASX:SHN) - Managing Director, Damien Keys

" Sunshine Gold (ASX:SHN) confirms copper-molybdenum system at Titov

Sunshine Gold (SHN) has confirmed a large-scale copper-molybdenum system at the Titov prospect at Ravenswood West.
Sunrise Energy Metals (ASX:SRL) - CEO, Sam Riggall

" Sunrise Energy Metals (ASX:SRL) advances self-titled battery project

Sunrise Energy Metals (SRL) spent much of the September quarter focused on progressing its Sunrise Battery Materials Project in NSW.
Alexium International Group (ASX:AJX) - CEO, Bob Brookins

" Alexium International Group (ASX:AJX) achieves record sales

Alexium International Group (AJX) achieved its best ever sales over Q1 FY22, with cash receipts also hitting a new high.

" Silver Lake Resources (ASX:SLR) increases quarterly production as cash stockpile grows

Gold miner Silver Lake Resources (SLR) is trading red this morning following the release of its latest quarterly financial report for the three