- American Rare Earths (ARR) receives the final results from its nine-hole drilling program completed at the Halleck Creek project in the US state of Wyoming
- The company says the “highly promising” results show consistent high-grade mineralisation with peak grades of 7856 ppm TREO
- Based on these and previous results, American Rare Earths believes it may have underestimated the exploration target announced in April and plans to expand it further
- The materials stock will also complete a maiden JORC mineral resource estimate for the Halleck Creek project
- Company shares are up 6.67 per cent and trading at 24 cents on market close
American Rare Earths (ARR) has received “highly promising” assays from drilling at the Halleck Creek project in Wyoming, US.
The new results come from the last five of nine holes completed between March and April this year.
American Rare Earths said the drill results show consistent high-grade mineralisation with a peak grade of 7856 parts per million (ppm) total rare earth oxides (TREO). The mineralisation remains open at depth.
Highlighted results include 88.8 metres at an average 4219 parts per million (ppm) total rare earth oxides (TREO), 99.4 metres at an average 3749 ppm TREO, and 105.5 metres at an average 3497 ppm TREO.
According to the company, these results complement those from the first four holes and confirm the potential of Halleck Creek.
“With the results from the March to April 2022 drill program now received it is clear there is enormous size, scale and consistent grades of rare earth elements at this project,” Managing Director and CEO Chris Gibbs said.
“These results further enhance our belief that the Halleck Creek project could be one of the largest rare earth deposits in North America.”
Additionally, the results from all nine holes show that the mineralisation has a higher grade and is deeper than estimated in the Halleck Creek Exploration Target of between 308 and 385 million tonnes of rare earths with an average TREO grade of 2330 to 2912 ppm.
Due to this, the company believes the exploration target was underestimated and plans to expand it in the near future.
Looking ahead, the company plans to define a maiden JORC mineral resource estimate for the Halleck Creek project later this year.
Company shares were up 6.67 per cent and trading at 24 cents apiece on market close.