American Rare Earths (ASX:ARR) is advancing towards a Prefeasibility Study (PFS) for the Halleck Creek Project in the US in 2025, alongside an updated mineral resource estimate.
The company is continuing to progress discussions with potential strategic partners to further unlock the value of the Halleck Creek Project.
This news comes after American Rare Earths received the final assay results from the 2024 drilling campaign at the Cowboy State Mine area within Halleck Creek.
American Rare Earths, which has a market capitalisation of $140.98 million, says the latest results represent a “major” milestone in the company’s journey to establish a rare earth resource capable of supporting the US critical minerals supply chains.
The drilling campaign revealed multiple intersections exceeding 5,000 parts per million total rare earth oxide (TREO), showing the project’s upside potential.
CEO Chris Gibbs says the results show Halleck Creek’s potential to become a flagship rare earth project for North America.
“The high-grade TREO zones identified underscore the significant scale and quality of the deposit and strengthen our confidence in the project’s future,” Gibbs says.
“With the US government’s strong commitment to securing domestic critical mineral supply chains, Halleck Creek is well positioned to fulfill the US Government’s strategic objectives for both the defence industry and an array of economic elements supporting the energy transition.
“Our recent engagement with BMO Capital Markets and collaborations with industry-leading experts ensure we’re strategically aligned to accelerate the development of this world-class asset.”
The company notes the findings will underpin updated geological models and resource estimates, which paves the way for the next phase of development.
American Rare Earths is a mineral developer primarily focused on the Halleck Creek Project, which contains a 2.34 billion tonne resource and is located in Wyoming, US.
The company will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
The annual award winning convention brings together up to 30,000 attendees from over 130 countries for its educational programming, networking events, as well as business and investment opportunities.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Aaliyah Rogan at Mining.com.au
Images: American Rare Earths
