American Rare Earths (ASX:ARR) has increased the Halleck Creek Rare Earth Project’s resource by 12.2% to 2.63 billion tonnes @ 3,292 parts per million total rare earth oxides.
The Red Mountain deposit within Halleck Creek, which is located in Wyoming in the US, also saw a 29.7% increase in resources. Red Mountain’s resource now totals 1.24 billion tonnes @ 3,252 ppm TREO.
Further, the Cowboy State Mine, located within the Red Mountain area, also grew in size, with the resource now totalling 543 million tonnes @ 3,438 ppm TREO.
American Rare Earths, which has a market capitalisation of $139.26 million, says this resource growth highlights the transformational scalability of the project, which remains open at depth and along strike.
CEO Chris Gibbs says the resource update shows the strategic importance of Halleck Creek as a cornerstone project for the US rare earth supply chain.
“With the Halleck Creek mineral resource estimate covering 16% of the greater Halleck Creek project surface area, we believe opportunities exist to expand mineral resource estimates with additional exploration,” Gibbs says.
“The expanded resources will strengthen the project’s economics as we finalise the updated Scoping Study, which is set for release shortly, and continue integrating this data into the Prefeasibility Study, scheduled for completion later this year.
“Halleck Creek is positioned to become one of the most significant rare earth assets in North America, supporting US critical mineral independence and economic growth.”
The updated resource estimates will be included into the ongoing Prefeasibility Study (PFS) which will provide a detailed evaluation of the project’s technical and economic potential. The company seeks to have the PFS study support its phased approach to development and commercial production.
In parallel, ongoing metallurgical testwork highlights the potential for cost-efficient processing at Halleck Creek.
The Halleck Creek Project, covering 3,304 hectares, has the potential to be among the largest rare earths deposits in the US.
The US currently only has one operating rare earths mine and processing facility, Mountain Pass in California – which supplies 15% of the rare earth content consumed annually.
The US Government is looking to ramp up its rare earths industry to secure its domestic supply chain and break China’s control over rare earths.
American Rare Earths is a critical minerals explorer focused on reshaping the US rare earths industry.
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.
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Write to Aaliyah Rogan at Mining.com.au
Images: American Rare Earths
