American Rare Earths (ASX:ARR) announces a substantial 328% increase to the exploration target at the Halleck Creek project, confirming its potential to be one of the largest rare earth projects in the US.
The company reports that globally, very few rare earths projects exceed either one billion tonnes of mineralised rock or one million tonnes of total rare earth oxide content.
The Halleck Creek Project may be in very rare company.
The Halleck Creek Project may be in very rare company
The JORC compliant exploration target estimate is based on the latest surface sampling, and 2022 maiden drilling results. The updated exploration targets outline between 1.01 and 1.27 billion tonnes of rare earth mineralised rocks with Total Rare Earth Oxides (TREO) grades ranging between 2,245ppm and 2,807ppm.
This is an update and an increase from the original Exploration Target of 308-385 million tonnes of rare earth mineralised rocks previously disclosed to market.
Furthermore, low penalty elements, access to infrastructure and location in a mining friendly jurisdiction set this project apart.
The company’s strengthened balance sheet, from the recent successful placement allows for accelerated efforts to define a high tonnage maiden JORC resource, advance metallurgy test work and fast track evaluation studies in the near term.
American Rare Earth’s share price was up 4.255% to $0.245 as of 3pm AWST.
Addressing the results, Managing Director and CEO Chris Gibbs commented: “The Halleck Creek project is shaping up to become a world class asset.
The maiden drill campaign was a resounding success, and the new exploration target is massive.
Assay results exceeded our expectations with consistent Rare Earth mineralisation observed throughout the deposit. We continue to expand the project footprint and the deposit remains open at depth and laterally.”
Completing the drilling campaign at Halleck Creek will be the focus of the company’s operational personnel in the near term. The data collected from this drilling will be used to prepare its first detailed geological models of the area and then define the maiden JORC resource in Q1 2023.
The company has initiated metallurgy test work for Halleck Creek ore with Wood and Nagrom in Western Australia.
Images: American Rare Earths Limited
