American Rare Earths (ASX:ARR) is looking to upgrade JORC Mineral Resource Estimates (MREs) at its Halleck Creek REE Project through a drilling program scheduled to begin later this month.
The $53.70 million market capitalisation company says permits have been approved to begin drilling this month, which will focus on ‘high-grade’ target areas in hopes of upgrading the existing 1.43 billion tonne JORC resource.
Drilling will comprise 23 drillholes at the Overton Mountain sub-area, including 8 diamond core holes and 15 reverse circulation (RC) holes.
The deposit remains open at depth and width, with drilling designed to test mineralisation to depths over 300m, more than twice the current resource estimated depths, reports American Rare Earths.
American Rare Earths notes it is also advancing exploration activities into surrounding claims, with additional drilling planned following receipt of further drill permits.
Only 25% of the deposit has been drilled to date.
Speaking on the drilling, American Rare Earths Chief Executive Officer (CEO) Donald Swartz says: “Halleck Creek was recently recognised in the Top Five rare earths projects in the world. There is potential to significantly increase the size, quality, and grade of this deposit. This new program is focussed on adding value by targeting high grade zones.
We are in the heart of the USA, the largest economy in the world that desperately needs these rare earth elements.
With only 25% of the claims area explored and open at depth, we have an opportunity to build on the 1.43 billion tonne JORC Resource announced earlier this year. We are looking forward to executing this drill program and advancing Halleck Creek as the logical solution for the US Government to reduce dependency on Chinese rare earths.”
This comes following a summer field mapping and surface sampling program in the surrounding claims, with results expected to be announced when completed, in conjunction with an accompanying JORC compliant exploration target.
American Rare Earths is an explorer of rare earth projects with a focus on developing sustainable and cost-effective extraction and processing methods. The company is also committed to becoming a supplier of critical minerals.
The company’s Halleck project is located in Albany County within the mining friendly state of Wyoming and currently holds a JORC-compliant 1.43 billion tonne MRE. American Rare Earths had $12.485 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: American Rare Earths
