Drilling shows mineralization to depths 50% deeper than exploration target
red mountain drill hole
PHOENIX, January 21, 2023 (GLOBE NEWSWIRE) — A correction has been issued to the release delivered today at 9:48 AM ET. Figures for the increase in mineralization have been inaccurately quoted. The correct increase rate is 50%. Here is the complete and fixed release:
American Rare Earths (ASX:ARR | OTCQB:ARRNF | FSE:1BHA) is pleased to announce the completion of a 38-hole drilling program at its Halleck Creek Rare Earth Project in Albany County, Wyoming, USA.
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5726 meters drilled
Geological data continue to show concentrated rare earth mineralization from surface to depth of drilling at 150m.
3,817 samples were collected and sent to the ALS laboratory for analysis
Consistent mineralization observed to 150m, expected to rise significantly by 50% above current exploration targets
Deposits continue to the adjacent bluegrass outlook to the east
Drilling confirmed that the rare earth element (REE) containing geological structure is much larger than previously thought. Geological data indicate significant and consistent REE mineralization across the observed samples, with large ore deposits remaining open at depth, possibly followed to the east by the company’s adjacent bluegrass prospects. following.
Managing Director and Chief Executive Officer Chris Gibbs said: state.
Currently, more than 1 billion tonnes of exploration targets have been certified under this drilling program. Drill results and positive metallurgical studies amplify the significant value of Halleck Creek’s potential as a major rare earth supplier in the United States. ”
next step
We are awaiting the results of our analysis to finalize our estimate of the JORC resource, which we plan to release in Q1 2023.
This market announcement has been approved for market release by the Board of Directors of American Rare Earths Limited.
Mr Chris Gibbs
Representative Director and President
Competent person statement:
The information in this document is based on company announcements made on August 4, 2022, September 1, 2022, October 5, 2022, November 3, 2022 and November 24, 2022. I’m here. These presentations were made by Dwight Kinnes (Society of Mining Engineers #4063295RM), who is employed by American Rare Earths and who is a qualified person as defined in 2012 for styles of mineralization and types of deposits under consideration. has sufficient experience relevant to the activities he undertakes to qualify as a JORC code. Mr. Kinnes agrees to include issues in the report based on the format and context in which the information is presented.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Results or industry performance that are materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are outside the control of American Rare Earths Limited.
At the same time, this press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. , resources, grades and other mineralization characteristics, and drilling and exploration methods that may be utilized in potential exploration of our projects. When used in this press release, the terms “may”, “plan”, “indicate”, “expect”, “intend”, “hope”, “believe”, “may”, “will” The words “if”, “if”, “possible”, “anticipate” and similar expressions are intended to identify forward-looking statements. However, not all forward-looking statements contain such specific language. These statements involve known and unknown risks, uncertainties and the fact that our actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such statements. Other possible factors are included. Such factors include, inter alia, uncertainties in the estimation of mineralization materials and mineral resources, risks to forecast and estimation economics that do not reflect actual economic consequences due to uncertainties in the mining process, Includes potential uneven sections, potential mining hazards and accidents. changes in equipment and labor costs; projected changes in mineral prices and demand; competition in the mining industry; risks associated with project development decisions; the inherently hazardous nature of mining-related activities; risks associated with legal proceedings, liquidity risks and the uncertainty of the availability of capital on favorable terms and factors discussed in the Australian Securities Exchange filings. The forward-looking statements contained in this press release are made only as of the date of this release. We undertake no obligation to publicly update any forward-looking statements, except as required by law. We cannot guarantee that projected results or events will be achieved.
Note to US Investors
The U.S. Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to deposits that a company can economically and legally mine or produce and that comply with SEC Industry Guide 7. Some or all of the proposed projects contain mineral deposits that will be converted into resources in the future, or have inferred mineral resources or measured and indicated resources, or economic or legal Don’t assume it’s minable. The proposed project does not contain any known proven or inferred deposits or mineral resources that comply with SEC Industry Guide 7 reporting standards. Investors are advised to carefully review the disclosures contained in the Company’s most recent reports filed with the ASX.
About Rare Earths in America:
American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) is an Australian company listed on the ASX and cross-listed in the United States and Germany. As an alternative international supply he chain to China’s market dominance in the global rare earth market, which is expected to expand to US$20 billion by the mid-2020s. The company’s mission is to supply essential materials for a renewable energy, green tech, electric vehicle, national security, and carbon-reduced future.
American Rare Earths, one of the only ASX-listed companies tapping into the rapidly expanding US market, is developing wholly owned magnetic metal projects in La Paz, Arizona and Halleck Creek, Wyoming. increase. Both have the potential to be the largest rare earth deposits in North America. The company is simultaneously evaluating other exploration opportunities while collaborating with US government-supported research and development to develop sustainable domestic supply chains for a renewable future.
Media contact:
Susan Asadi
347 977 7125
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fde97abe-9b53-4946-8b06-e361fb07a2c4
