PHOENIX, February 13, 2023 (GLOBE NEWSWIRE) — American Rare Earths (ASX: ARR | OTCQB: ARRNF | FSE: 1BHA) or ‘company’ is pleased to present the results of the analysis of 600 samples from six counter-circulation (RC) holes at the Halleck Creek Rare Earth Project in Wyoming.

highlight

• Assay confirms rare earth mineralization to new depth of 175.5 meters
• Mineralization depth is 75.5% deeper than the original exploration target
• 27% of rare earths contain highly valuable magnetic rare earth elements
• Deposits Remain Open, Significant Upside Potential
• The main intercepts are:

  • HC22-RM015 averages 4,303 ppm at 169.5 meters.
  • HC22-RM022 averages 6,948 ppm at 37.5 meters.
  • HC22-RM007 shows a TREO of 3,966 ppm averaged over 150 meters over the entire length of the hole.

The company currently has full analysis data for 15 holes and partial analysis data for 3 additional holes in the Red Mountain project area of ​​the Haleck Mining District.

Since our last release, we have received the remaining assay results for HC22-RM015. These identify concentrated rare earth mineralization from an interval length of 169.5 m (487 ft) to a total depth of 175.5 m (576 ft). This is a 75.5% increase over the 100-meter depth drilled in the first drilling campaign. Note that the 1.01 billion to 1.27 billion tonnes exploration target announced for the market on September 1, 2022 is also based on a depth of 100 meters. Encouragingly, mineralization remains open at depth.

Borehole HC22-RM007 showed excellent results with an average Total Rare Earth Oxide (TREO) value of 3,996 ppm from the surface along the entire length of the borehole of 150m. Similarly, borehole HC22-RM022 has a 37.5m spacing and an average grade of 6,948 ppm TREO. The company is awaiting final results for an additional 3 holes in the Red Mountain project area and 20 holes in the Overton Mountain project area. Analyzes were performed by the ALS Institute in Vancouver, British Columbia.

Chris Gibbs, Chief Executive Officer and Managing Director, is pleased to announce recent assay news.

“These are excellent results, showing mineralization consistently from the surface to a depth of 150 meters. It is very encouraging that the mineralization now extends to at least 175.5 meters. It is a 75.5% depth increase from the campaign, far exceeding the original exploration target criteria of 100 meters.

We are encouraged by the potential for significant rare earth structures at depth and look forward to conducting further drilling to determine the depth of the deposit. JORC ​​resource and already sees the foundation for large-scale, long-lived open pit mining at a depth of 175.5 meters. American West.

Keep in mind that these recent analyzes are for the Red Mountain region, which is only one of seven zones identified in this large rare earth region.

We are eagerly awaiting the results of the remaining drilling assays, including the Overton Range assay drilled during this latest campaign. ”

Assay result

Preliminary analysis results from 15 RC holes in the Red Mountain project area show an average TREO of 3,603 ppm. Magnetic rare earth oxides (MREOs), including the precious neodymium and praseodymium, continue to account for about 27% of the Red Mountain rare earths.

Between October and December 2022, 18 RC holes will be drilled in the Red Mountain project area and another 20 holes will be drilled in the Overton Mountain project area.

Assay results show consistent rare earth mineralization associated with clinopyroxene quartz monzonite (CQM) and fayalite monzonite (FM) rocks of Red Mountain Pluton (RMP).

Borehole HC22-RM015 was drilled to 175.5 meters (576 feet) and consisted primarily of CQM. As previously released, the final sample from borehole HC22-RM015 contains a TREO value of 3,665 ppm. Since our last release, we have received all assays for drill hole HC22-RM015. The average TREO value for this hole is 4,303 ppm over 169.5 meters (487 feet).

Figure 1 Drilled hole HC22-RM015

Average values ​​for the penalty elements of thorium and uranium remain very low.

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 work conducted in January 2023. The style of mineralization and type of deposit under consideration and the activities he undertakes to qualify as a qualified person as defined in his 2012 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 the Company’s 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 unevenness, 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 ability to raise capital on favorable terms, and those discussed in Australian Securities Exchange filings. cause. 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
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