American Rare Earths Ltd (ASX:ARR) has grown the Halleck Creek Rare Earth project in Wyoming, US, to more than 6,000 acres or 24.5 square kilometres with the addition of the newly staked Bluegrass area, which has demonstrated its potential with surface samples up to 5,065 parts per million (ppm) total rare earth oxide (TREO).
The company collected 71 new surface samples from Bluegrass prospect, returning average assays of 3,051 ppm TREO, 812 ppm magnet rare earth oxides (MREO) and 2,738 ppm light rare earth elements (LREE).
On average, the area returned a high-value MREO average of 27% in observed TREO, with very low thorium and uranium penalty elements.
“Very exciting results”
“Halleck Creek continues to exceed our expectations,” American Rare Earth managing director and CEO Chris Gibbs said.
“These are very exciting results for the company coming soon after the highly encouraging drill results from the maiden drill program completed at Halleck Creek earlier this year.
“The project continues to grow, and these results demonstrate the potential of Halleck Creek to become one of the major, large scale, rare-earth mines in North America.”
Read: American Rare Earths returns high-grade rare earth assays from Halleck Creek in Wyoming
ARR has interpreted these latest results to be consistent with those from the Red Mountain and Overton Mountain area and believes they demonstrate that the current exploration target has been significantly underestimated.
American Rare Earths will now work to expand the existing exploration target and begin drilling for a maiden JORC-compliant resource.
Investors have welcomed the news with shares up as much as 9.81% this morning to A$0.28.