American Rare Earths’ Assay Results Expand Rare Earth Enrichment Within the Cowboy State Mine Area at Halleck Creek, Wyoming

Rhea-AI Summary

American Rare Earths (ARRNF) announces assay results revealing potential for a larger, higher grade REE resource area in the Cowboy State mine. Surface samples show up to 6,221 ppm TREO, a 64% increase to mine planning, with high value magnetic rare earths (MREO) averaging 27% of TREO. The mapping and sampling will aid in future higher-grade resource drilling.

Positive

• Surface samples of up to 6,221 ppm TREO indicate a 64% increase to mine planning.
• High value magnetic rare earths (MREO) average 27% of TREO, showing potential for a larger, higher grade REE resource area.
• Results complement the recently announced updated JORC resource of 2.34 billion tonnes, highlighting enriched mineralization at Halleck Creek.
• Mapping and sampling campaign in the Cowboy State Mine Area provide better constraints on geology for future resource targeting and drill hole planning.
• Results support future higher-grade resource drilling and offer significant upside with delineated areas covered with unconsolidated Tertiary gravel.

Negative

• None.

Highlights

• Surface samples of up to 6,221 ppm TREO (64% increase to mine planning), revealed potential for a larger, higher grade REE resource area in the Cowboy State mine area
• Mine planning averaged 3,805 ppm TREO¹ in recent scoping study
• High value magnetic rare earths (MREO) average 27% of TREO
• The mapping and sampling will support future higher-grade resource drilling

DENVER, April 10, 2024 (GLOBE NEWSWIRE) --  American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) the ‘Company’ today announced assay results from a recent mapping and sampling program in the Cowboy State Mine area. These results will allow the Company to target higher grade areas contiguous to the mining area within the recently published scoping study. These results complement the recently announced updated JORC resource of 2.34 billion tonnes² and illustrate the consistently enriched mineralization at Halleck Creek.

This mapping and sampling campaign within the Cowboy State Mine Area was focussed at a higher resolution. In total, 95 samples were sent for analysis at ALS Global, including 5 Quality assurance/Quality control samples of standards, blanks, and duplicates. The results are summarized in Table 1. The mapping refined contacts between the RMP and surrounding granites as shown in Figure 1. The new mapping and sampling campaign provides better constraints on the geology of the Cowboy State mine area for future resource targeting and drill hole planning. Specifically, areas covered with unconsolidated Tertiary gravel (Figure 1) were delineated, which offers significant upside.

Donald Swartz, Chief Executive Officer commented:

“We are encouraged by these results that continue to demonstrate upside potential to our recently announced scoping study. These results are contiguous and complimentary to our recently released mine plans, of which the entirety was developed on state lands, which provides accelerated permitting. These higher-grade target areas will allow for optimizing mine planning and project economics as we enter pre-feasibility level analysis. The low-operating costs ($38.38/kg NdPr equivalent) are largely attributable to the favorable geology, which is evident in these surface samples of highly enriched mineralization within zero-strip-ratio mining areas. The Uranium and Thorium continue to occur in very low levels naturally”.

1. ASX announcement March 18, 2024
2. ASX announcement February 7, 2024

Table 1 – Statistical Summary of November 2023 Sampling Initiative using a 1,500 ppm TREO cut-off. 68 samples were included.

Count	TREO	MREO	LREO	HREO
Average	3529	956	3133	396
Maximum	6221	1692	5683	578
Minimum	1523	435	1276	217

This announcement has been authorized for release by the CEO of American Rare Earths.

Competent Persons Statement:  

The information in this document is based on company work performed in September and October 2023. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

About American Rare Earths Limited:
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns the Halleck Creek, WY and La Paz, AZ rare earth deposits which have the potential to become the largest and most sustainable rare earth projects in North America. American Rare Earths is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of rare earth elements to help ensure a renewable future.

Full JORC Report can be found here.
For additional information:

Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125

Beverly Jedynak
Investor Relations US
Beverly.jedynak@viriathus.com
312 943 1123

Figure 1 - Map showing the locations of the new surface samples.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4819f872-cd9c-468d-bdc9-737ce1110328

FAQ

What is the ticker symbol for American Rare Earths?

The ticker symbol for American Rare Earths is ARRNF.

What was the percentage increase in surface samples to mine planning?

Surface samples showed a 64% increase to mine planning.

What is the average percentage of high value magnetic rare earths (MREO) in TREO?

High value magnetic rare earths (MREO) average 27% of TREO.

How many samples were sent for analysis in the recent mapping and sampling program?

In total, 95 samples were sent for analysis at ALS Global.

Who is the Chief Executive Officer of American Rare Earths?

Donald Swartz is the Chief Executive Officer of American Rare Earths.

What did the mapping and sampling campaign within the Cowboy State Mine Area focus on?

The mapping and sampling campaign focused on higher resolution mapping to refine contacts between the RMP and surrounding granites.

What was the statistical summary of the November 2023 Sampling Initiative?

Using a 1,500 ppm TREO cut-off, the average TREO was 396, with a maximum of 6,221 and a minimum of 152.

Who reviewed and approved the information in the document?

Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) reviewed and approved the information in the document.

What work was the information in the document based on?

The information in the document is based on company work performed in September and October 2023.

What does the CEO of American Rare Earths mention about the results?

The CEO mentioned that the results demonstrate upside potential to the recently announced scoping study and compliment the mine plans.

When was the ASX announcement made by American Rare Earths?

The ASX announcement was made on March 18, 2024.

What does the mapping and sampling campaign provide better constraints on?

The mapping and sampling campaign provides better constraints on the geology of the Cowboy State mine area for future resource targeting and drill hole planning.