Drill Intercepts includes 299.1 Meters at 4,393 ppm TREO
Highlights
Assay results for 756 samples from the first 11 core and reverse circulation holes, has been received following the completion of the 2024 drilling campaign.
Assays show elevated rare earth mineralization from surface to depths of at least 300m.
Significant results include:
HC24-RM035: 299.1m @ 4,393 ppm Total Rare Earth Oxides (“TREO”)
HC24-RM023: 117.5m @ 4,006 ppm TREO
HC24-RM026: 81m @ 3,673 ppm TREO
HC24-RM028: 81m @ 3,602 ppm TREO
HC24-RM030: 81m @ 3,652 ppm TREO
HC24-RM031: 81m @ 2,698 ppm TREO
Deposit remains open at depth.
The results of this drill program to be used to update geological models, resource estimate and input for the upcoming Prefeasibility Study (“PFS”).
DENVER, Sept. 03, 2024 (GLOBE NEWSWIRE) — American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce the first assay results from the 2024 drilling campaign at the Cowboy State Mine (“CSM”) area of its wholly owned subsidiary, Wyoming Rare (USA) Inc (“WRI”).
ALS Global provided assay results for 756 samples from 11 core and reverse circulation holes, plus one partial hole. Since drilling concluded final drill hole locations were surveyed and geophysical logs for each drill were collected. Additionally, acoustic televiewer logs were collected in 7 core holes.
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Drill hole HC24-RM035 showed an average grade of 4,393 ppm TREO across the entire 299.1m length of the drill hole. The results continue to indicate the deposit remaining open at depth and extending well into Red Mountain. Likewise, drill hole HC24-RM023 has an average TREO grade of 4,006 ppm over 117.5m. WRI geologists prepared and shipped 54 core samples to WSP for geomechanical analysis. WRI also provided WSP with televiewer logs collected during the program.
Chris Gibbs, CEO, commented: “These first assay results continue to demonstrate the upside potential of the Halleck Creek district. The 2024 drilling indicated elevated rare earth mineralization of the CSM area extending well into Red Mountain. The sheer size and scale of the deposit continues to grow as these results confirm the deposit remaining open from surface to depths of at least 300m.”
Gibbs continued: “These drill holes allow us to expand our resource estimates into Red Mountain in the western portion of the CSM area. Our team continues to focus development on the CSM area, a portion of the Halleck Creek Wyoming State Tenements. With a pathway to State permitting and recent Government funding, the CSM area represents a unique opportunity to work with the State of Wyoming to rapidly advance the Project. When the remaining assay results are received, we will update our geological models and resource estimates. This data, together with the results of geomechanical test work, will provide the basis for detailed mine planning within our upcoming PFS.”
WRI geologists are also using the assay data, and whole rock geochemistry to update lithological designations of specific rock types within the Red Mountain pluton. Geological modelling domains are also being updated based on these rock type designations. Once the remaining assay samples are received from ALS geological models will be updated to reflect all data at the CSM Area.
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This announcement is authorized for release by the CEO of American Rare Earths.
Full JORC Table available here
Competent Persons Statement: The information in this document is based on company work performed in July and August 2024. 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 mineralization 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.
American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company 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 (REEs) elements to help ensure a renewable future.
Further information:
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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 – 2024 Drill Hole Locations and Assay Summaries
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44016a46-ad3f-4264-b14d-9a6e8a94c46c
CHEYENNE, Wyo. — Wyoming’s allocation of American Rescue Plan Act funds has been fully committed, the state announced in a release.
Wyoming received nearly $1.1 billion from the federal ARPA of 2021. Of that amount, approximately $584 million was used to replace revenue lost as a result of the economic downturn caused by the effects of the COVID-19 pandemic. One impact of the downturn was that, for the first time in the state’s history, there was a period of time when no oil and gas drilling rigs were operating in Wyoming.
Most of the revenue replacement funds were used within the Department of Health and Department of Corrections to conserve the General Fund dollars appropriated to them, ensuring the state had a sustainable approach to its operations during the economic downturn.
Some of those General Fund dollars were also put into permanent savings, which will generate income to the benefit of Wyoming taxpayers for future generations.
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“The ARPA funds appropriated by the Federal government will be paid for by our children and grandchildren,” Gov. Mark Gordon said. “It is fitting that we use those funds at a state level to reduce the potential tax burden of Wyoming’s current and future taxpayers.”
ARPA funds can only be used for certain purposes as determined by the federal government, including the requirement of a nexus to direct impacts of the pandemic. The Wyoming Legislature appropriated the remaining ARPA funds for support of mental health, healthcare, infrastructure and water and sewer projects.
These funds were granted through state agencies. In addition, all proposed projects were reviewed by the State Budget Department, in consultation with an audit firm, and the Office of the Attorney General to assure compliance to the extent practical with federal and state law and regulations.
In addition, $13.7 million was conditionally approved by the State Land and Investment Board for inflationary costs for approved Health and Human Services–related projects during the 2023 General Session through 2023 House Bill 0195.
CASPER, Wyo. — According to data from the Wyoming Economic Analysis Division, Natrona County’s unemployment rate at the end of September is slightly up from the same point in 2023, as well as the state’s average at the same point.
At the end of September, Natrona County’s unemployment rate was 2.9%. At the same point in 2023, the county’s rate was 2.6%. And in the most recent survey, Wyoming’s unemployment rate also sat at 2.6%. The state’s unemployment rate is down 1% from the same point in 2023.
Despite the slight rise in unemployment in the Casper area community, the report found that the economy is steadily improving. The Economic Analysis Division measures counties’ economic stability with an economic health index that looks at a variety of factors. In every indicator except for the unemployment rate, Natrona County saw improvement.
In addition to the unemployment rate, the economic health index considers the total nonfarm employment, the sales and use tax and the average home value.
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Despite the unemployment rate rising by 0.3%, the total number of employed Natrona County residents grew by about 1.2%. Overall, the number of nonfarm payroll jobs in the county was 40,800 in September.
Sales and use taxes grew approximately 5.1%, and Natrona County’s collection of the 4% sales and use tax was reported at $10.3 million in September 2024.
The average Natrona County home value rose 2.2% from 2023 to 2024. According to the report, the average home value is $296,100.
However, because sales and use tax collections the county receives for a given month represent transactions that took place four to six weeks prior, the tax collection data lags by one month in the economic health index model.
Employment in Wyoming totaled 295,900 jobs at the end of September, up 2,800 from the same point last year.
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“Total employment continues to increase year-over-year, but at a slowing rate,” Economic Analysis Division economist Dylan Bainer said.
Statewide, private education and health fields added the most jobs in the past year.
CASPER, Wyo. – Strong winds make their return on Wednesday in central Wyoming.
According to the National Weather Service in Riverton, a high wind warning will go into effect from 11 a.m. through 11 p.m. today.
Wind gusts up to 55 mph are expected, with gusts up to 70 mph possible on Casper’s south side and along Outer Drive. High winds will continue through the evening before easing overnight.
Today and Thursday will see high temperatures in the mid 40s. Friday and Saturday will see highs in the low to mid 50s under blustery conditions. Sunday will be 52 degrees and windy.
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The extended forecast into early next week currently calls for more of the same; Temperatures in the low 50s and breezy to windy conditions.