RC Holes Confirm Enriched Mineralization At Red Mountain Project

PHOENIX, AZ - American Rare Earths reported on the reverse circulation (RC) holes at the Halleck Creek Rare Earths projects in Wyoming. 10 RC holes all reside in the Red Mountain project area at the Halleck Creek district. The assay results confirm enriched rare earth mineralization to a depth of 150 meters and brings the company a step closer to defining a substantial maiden JORC resource.

Assays confirm Total Rare Earth Oxide (TREO) values up to 8,359 parts per million (ppm). Mineralization confirmed at depths of 150 meters, a 50% increase on previous drill assays. Significant intercepts include: HC22-RM014 averages 3,958 ppm TREO over 148.5 meters; HC22-RM016 averages 3,495 ppm TREO over 148.5 meters; HC22-RM017 averages 3,922 ppm TREO over 132 meters; and HC22-RM015 averages 4,394 ppm TREO over 120 meters. Mineralization remains open at depth, with initial assay results from 10 RC holes, and twenty-eight more to come. There are low levels of penalty elements thorium and uranium.

ARR awaits the results for 8 additional holes in the Red Mountain project area and 20 holes in the Overton Mountain project area.

CEO and Managing Director, Chris Gibbs, said, “The initial assay results confirm consistent rare earth mineralization from surface to depths of 150 meters, an increase of 50%. “These are outstanding results as previous core drilling had confirmed mineralization to only 100 meters. Just as importantly, mineralization is open at depth. These results further enhance our belief that the Halleck Creek district is one of the largest, rare-earth deposits on a global scale and shaping up to be a key strategic project for the United States. We are looking forward to receiving further drill assay results and in addition, updating the market on metallurgical test work also currently in progress.”

Preliminary assay results from 10 RC holes in the Red Mountain project area have an average TREO of 3,491 ppm using a cut-off of 1,500 ppm TREO. Magnetic rare earth oxides (MREO) including the valuable Neodymium and Praseodymium comprise approximately 27% of the rare earths at Red Mountain. 18 RC holes were drilled in the Red Mountain project area and an additional 20 holes were drilled in the Overton Mountain project area between October and December 2022. The assay results demonstrate consistent rare earth mineralization associated with clinopyroxene quartz monzonite (CQM) and fayalite monzonite (FM) rocks of the Red Mountain Pluton (RMP). See accompanying Figure 2, drill hole HC22-RM014 has an average TREO value of 3,958 ppm over an interval of 148.5 meters (487 feet).