Highlights

• The autumn (September-November) development drilling program¹ in the higher-grade Overton Mountain area has commenced and remains on schedule.
• A core hole was recently completed to 305m of depth, exhibiting rare earth element (REE) mineralization throughout utilizing XRF. Prior drilling was limited to less than 175m. The deposit remains open at depth.
• The summer mapping and sampling initiative revealed potential for a larger, higher-grade REE resource at Halleck Creek.
• Optimized future exploration program(s) are being assembled, along with an updated JORC Exploration Target, which is forthcoming.
• Mapping revealed no major structural features, or controls within the updated areas.
• 189 surface samples were analyzed via XRF, 52 samples have been sent for confirmatory assay analysis of high-grade target mining areas.

DENVER, Oct. 03, 2023 (GLOBE NEWSWIRE) -- (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) | FSE:1BHA) (ARR or the Company) today announced an update on autumn exploration drilling and completion of significant mapping and sampling work at Halleck Creek, through which the Company has identified potential for a much larger, higher-grade resource.

The Company, which had previously focused on the Red Mountain and Overton claims², identified the future potential in the surrounding claims of Bluegrass, Sommers Flat, Trail Creek and County Line areas, as shown in Exhibit 2 to this release. Geologists were able to tightly constrain important contacts and boundaries between the REE enriched material and surrounding rocks. Through GPS-confirmed geology, staff geologists are optimizing future drillhole locations, JORC exploration target(s) and placement of conceptual mine- layout/facilities.

In addition, the summer drilling program identified mineable areas with more than 5,000 ppm TREO, which was a higher grade than revealed through previous drilling programs.

“Our summer drilling program was successful, as the team has now confirmed the presence of rare earth mineralization across a broader area, and at a higher grade, than had previously been known,” said Donald Swartz, Chief Executive Officer of American Rare Earths. “While more work needs to be done to confirm the presence of these claims at depth and across the entirety of our land holdings, we are encouraged by these results as we continue to establish the Halleck Creek property as potentially the largest US mining play for rare earths.”

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

Competent Persons Statement:

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.

About American Rare Earths Limited:

American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF| FSE:1BHA) 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.

Head Office
American Rare Earths Ltd
1658 Cole Blvd, Suite G30
Lakewood, CO, 80401
info@americanrareearths.com.au
americanrareearths.com.au

For media inquiries, please contact: 
Susan Assadi, sassadi@AmericanREE.com
347 977 7125

1. ASX announcement - 8 September 2023
2. ASX announcement – 29 June 2023

To see the full JORC Table link here. 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a160f8c-ebcc-4294-91af-40ddb7609e83