American Rare Earths hits high grade find at Halleck Creek

American Rare Earths’ (ASX:ARR) share price is up 11% as the company hits a fresh batch of high-grade rare earths at Halleck Creek, Wyoming. 

Rare Earths projects tend to clump trace elements into parts per million (ppm) divisions, with Total Rare Earth Oxides (TREO) often the going term to capture a number of metals. 

To that end, the company is reporting the following: 

• 88m @ 0.42% TREO 

• 101m @ 0.32% TREO 

• 99m @ 0.37% TREO

• 105m @ 0.34% TREO 

The company notes that of those findings, 25% of TREO counts are high-value magnet rare earth oxides (MREO).

MREOs include neodymium, praseodymium, dysprosium and terbium. 

Back in February, prices for those metals had risen 105% year on year. 

For comparison, the company's performance since mid-July 2021 sees it up 178%; and 188% above the ASX200 on the same timeframe.

Underestimated resource to be upgraded 

American Rare Earths further states its initial mineral estimates are underestimations, and is to launch further drilling to underpin an updated JORC resource. 

“With the results from March to April now received it is clear there is enormous size…at this project,” American Rare Earths CEO Chris Gibbs said. 

“These results support the preliminary assays received in June, that the deposit is consistent in grade, and has negligible uranium and thorium.” 

Uranium and thorium tends to coincide with rare earth elements (REEs) in geological settings, ultimately making downstream processing more costly. 

In Australia, all REE samples must be sent to the sole nuclear regulator, ANSTO, for testing, which often causes delays. 

Regardless, Gibbs is keen to get on with the job. 

“Our focus in the near term is to upgrade the exploration target for this project, and establish a significant JORC resource as soon as reasonably practicable.” 

American Rare Earths has outperformed the materials index for the last twelve months