American Rare Earths drives towards developing La Paz resource
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2021-09-22
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American Rare Earths drives towards developing La Paz resource in US and building scale of rare earth and scandium portfolio
source:American Rare EarthsAmerican Rare Earths Ltd (ASX:ARR) ended FY2021 in a strong position, well-funded to continue driving its flagship La Paz Rare Earths Project in Arizona towards production and building the scale of its growing portfolio of rare earth and scandium assets.The La Paz Project is 170 kilometres northwest of Phoenix, Arizona, and has strong potential to become the largest rare earths project in North America.During the reporting period, American Rare Earths acquired the Halleck Creek Rare Earths, formerly the Laramie Project, 70 kilometres northeast of Laramie and stretching across the counties of Albany and Platte in Wyoming, USA.It then added further to the US portfolio by acquiring the Searchlight Rare Earths Project 119 kilometres south of Las Vegas in Clark County, Nevada, USA.Furthermore, the company acquired the scandium mineral rights at Split Rocks project in the Forrestania greenstone belt of Western Australia.American Rare Earth completed the financial year with an improved financial operating result compared to the previous corresponding period.Loss after income tax for FY2021 was $258,920 compared to $923,288 in the previous reporting period while the company finished FY21 with a substantially higher cash balance of $3,700,689 compared to the $1,433,784 amount it had at the start of the year, thanks to a successful capital raising.Importantly, the capital raising contributed $2.4 million before costs in additional funding to accelerate exploration work at the La Paz Project.The extra capital raised enabled American Rare Earths to carry out a successful sampling program at La Paz in December 2020 followed by the company’s first drilling campaign on the project area in March 2021.The nine diamond core holes drilled at La Paz achieved two very important things:Firstly, the drill results confirmed the maiden resource that was delineated in 2011 by the previous project holder, andSecondly, it provided pleasing encouragement on the existence of additional rare earth mineralisation below the current resource and the discovery of a potential new ore body to the southwest of the resource area.The technical team’s review of assay and metallurgical results continued into the new 2021/22 financial year as work progressed towards a planned expansion of the size and grade of the La Paz resource.Subsequently, on August 3 the company was able to announce an updated JORC 2012 resource estimate of 170.6 million tonnes at an average grade of 391ppm Total Rare Earth Elements (TREE).American Rare Earths Limited agreed to acquire the Laramie Rare Earths project in Wyoming USA, which was completed in June 2021 when the project was renamed, the Halleck Creek Rare Earths project.The company added another project to its suite of assets through the acquisition of the Searchlight Rare Earths project in Nevada USA.Then in June 2021, it acquired the scandium mineral rights over the Split Rocks project in Western Australia via a two-year exclusive option agreement with Zenith Minerals Limited.The company has also strengthened its technical personnel on the ground and directors now believe the company has an 'excellent and very capable' team to further progress its rare earths and scandium projects in the USA.American Rare Earths plans to continue drill core metallurgical test-work and undertake an allanite beneficiation program that is expected to assist with the preparation of a Preliminary Economic Assessment (PEA) in the latter part of 2021 for developing the La Paz resource.Plans are also being prepared for further phased exploration across the La Paz resource area to further increase the depth of the resource through deeper drilling down to 200 metres below the surface with more uniformly spaced drill holes.Exploration targets will also be developed for drilling in the southwest area of the project, which is five times larger than the maiden resource area.In addition, the team will review available data on other recently acquired assets and develop exploration plans to progress these projects going forward.
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