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American Rare Earths establishes first JORC resource estimate

The date of: 2020-11-12
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American Rare Earths establishes first JORC resource estimate of 128.2 million tonnes at La Paz with upside potential


 

source:Proactive Investors Australia

La Paz is a large tonnage, bulk deposit comprising high-value, light rare earth assemblage with the potential to be the largest, rare earth project in North America.

American Rare Earths Ltd (ASX:ARR) has established a first JORC-compliant resource estimate of 128.2 million tonnes at 373.4 ppm total rare earth elements (TREE) at La Paz Rare Earth Project in Arizona, USA.

This makes La Paz potentially the largest rare earths project in North America with ARR the only ASX company in the US rare earths market.

The company’s initial and successful field exploration activities in the past year identified higher-grade zones of mineralisation extending to the southwest outside the existing resource, prompting a successful application by ARR over the acreage concerned.

Update follows review

The update follows an extensive review of the project by ARR’s newly appointed chief technical consultant, consulting geologist and head of Colorado’s World Industrial Minerals Jim Guilinger.

Shares have been as much as 29% higher to 13.5 cents intra-day.

“10 years in the making”

ARR US-based chairman Clarence McAllister said: “The acceleration of progress is palpable.

“Engaging the deep experience of Jim Guilinger has helped us better understand and begin to communicate the true potential of the La Paz Rare Earth Project.

“The leadership and engagement of the board of directors as a team supporting and empowering the technical team is starting to bear fruit.

“This feels like it is just the beginning, yet it has been 10 years in the making.”

Opportunity to further increase resource

Following successful fieldwork during 2019 and 2020, the current property position has been expanded to the southwest due to favourable rare earths and scandium sampling results.

The current lode claims and Arizona State Exploration Permit Area held by the company is 5,143 acres (2,081 hectares).

La Paz’s defined resource sits within an area of around 525 of those acres (212 hectares).

This expansion of tenements presents the opportunity to increase the resource through additional drilling in these areas in 2021.

These activities undertaken by the company will provide the backdrop for the planned Preliminary Economic Assessment (PEA) in the second half of 2021.

The following key activities are recommended to be undertaken by the company to deliver a PEA:

Further surface sampling;

Metallurgical testing; and

Additional drilling in the maiden resource area together with the additional areas targeted, open cut mine planning and processing.

Outlook

The results of the collective body of technical work over the past 10 years on the La Paz project supports continued development with a near-term goal of better defining the surface margins of the deposit while probing the third dimension of depth with further core drilling.

Completion of the recommendations of WOOD PLC report and advancement on their positive metallurgical results will be vital to developing a pathway to success.

Exploring multiple processing options, both proven and emerging, will help maximise the likelihood for successful economics in the PEA.

Appointment of managing director

The company has also appointed Keith Middleton to the role of managing director after beind appointed as non-executive director in March and executive director in May.

Middleton is an experienced corporate advisor and director of ASX-listed companies specialising in the Australian and international resources sector.

He has direct experience in advising and raising equity for companies in the form of direct investment, company loans and initial public offerings.

Middleton’s immediate focus is on the La Paz Rare Earth Project in the US together with the Wyoming Rare Earths Project.

Non-executive chairman Creagh O’Connor said: I am very pleased about Keith’s appointment as managing director.

“Keith has provided the right mix of skills to ensure guidance and oversight as we focus on development of the La Paz Rare Earths Project and the Wyoming Rare Earths Project.”



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