Company Announcements

Highlights

• 11 HQ holes completed with a total length of 1,585m (5,309 feet).
• 12 Reverse Circulation (“RC”) holes completed with a total length of 1,031m (3,381 feet).
• Two core holes drilled to 300m indicate rare earth mineralization and deposit remaining open at depth.
• Samples have been collected, logged and shipped to ALS Global for splitting and assay with results expected in the coming weeks.
• The results of this drill program to be used to update geological models, resource estimate and input for the upcoming Prefeasibility Study (“PFS”).
  

DENVER, Aug. 19, 2024 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce completion of the 2024 drilling campaign at the Cowboy State Mine (“CSM”) area.

The drilling campaign consisted of 12 RC holes with a total length of 1,031m (3,381 feet), 11 HQ core with a total length of 1,585m (5,309 feet), two of the core holes have been completed to depths of 300m each. At total length of 2,616m (8,581 feet) was drilled during the program. 689 RC samples and 659 core samples, for a total of 1,348, were collected, logged and shipped to ALS global for splitting and assay. While assay data will determine rare earth element (“REE”) grades, lithologic logs show Red Mountain Pluton (“RMP”) at the base of each core hole.

Chris Gibbs, CEO, commented:
"The team at Wyoming Rare (USA) (“WRI”) continue to demonstrate the exciting potential for this world class deposit at the Cowboy State Mine area, which forms part of the Halleck Creek District. The drill program was successfully completed ahead of schedule, and we look forward to the pending assay results.”

Gibbs added: “We continue to see the significant upside potential with mineralization observed to depths of at least 302m. The primary focus of WRI is to develop the Cowboy State Mine on a portion of the Halleck Creek Wyoming State Tenements. The results of this drill campaign will be instrumental for updating our geological models, resource estimate and input for the upcoming Prefeasibility Study (“PFS”).”

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

Competent Persons Statement:

The information in this document is based on company work performed in September and October 2023. 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 | OTCQX: ARRNF | ADR: AMRRY) owns Wyoming Rare (USA) Inc. which is focused on the development of the Halleck Creek Project, WY. It also owns La Paz, AZ rare earth deposit. Both can potentially become the largest and most sustainable rare earth projects in North America. The Company 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 (REEs) elements to help ensure a renewable future. 

For additional information:

Susan Assadi
Media Relations US
sassadi@americanree.com
347 977 7125

Beverly Jedynak
Investor Relations US
Beverly.jedynak@viriathus.com
312 943 1123

Full JORC Table and technical summary available here :

Figure 1 – 2024 Drill Hole Locations

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2106da7-e0b8-4fea-91f4-619a4c516e39