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5 October 2022 Drilling Commences at Halleck Creek Project after Exploration Target increases 328% Highlights:
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New drill campaign commences to define significant JORC Resource 36 reverse circulation holes planned for total length of 5,400 metres Drill permits approved to enable an expanded program up to 55 holes Drilling expected to be completed by Mid-December 2022
American Rare Earths Limited (ASX: ARR, OTCQB: ARRNF, FSE: 1BHA) (ARR or ‘the Company’) is pleased to announce that exploration drilling will commence on October 5, 2022 to drill 36 reverse circulation (R/C) holes to define a maiden JORC resource at the 100% owned Halleck Creek project. Each drill hole is planned for a depth of 150 metres, for a total length of 5,400 metres. An additional 19 holes have been permitted to enable the program to be further expanded. The Company contracted with FTE Drilling USA Inc to perform the work and expects drilling to be completed by Mid-December 2022. This new drill campaign closely follows the capital raise of A$14.0 million the Company performed in August 2022 and the 328% increased exploration target announced in September 2022. Managing Director and CEO Chris Gibbs commented: “We’re very excited to commence this drilling program to advance the massive Halleck Creek Project. “The success of the maiden drill campaign saw us announce on September 1, 2022, the boosting of the exploration target by 328% to a globally significant 1.01-1.27 billion tonnes of rare earth mineralised rocks. “After completing a A$14 million placement, announced on 17 August 2022, we are well capitalised to unlock the project’s potential and drive it forward into 2023 and beyond.