American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) CEO Chris Gibbs tells Proactive the company has identified a new significant rare earth element (REE) deposit in Wyoming, US (Beaver Creek REE project) containing grades between 1.7% and 9.1% of rare earths lanthanum, cerium, neodymium, praseodymium and yttrium.
The company has staked 37 federal unpatented lode claims covering about 303 hectares (749 acres) at the Beaver Creek REE Project.
"These are outstanding results from the initial field work and the exploration team we have on the ground in the United States, Gibbs told investors on Tuesday.
The newly staked claims are within the same state as our flagship Halleck Creek project, which already has a JORC Resource of 1.43 billion tonnes.
Given the proximity of these new claims to Halleck Creek, were very excited about the future synergies and opportunities between both projects and we look forward to conducting further exploration activities to unlock the potential of this new high-grade discovery.
Grab samples have been sent to ALS Global for assay, while a detailed mapping and sampling program will be fast-tracked to deepen ARRs understanding of the deposit.
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American Rare Earths Ltd
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