11 core holes and 12 reverse circulation holes planned for a total of 2,670 meters (8,760 feet)

Highlights

• ARR 2024 drilling campaign commences at Cowboy State Mine Area for a total of 2,670 m including:
  
  

  • 11 core holes planned to drill approximately 1,590 meters (5,217 feet)
    
    

  • 12 reverse circulation holes planned to drill approximately 1,080 meters (3,543 feet)

• Drill campaign in the Cowboy State Mine area will upgrade resources, provide additional material for metallurgical test work and data to advance mine planning work towards prefeasibility analysis.
  

DENVER, July 15, 2024 (GLOBE NEWSWIRE) -- American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) is pleased to announce commencement of the drilling campaign at the Cowboy State Mine (“CSM”) area. This first stage of in-fill drilling will allow ARR to upgrade resource estimates at CSM while providing key data for pit design, environmental baseline studies and additional ore material for metallurgical test work. The 23-hole program contains 11 core holes and 12 reverse circulation (“RC”) holes with a planned meterage of approximately 2,670 meters.

ARR has again partnered with FTE Drilling who completed the previous 2023 campaign on-time and on-budget. The seasoned team members will strive to repeat this for 2024.

Donald Swartz, CEO of American Rare Earths, commented:

"We are excited to commence our 2024 drilling campaign at the Cowboy State Mine area. This phase of in-fill drilling is crucial for upgrading our resource estimates and gathering essential data for pit design and environmental studies. Our partnership with FTE Drilling, who has consistently delivered on-time and on-budget, gives us confidence that we will achieve our goals for this year."

Richard Hudson, Chairman of American Rare Earths, commented:

"This drilling program marks another significant step forward in advancing the project towards prefeasibility analysis. The data and samples collected will provide a solid foundation for our metallurgical test work and resource modelling, ultimately enhancing our ability to develop a robust and sustainable mining operation."

“We look forward to providing investors with updates on the campaigns as they come through.”

Exploration Plan

Exploration plans for the Cowboy State Mine area consist of drilling approximately 23 holes (12 RC holes and 11 HQ core holes) for a total of 2,670 meters (8,760 feet) (Figure 1). Drilling commenced on July 8, 2024, and will continue for approximately 6 to 8 weeks into August.

HQ sized core holes will vary in depth between 80 meters and 300 meters for approximately 1,590 meters. RC holes will vary in depth between 80 meters and 110 meters for approximately 1,080 metres. ARR geologists will photograph, log, split core at site, then submit samples to ALS Global for assay. Remaining core will be held in reserve for additional testing. RC samples will be collected using rotary splitting unit to provide three RC samples for logging, XRF, and assay.