Proactive - Interviews for investors
American Rare Earths Confirms High-Grade Rare Earth Oxides at Cowboy State Mine in Wyoming
American Rare Earths CEO Chris Gibbs joined Steve Darling from Proactive to discuss the latest assay results from the company's 2024 drilling campaign at the Cowboy State Mine area in Wyoming. This drilling is the first phase of a larger multi-stage development plan for the Halleck Creek deposit, which boasts an estimated 2.34 billion tonnes of JORC resource containing 7.48 million tonnes of total rare earth oxides (TREO).
Gibbs highlighted that the assay results for 12 core and reverse circulation (RC) holes confirmed high-grade ore in the western portion of the deposit. Key intercepts include HC24-RM044, with 172.4 meters at 3,716 ppm TRE, and HC24-RM036, which showed 51.0 meters at 3,390 ppm TREO. These findings have defined the eastern extent of the deposit, and upcoming drilling will target higher-grade zones near Red Mountain. One notable result from this area, HC24-RM035, reported an impressive 4,393 ppm TREO over 299.1 meters.
The campaign was completed under budget, allowing for the drilling of an additional four RC holes, totaling approximately 730 meters. These are expected to be finished within the next week, further advancing the company's plans for rare earth element development in Wyoming.
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- Broadcast on:
- 03 Oct 2024
- Audio Format:
- other
You're welcome back inside our proactive newsroom and joining me now is Chris Gibbs. He is the CEO of American Rare Earths. And Chris is good to see you again. How are you doing? Very well. Thank you, Cinsch. Good. Good to have you along. And excited to talk about the news that the company has out. Just sort of giving a few more results from your 2024 drill campaign, a cowboy state mind area in Wyoming. And again, Chris, I guess the theme here is returning exactly what you had before. These are again positive numbers. Look, we're seeing some great results from our drill campaign. And look, the electric project, and in particular, this cowboy state mind area, continues to impress us, Steve. And what we've seen, and we just recently announced additional drill results where we saw particularly high grade concentrations in the western part of this deposit. And we saw 172 metres with what's called total rare earth oxide. Yeah, for trio, we call it parts per million of 3,716 ppm. And that's on the back of where we also saw some results where a drill hole down to, yeah, 299 metres. So just under 300 metres of over 4,000 parts per million, which is at 4,393. So these are some great results. Now, what we also did as part of this campaign is that we intentionally defined the eastern boundaries. And that's because what we're doing here is we're really pulling together our plans for the mining for this and our mine plans. And so that showed that we did have some lower grades on that eastern portion. So our focus is really around the western portion of this deposit. And that's where we're also putting in some additional drilling that we've, well, yeah, commenced on site as well. So there's some good things happening there at the cowboy state mind. Yeah, Chris, do you feel that you're in a position where you've been able to define that eastern extent of this deposit that you feel comfortable where you're at now and will now sort of move away from there to work on the other areas. Yeah, that's correct. We've defined that. And look, that matches in line with what we've seen with our surface samples. Sure, we were hoping that it was going to be continuing further along those eastern boundaries, but the grades were as expected. And so it does define that eastern portion, but what it does enable us now to do is really put our efforts on the red mountain area, which has the red mountain to put on, and where we've seen these higher grades. And what's exciting about these higher grades in that western section is that it's down right now to over 300 meters and it continues that depth and very homogeneous deposit in that portion of the deposit. So we're very pleased with what we've seen. And Chris Cruz have been working diligently. So in fact, you came under budget, so you were able to do a little more than you actually first anticipated. Well, that's correct. We, we came in under budget. So, and with the, with that and with what we've come back with these essays, the drill rings were still on site. So we use that as an opportunity to put some more holes in. And so that's why the team is back out on site drilling for additional holes into that western portion. So that, that will just again help us to really pull together the resource models and the mind plans for the cowboy state mind. Now, let's not forget those Steve, the, what we have here at the Howick Creek project is something huge. The cowboy state mind is only one small part of the wider part of this project. This is phase one or the Halic Creek project. The cowboy state mind is like, you know, like I said, just that first step and it has a pathway to permitting because it's on state lands. But the wider Halic Creek project has, as you know, you know, over 2.34 billion tonne jork resource. It's still open at depth. And we're very excited, but we've got it. We're still positive. Yeah. And just quickly, how will the company end out the year. You've got a few months left here, obviously, will there be some more work being done once this leftover drilling is finished. Well, the year, you know, we've got the drilling happening and we'll be coming out with some more drill results, obviously in that regard. We continue on, we will be recently announced Steve, as you know, last week with the XM bank, but really throwing their support as well into this project where we announced a letter of interest with the XM bank. So we'll be commencing that due diligence process with the XM bank. We're also continuing work on a metallurgy for the project. And the other thing happening on this project will also have commenced baseline monitoring work as part of our environmental permitting. And look, this, the cavalry state mine is on state lands. So, you know, this has, you know, well, there's a pathway to get this permitted in less than two years, which is fairly, well, compared to a lot of projects. That's a fast track. And in the state of Wyoming, we've got a lot of great support here for this project that we're doing. And that's on the back of funding that we've got from the state government. And so, yeah, this permitting, yeah, also is a key part for the project. So, yeah, we've got a pathway to state permitting a pathway to some of the financing. And we're continuing to move the project through its phases of de-risking. So lots of good things happening at the Helik Creek project. Absolutely. Chris, thanks so much. Good update and good to see you as well. Appreciate the time. Thank you, Steve. Good to see you today. Yeah, there's Chris Gibbs. He's the CEO of American Rarers.