American Rare Earths announced assay results for 600 samples from six reverse circulation (RC) holes at the Halleck Creek Rare Earths project in Wyoming. The Company now has complete assay data for 15 holes and partial assays for three (3) additional holes in the Red Mountain project area at the Halleck Mining district. Since the previous release, the Company has received the remaining assay results from HC22-RM015.

These confirm enriched rare earth mineralization over an interval length of 169.5m (487 feet) to a total depth of 175.5m (576 feet). This is an increase of 75.5% over the depth drilled for the maiden drill campaign of 100 meters. Please note, the exploration target of 1.01 to 1.27 billion tonnes announced to market on September 1, 2022, was also based off a depth of 100 meters.

Encouragingly, mineralization remains open at depth. Drill hole HC22-RM007 showed outstanding results with an average total rare earths oxide (TREO) value of 3,996 ppm from surface along the entire 150m length of the hole. Likewise, drill hole HC22-RM022 contains an interval of 37.5m with an average grade of 6,948 ppm TREO.

The Company awaits the final results for three additional holes in the Red Mountain project area and 20 holes in the Overton Mountain project area. ALS laboratories in Vancouver, British Columbia performed the analysis. The company is encouraged about the prospect of a significant rare earth structure at depth and are looking forward to conducting further drilling to determine how deep the deposit is.

However, priority is to establish a significant JORC resource, and at depths of 175.5 meters The company already see the basis for a large scale, long life open pit mine on the magnitude of the major copper/gold porphyry deposits, so often seen in the Western USA. Let’s keep in mind, these recent assay results are from the Red Mountain area, which is only one of seven zones The company have identified in this massive rare earth district. Preliminary assay results from 15 RC holes in the Red Mountain project area have an average TREO of 3,603 ppm.

Magnetic rare earth oxides (MREO) including the valuable Neodymium and Praseodymium continue to comprise approximately 27% of the rare earths at Red Mountain. 18 RC holes were drilled in the Red Mountain project area, and an additional 20 holes were drilled in the Overton Mountain project area between October and December 2022. The assay results demonstrate consistent rare earth mineralization associated with clinopyroxene quartz monzonite (CQM) and fayalite monzonite (FM) rocks of the Red Mountain Pluton (RMP).

Drill hole HC22-RM015 was drilled to 175.5 meters (576 feet) and consisted primarily of CQM. As previously released, the last sample in drill hole HC22-RM015 contains a TREO value of 3,665 ppm. Since the previous release, the Company received all assays for drill hole HC22-RM015.

This hole has an average TREO value of 4,303 ppm over an interval of 169.5 meters (487 feet).