American Rare Earths raises $8.7 million to advance Halleck Creek project in Wyoming
American Rare Earths (ASX: ARR) announced it has secured commitments for a placement to raise $A13.5 million ($8.7m) to further develop eco-sensitive and cost-effective extraction and processing methods at advance its flagship project, Halleck Creek in Wyoming.
The funding provides the company with the necessary capital to advance Halleck Creek towards development with the aim to deliver a secure supply of critical minerals to the North American supply chain, the company said.
American Rare Earths (ASX: ARR) this month provided an updated mineral resource estimate for its wholly owned Halleck Creek project, showing a 64% increase in its in-situ tonnage compared to the previous estimate last fall.
In total, there are now 2.34 billion tonnes of material grading 3,196 parts per million (ppm) total rare earth oxides (TREO), including neodymium (Nd) and praseodymium (Pr) oxides, for 7.48 million tonnes of contained TREO. This includes 1.42 billion tonnes in the measured and indicated category, a 128% increase over the 2023 estimate, at a grade of 3,295 ppm TREO.
The mineral resource update follows the results of the September-October 2023 exploration program as well as additional surface sampling and geological mapping at Halleck Creek. From April 2022 through October 2023, the company has drilled a total of 70 holes and 9,031 metres.
American Rare Earths said it will focus on extensional drilling, pre-feasibility studies, metallurgical test work and process development, as well as heritage, permitting, and environmental activities.