American Rare Earths boosts indicated resources 117% at its La Paz REE project in Arizona
(Kitco News) - American Rare Earths (ASX: ARR) announced today that an updated resource estimate for the company’s La Paz rare earths project in Arizona demonstrated a 117% growth in indicated resources.
The company said that JORC 2012 compliant total resource tonnage increased 33.1% to 170.6 MT, while indicated resource estimates increased to 35.2MT from 16.2MT, an increase of 117%. Resource estimation report demonstrates approximately 66.6 million kilograms TREE and approximately 80.0 million kilograms TREO.
The company added that this result demonstrates the potential for La Paz to be one of the largest rare earths projects in North America, making its asset significant in the development of the US domestic rare earths supply chain.
Managing Director Keith Middleton commented, “ARR is extremely pleased with the results of the La Paz Resource Update. Seeing a 117% increase in Indicated resource tonnage and a 5.2% increase in TREE grade demonstrates the value of our assets at La Paz. Our upcoming exploration plans will allow us to grow the project and continue defining the resource while returning value to shareholders.”
American Rare Earths is the only Australian company listed on the ASX with assets in the growing rare earth metals sector of the United States of America. ARR owns 100% of the world-class La Paz rare earth project, located 170km northwest of Phoenix, Arizona. As a large tonnage, bulk deposit, La Paz is also potentially the largest rare earth deposit in the USA and benefits from containing exceptionally low penalty elements such as radioactive thorium and uranium.
ARR plans to deliver its first Preliminary Economic Assessment for La Paz by 2022 and is working with leading USA research institutions for the La Paz's mineral profile to be incorporated into emerging US advanced rare earth processing technologies.