American Rare Earths to commence drilling at Halleck Creek

Exploration program to focus on the high-grade target areas to upgrade existing 1.43 billion tonne JORC Resource at Halleck Creek¹

Highlights

• Drilling permits approved and drilling to commence mid-September.
• Program to focus on high-grade areas designed to upgrade existing JORC Resource.
• Planned drilling includes 865m (2,837ft) in eight core holes, and 1,500m (4,920ft) in 15 reverse circulation holes.
• Deposit remains open at depth and width. The drilling program will test mineralization to depths over 300 metres, more than twice current resource estimated depths.
• With only 25% of the deposit drilled to date the Company is also advancing exploration activities into surrounding claims, with additional drilling planned following receipt of further drill permits.
  

DENVER, Sept. 08, 2023 -- American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF) | FSE:1BHA) (ARR or the Company) is pleased to announce that the Halleck Creek drilling program which commences later this month aims to upgrade the JORC resource estimates.

Donald Swartz, CEO, expressed his enthusiasm for the project's potential. "Halleck Creek was recently recognized in the Top Five rare earths projects in the world². There is potential to significantly increase the size, quality, and grade of this deposit. This new program is focussed on adding value by targeting high grade zones."

"We are in the heart of the USA, the largest economy in the world that desperately needs these rare earth elements," continues Swartz. "With only 25% of the claims area explored and open at depth, we have an opportunity to build on the 1.43 billion tonne JORC Resource announced earlier this year. We are looking forward to executing this drill program and advancing Halleck Creek as the logical solution for the US Government to reduce dependency on Chinese rare earths."

The Company will commence a 23-hole drilling program at the Overton Mountain sub-area of the Halleck Creek REE Project in mid-September of 2023 (See figure below). The program will include eight diamond core holes and 15 reverse circulation (RC) holes. Seven of the diamond core holes will extend to 80m (262ft) depth, with one deep hole extending to 305m (1000ft), and all 15 RC holes extending to 100m (330ft) depth.

JORC Exploration Target
The exploration team have completed the summer field mapping and surface sampling program in the surrounding claims (Exhibit 1). The results of this field reconnaissance program will be announced when completed, along with an accompanying JORC compliant exploration target. The results of the work these past few months identified four locations in the County Line, Bluegrass and Trail Creek claim areas that will be drilled to confirm the presence of rare earth mineralization and verify higher-grade material.

Exhibit 1

September 2023 Drilling Campaign Detail
Core from the seven, shallow, 80m (262ft) diamond holes will provide critical data and information for a variety of different investigations. Approximately two tonnes of drill core will be used for additional metallurgical test work. Core will also be utilized for geotechnical and geomechanical testing to be used for pit design. The core program will also provide material for a long-term enviro-engineering study, which will determine how the ore weathers and decomposes.

Currently, mineralization is still open at depth. The deep core hole (305m, 1000ft) aims to explore the depths of mineralization within the Red Mountain Pluton. The deep hole will also provide additional information for environmental, hydrological, and permitting studies.

The 15 proposed RC holes will provide data to define measured resources at Overton Mountain. Cuttings will also be used for additional test work and research and development projects as deemed proper.

The timing of drilling in subsequent surrounding claim areas is dependent on the issuance of exploration permits.

This market announcement has been authorized for release to the market by the Board of American Rare Earths Ltd..

Mr. Donald Swartz
CEO

Competent Persons Statement:
The information in this document is based on company work performed in August 2023. This work was reviewed and approved for release by Mr. Dwight Kinnes (Society of Mining Engineers #4063295RM) who is employed by American Rare Earths and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 JORC Code. Mr. Kinnes consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

About American Rare Earths Limited:
American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF| FSE:1BHA) is committed to becoming a top supplier of critical minerals. The company is a leading explorer of rare earth projects, with a strong focus on developing sustainable and cost-effective extraction and processing methods. To meet the rapidly increasing demand for resources essential to the clean energy transition and US national security, American Rare Earths is engaged in advanced study and continued exploration of its 100% owned rare earth element projects rich in the magnet elements of neodymium and praseodymium at Halleck Creek in Albany County, Wyoming and La Paz, Arizona. Both projects have the potential to be among North America's largest rare earth deposits. The Halleck Creek deposit was recently identified by Mining.com as fifth in the world's top rare earth projects. A recently released maiden JORC Resource report for Halleck Creek shows 1.43 billion tonnes of in-place TREO, 4.73 million tonnes TREO containing approximately 1.05 million tonnes of the highly desirable magnet metals neodymium and praseodymium. The Halleck Creek deposit is located approximately 70km north-east of Laramie encompassing portions of Albany and Platte Counties in Wyoming. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of rare earth elements to help ensure a renewable future.

Head Office
Suite 706 Level 7, 89 York St.
Sydney, NSW 2000
Tel 612 8054 9779
GPO Box 1546
Sydney NSW 2001

US Mail
c/o Western Rare Earths
514 Grand Avenue #371
Laramie, WY 82070
info@americanrareearths.com.au
americanrareearths.com.au

See Appendix - JORC Table 1 here

For media inquiries, please contact:

Susan Assadi, sassadi@americanrareearths.com.au
347 977 7125

Location of planned drill holes for September 2023 campaign

________________________

¹ See ASX Announcement 30 March 2023
² Mining.Com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/23f978df-f699-42fa-8170-7095142a8bf9

https://www.globenewswire.com/NewsRoom/AttachmentNg/193b4b1b-eb5d-49f4-8ea5-bb8ead708cfa