American Rare Earths kicks off drilling at Cowboy State

American Rare Earths (ASX:ARR) has confirmed its geotechs have kicked off the 2024 drilling campaign at Cowboy State.

The company will now drill 2,670m worth of drill core on-site across two rigs: a core drill for 11 holes and an RC rig to drill 12 holes for 1,080 metres.

Just last month, the company won $10M in funding from the Wyoming government to develop the US-based project, part of the larger Halleck Creek play.

This drilling campaign is intended to upgrade mineral resources, provide feedstock for metwork testing and work towards a full prefeasibility assessment. Given so, the company described the campaign as infill drilling on Monday.

“Our partnership with FTE Drilling, who has consistently delivered on-time and on-budget, gives us confidence that we will achieve our goals for this year,” ARR CEO Donald Swartz said.

“This phase of in-fill drilling is crucial for upgrading our resource estimates and gathering essential data for pit design and environmental studies.”

Counterpart Richard Hudson – ARR’s Chairman – was equally bullish.

“We look forward to providing investors with updates on the campaigns as they come through,” Hudson said.

In the background, many analysts have been hesitant to go all-out on REE plays, given lower prices than at the start of the year. Neodymium is down over -17% YoY.

ARR last traded at 29cps.