During 2011, Australian American Mining Corporation Ltd (AusAmerican) drilled 195 percussion holes for 5,120m to support a maiden total indicated resource of 16.2 million tonnes at 373.4 parts per million (0.037%) total rare earth elements, equating to 12.1 million pounds of rare earth elements.
The company also defined a total inferred resource of 112Mt at 371.5ppm (0.037%) total rare earth elements or 83.3Mlb rare earth elements.
The entire resource was found within 30m of surface and either exposed or lightly concealed by alluvium.
Favourable host rock and mineralisation are open at depth and to lateral extension in all but one direction.
In its report at the time, AusAmerican said the La Paz deposit, although of relative low grade, “excels by its sheer volume, uncomplicated mineralogy, lack of uranium and thorium, favourable preliminary metallurgical work, and location”.
Large project
According to chief executive officer Trangie Johnston, La Paz has the potential to become the largest rare earth project in North America.
“[This project] offers a unique opportunity for exposure to the US rare earths market, where security of supply is critical because of rising global trade tensions,” he said.
“The potential scale of this project, in a mining-friendly environmental jurisdiction and close to world class infrastructure, means [we will be] focused on quickly advancing our work here.”
================================= Image Source: Rare Earth Mining
US President Mr Donald Trump on September 30 ordered his Cabinet secretaries to look into the country’s reliance on rare earths in his latest bid to end China’s dominance of the industry. The move could lead to tariffs, quotas or other possible import restrictions. While the United States used to be the leading producer of the minerals, China has used its heft in the industry to its advantage in the trade dispute between the two world leaders. The US imports 80 percent of these elements directly from China, with portions of the remainder indirectly sourced from China through other countries
Rare earths are an obscure group of 17 minerals used to build a range of goods including weapons and consumer electronics. There is no known substitute for them.
ARR Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
Image Source: Rare Earth Mining
(20min delay)