American Rare Earths Limited (OTCMKTS: ARRNF) is up 6% in a week after staking another 181 claims that cover around 2,944 acres. The company is exploring rare earth mineral deposits in Wyoming.
Market Reaction
On Friday, ARRNF stock gained 1.26% to $0.3063 with more than 1.2K shares, compared to its average volume of 21.75K shares. The stock moved within a range of $0.2955 – 0.3063 after opening trade at $0.2955.
Exploration Grows at Wyoming Rare Earths Project
The company has released results from surface sampling showing an expanded region of enhanced Total Rare Earth Oxides. The discovery indicates a more huge mineral deposit than originally expected. Highlights of the findings show that the company has expanded the Rare Earth minerals discovery in Albany County, Wyoming.
Interestingly the results from 118 surface samples show that the company is likely to expand the project area. Drilling results from the Halleck Creek Rare Earths Project are due in June 2022. The project expansion adds more than 6,000 acres in Albany and Platte Counties. Notably, American Rare Earths Limited has other projects in Nevada and Arizona. With more than 13,000 acres under exploration, the company’s deposits have the potential of being the largest Rare Earths suite in the US. So in the coming weeks, ARRNF is worth watching.
Key Quote
Managing Director and CEO of American Rare Earths Limited Chris Gibbs commented: “We are delighted with the results of this fieldwork. The Rare Earth Elements (REE) mineralization occurs consistently over wide areas at the Halleck Creek Rare Earth Project. By staking the additional claims, American Rare Earths Limited can fully evaluate the region. Our core drilling is progressing very well, and we are enthusiastically awaiting the results of that work, expected June 2022.”
Traders Review
ARRNF stock is trading below the 20-Day and 50-Day Moving averages of $0.32 and $0.32 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.22.
