U.S. Rare Earths Inc. (OTCQB: UREE) is a rare earths development company, based in Plano, Texas. Formerly Colorado Rare Earths Inc., the company holds over 120 square miles of mining claims for rare-earth elements in Montana, Idaho and Colorado. So far this year, CEO and Director Kevin Cassidy has spent $1.5 million on phase one of UREE’s exploration programme in Lemhi Pass, Montana, which has proven to be money very well spent. Although there is still more exploration work to complete before the end of year (when the company plans to file a NI 43-101-compliant Resource), results achieved thus far are incredibly promising. Phase one exploration results confirmed that the company’s properties have the highest accessible critical rare-earth deposit in North America. The most-recent results not only verified historical data – collected from, among others, the US federal government during the 1950s through the 1980s – but returned higher grades and amounts of rare earths than first reported and, not surprisingly, made the decision for Cassidy to approve his lead geologist’s request for additional drilling and sampling an easy one to make.
The company’s Phase One Lemhi Pass exploration is focused on two related defined trend lengths, totaling 42,000 feet, and holding veins with critical rare-earth mineralization. UREE geologists have defined a critical rare-earth mineralized vein, open to exploration on both ends and at depth, with a surface length (strike) of at least 2,200 feet and down-hole vein intersections at depths between 200 and 460 feet. The diamond-core drilling efforts, totalling 1,500 feet, with 9 separate qualified surface channel samples totalling over 200 feet, are now being utilized to define critical rare-earth mineralization along the Last Chance vein, initially defined both at surface and depth.
Four HQ-size diamond core drill holes were completed and down-hole surveyed from two separate pads. Two holes were drilled from each pad location, which are separated by 800 feet along the vein strike. All four holes intersected the mineralized vein. Drilling intersected critical rare-earth mineralization in all four holes drilled along the vein and returned total rare-earth oxide assay values between 8,500 and 2,000 ppm in several meter intervals. Qualified surface channel sampling completed along the vein length, at 65 to 650 feet intervals, returned total rare-earth oxides with assay values between 18,800 and 2,000 ppm in several meter intervals. Estimated true mineralized vein thickness at the surface is between 3.3 and 23 feet, with at-depth drilling intersecting critical rare-earth mineralization across an estimated true vein thickness varying between 3.25 and 29 feet.
The critical rare earth oxides make up 33% to 47% of the total Last Chance vein rare earths and uniquely positions the Lemhi Pass properties as holding one of the richest critical rare-earth mineralizations in the continental US. As reserves are identified and developed, there is potential to deliver a critical and heavy rare-earth basket for both domestic and global consumption, namely: dysprosium, europium, neodymium, terbium, erbium and yttrium.
With robust exploration results, one of the very best Board of Directors in REE history, a healthy share price, and the tenth-largest market cap in the rare-earths business, Cassidy definitely has a lot to be excited about. He expects further exploration this year to cost his company another $1 million; however, with over $1.5 million in its bank account, the company is completely funded to Resource. Rest assured, we will have more on US Rare Earths in the near very near future.
US Rare Earth’s Lehmi Pass Property Advantages:
- A suite of “critical” rare earths (neodymium, terbium, dysprosium, yttrium, europium, and erbium). These are largely the heavy rare-earth elements (HREEs), with the major exception being neodymium, arguably the most sought-after light rare-earth element (LREE).
- Access to roads, power and water
- Located in the continental United States
- Local, state and federal government support for both the company and the project
- US government, industry and Wall Street awareness
- Strong historical, current and ongoing exploration results
- Experienced geological team
- World-class Board of Directors (one of the very best in the REE business)
- Negligible chance of any significant new US rare-earth discoveries