American Rare Earths said a grant proposal submitted to advance the Cowboy State Mine at Halleck Creek has been approved by the state of Wyoming. The company will receive up to A$10.7 million (or US$7.1 million) in non-dilutive funding through a three-year agreement.
“We are thrilled to receive this support from the state of Wyoming and the [Wyoming Energy Authority], which not only represents technical validation of the project by industry experts at the [University of Wyoming Energy Resources Council] and WEA, but a shared commitment to permit and develop a commercial rare earth mine and processing facility in Wyoming,” said Donald Swartz, CEO of American Rare Earths. “This grant will assist the company in expediting its project development of the Cowboy State Mine, and we are excited for things to continue to progress.”
As part of the arrangement, American Rare Earths will produce technical reporting detailing findings and recommendations for future work programs to the Wyoming Energy Authority.
With a globally significant exploration target of over 2 billion tonnes of mineralized rare earth rocks, Halleck Creek has the potential to be among the largest rare earths deposits in the U.S.
Source: American Rare Earths