American Rare Earths Limited (OTCMKTS:ARRNF) dropped 3% after announcing the successful completion of its initial exploration drilling project at the Halleck Creek Rare Earths Project.
On Monday, ARRNF stock fell 2.90% to $0.2739 with 17K shares, compared to its average volume of 26K shares. The stock moved within a range of $0.2659 – 0.2748 after opening trading at $0.2748.
Major Rare Earths Deposit Confirmed at Halleck Creek
The Exploration Target Area offered encouraging initial findings as a result of the drilling campaign. ARR drilled 917 meters (3,008 ft) and obtained 822 samples across nine drills in the greater Red Mountain Pluton’sOverton Mountain and Red Mountain zones, with sample recovery rates surpassing 99 percent in most holes. There weren’t any environmental or safety accidents or incidents throughout the exploration campaign.
The company’s CEO and MD, Chris Gibbs, stated they’re ecstatic with what they are seeing with the world-class venture, which continues to surpass expectations. Chris said that they want to applaud the entire team for working tirelessly and safely in Albany County to provide us with the first glimpses beneath the surface of Halleck Creek. The findings from the drill holes will define the regional extents of mineral deposits. Therefore, in the coming weeks, investors should keep an eye on ARRNF.
MD and CEO Chris Gibbs commented: “We are extremely excited about what we are seeing at this world class project as it continues to exceed our expectations. I want to congratulate the entire team who worked enthusiastically and safely out in Albany County to give us the first below surface insights from Halleck Creek.”
ARRNF stock is trading below the 20-Day and 50-Day Moving averages of $0.31 and $0.33 respectively. However, the stock is trading above the 200-Day moving average of $0.22.