On August 5th U.S. Rare Earths (OTCQB:UREE) announced they had been given permission by the U.S. Forest Service to access a stockpile of material at its Last Chance claims that they believe contains a substantial amount of rare earths enriched material, with high percentages of both heavy and critical rare earth elements. The company plans to remove and begin metallurgical sampling of the material immediately.
In addition to moving and sampling of this stockpile, the company also announced that it plans to reopen existing underground tunnels that are known to intersect one of the largest identified mineralized veins of heavy and critical rare earths located within the United States. They believe they will be the first company to proceed with rare earth underground exploration in the United States. In order to do this, they have been working with the U.S. Forest Service to receive a formal permit which will allow the reopening of the Last Chance underground adit so they can continue underground exploration and sampling. They expect formal permitting to be completed within the next 90 days.
As detailed in the previous article, Rare Earths, It's All About The Heavies, U.S. Rare Earths is uniquely positioned to provide alternative US based sources of critical rare earth materials. This is a very important step to making this happen and reducing U.S. dependence on China in future years when demand is much higher and strategic importance is essential.
Disclosure: The author is long UREE. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.
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