Australian Rare Earths (ASX: $AR3) progresses uranium strategy with exploration license application at Hamilton Creek

Australian Rare Earths (ASX: $AR3) has submitted the South Australian Exploration License Application (ELA) 2024/00045, targeting uranium mineralisation within the Callabonna Sub-basin. The application adds approximately 200km2 of prospective tenure, including the Hamilton Creek Prospect, with strong indications of uranium mineralisation identified from historic borehole gamma logging. This strategic move expands the company's uranium portfolio to approximately 3,400km2 when combined with the Overland and Triggs Bore projects.

Executive Commentary

The submission of the South Australian Exploration License Application for the Hamilton Creek Prospect bolsters our prospective uranium tenure to 3,400 km2. The Callabonna Sub-basin, with its strong indications of uranium mineralisation and historical data pointing to anomalous gamma responses in the Namba formation, represents an encouraging opportunity for AR3. Our strategic expansion into this area is the latest step in our strategy of securing ground in South Australia that is prospective for uranium resources. We anticipate an early start to on-ground exploration once the license is granted, with planning for our work programs already underway. We look forward to advancing our uranium exploration efforts and through it, delivering value to our shareholders.

Summary

Australian Rare Earths' submission of the South Australian Exploration License Application for the Hamilton Creek Prospect demonstrates the company's commitment to expanding its uranium portfolio. The strategic move aims to explore uranium potential within the Callabonna Sub-basin, leveraging strong indications of uranium mineralisation and historical data pointing to anomalous gamma responses in the Namba formation. The proximity to the Beverly uranium mine underscores the prospectivity of Hamilton Creek. Upon the granting of the license, the company plans to commence on-ground exploration, with ongoing geological review and subsequent approvals and work programs expected later in 2024. This expansion aligns with the company's strategy of securing ground in South Australia prospective for uranium resources, aiming to deliver value to its shareholders and contribute to the global transition to a green economy.