Australian Rare Earths expands Overland discovery by 5km

• Australian Rare Earths extended its Overland carbonatite discovery by 5km south following follow-up drilling operations.
• Following the announcement, the Australian Rare Earths share price was down at $0.12.
• The company stated that the drilling results validate its magnetic targeting model to evaluate a large-scale system.

Australian Rare Earths (ASX:AR3) completed follow-up drilling that extended the Overland carbonatite discovery by approximately 5km south.

Drilling hole OV176 intersected 130m of carbonatite from a depth of 68m compared to previous target depths.

"With additional drilling underway and samples for assays now being dispatched, our focus is now on determining the fertility and potential economic significance of what is emerging as a large-scale carbonatite system," said Australian Rare Earths Managing Director and CEO Travis Beinke.

Assays remain pending for the samples, which will help determine the fertility and economic significance of the project.

Following the announcement, the Australian Rare Earths share price was down at $0.12.

The exploration programme targets a 10-kilometre magnetic corridor to locate critical mineral deposits in South Australia.

The company recently received a $2.1 million government grant instalment to support its broader exploration and development pipeline.