Today, U.S. Rare Earths, Inc. announced that they have awarded a contract to The Boeing Company (NYSE: BA) for the utilization of their leading-edge technology designed to identify and confirm rare earth deposits.
Privately-held USRE is an exploration-stage company with U.S. Geological Survey (USGS) documented rare earth claims in Idaho, Montana and Colorado. According to the U.S. Geological Survey, USRE owns the mineral rights to one of the most significant deposits of rare earth elements in the United States.
Boeing will utilize a version of their remote sensing research technology on USRE documented mining claims in the Lemhi Pass, Diamond Creek and North Fork, to identify unique rare earth characteristics. USRE will use the Boeing findings to expand its exploration and incorporate large-scale mapping of these and other possible rare earth deposits. Representatives from Boeing will accompany USRE geologists James Hedrick, Rich Reed and Dr. Virginia Gillerman, and USRE principals Deworth and Geoffrey Williams, to USRE’s claims at the end of this month to support this project.
Edward Cowle, Chief Executive Officer of USRE, commented, “Boeing’s technology will greatly enhance our exploration capabilities and provide a competitive advantage for the discovery of new deposits. Boeing’s work will complement U.S. Rare Earth’s efforts to expand our exploration programs and eventually to commercialize our reserves. This partnership will accelerate the realization of our vision to become a domestic supplier of both light and heavy rare earth materials for the U.S. military and the commercial economy around the globe.”
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