Guess which 2 ASX rare earths shares are going gangbusters today. Hint: They're not Lynas

Thursday is proving a big day for a couple of rare earths miners.

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It's been a big week for ASX rare earths shares, with many announcing exciting news to the market.

Of course, fans of the sector will be aware of Lynas Rare Earths Ltd (ASX: LYC)'s US$120 million deal with the United States Department of Defense, announced on Tuesday.

But the ASX rare earths giant isn't one of the shares leaping on Thursday. Let's take a look at what's boosting these stocks higher today.

2 ASX rare earths shares going gangbusters today

Australian Rare Earths Ltd (ASX: AR3)

The Australian Rare Earths share price is launching 20% higher to trade at 42 cents on Thursday.

Interestingly, there's been no news from the rare earths explorer today. However, it did release an update on exploration activities at its flagship Koppamurra Project on Tuesday.

It announced the latest results from two recent drilling campaigns completed at the project.

They show consistent high-grade occurrences of the magnet rare earth elements across thick, near-surface intersections. That's expected to allow for expedient drilling, rapid delineation of JORC-compliant mineral resources, and future low-cost mining.

While the news saw the ASX rare earths share tumble 8.3% on Tuesday, it's possible that it's helping to contribute to today's gains.

American Rare Earths Ltd (ASX: ARR)

The American Rare Earths share price is also leaping upwards today, gaining 25% to trade at 27.5 cents.

Tuesday also saw assay results released by American Rare Earths. The stock tumbled 5.4% on the release and a further 15.4% on Wednesday. That's despite the results depicting a potentially exciting future for the ASX rare earth share.

Of 667 samples from the company's La Paz project, located in Arizona, 332 were found to have rock type associated with higher rare earth grades, while two drill holes showed extensive rare earth enrichment.

American Rare Earths CEO and managing director Chris Gibbs said the results showed the project's southwest zone could expand its JORC resource.

"An upgrade [to the JORC resource] gives La Paz the potential to be one of the largest rare earths projects in North America," said Gibbs.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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