Reserves Increase by 34% to 10.35MT Covering 10 Years
- Probable Ore Reserves increase 34% to 10.35 million tonnes at 1.22%TREO including 0.43%Nd2O3+Pr6O11
- Updated Ore Reserve extends mine life by 3 years, supporting a +10-year operational life for the Project
- Updated Ore Reserve increases project NPV to AUD516M confirming outstanding project economics
- Includes the first Ore Reserves from joint venture ground
Probable Ore Reserves
Based on Pre-Feasibility level studies (PFS) information and recent geological, geotechnical, metallurgical and environmental work, independent consultants Snowden Mining Industry Consultants (Snowden) has completed an updated mining reserve estimate based on Measured and Indicated Mineral Resources at each of Bald Hill, Fraser's, Auer, Auer North, Yangibana, Yangibana West and Yangibana North deposits. This mining reserve estimate used Whittle pit optimisation software to maximise ore recovery using conventional drill and blast, load and haul mining methods.
Modifying Factors used to estimate the new Ore Reserves are provided in the Table 1 Section 4 of the JORC Code (2012) at the end of this announcement (see link below).
The bulk of the near surface mineralisation (at least to 100m vertical depth) is hosted by iron oxides and hydroxides termed ironstone, being the alteration products of the primary hosts ferro carbonatite and phoscorite intrusive veins. The main rare earths-bearing mineral is monazite which itself has locally undergone alteration at shallow depths (to 25m depth) to its hydrous equivalent rhabdophane and to rare earths-bearing Al-phosphates such as florencite.
The seven deposits considered in this new mining plan have different degrees of weathering with each of the deposits hosted by:
- An upper horizon comprising saprolite that does not require blasting,
- A transition zone of decreasing alteration that will require blasting, and
- Deeper, fresh granite that will require blasting.
The deposits occur in a range of dips as shown in Table 1(see link below), with Fraser's having the most extreme variation from 5o towards its north-eastern end to 65o at its south-western end.
Average true thickness varies from 2.2m to 3.5m throughout the Ore Reserve deposits although locally true thicknesses in excess of 20m occur.
To view the release with tables and figures, please visit:
About Hastings Technology Metals Ltd
- The Yangibana Project hosts Probable Reserves totaling 5.15 million tonnes at 1.12% TREO including 0.45% Nd2O3+Pr6O11 within JORC Resources totalling 21.0 million tonnes at 1.17% TREO (comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% TREO), including 0.40% Nd2O3+Pr6O11.
- The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb2O5 and 0.90% ZrO2.
- Rare earths are critical to a wide variety of current and new technologies, including smart phones, electric vehicles, wind turbines and energy efficient light bulbs.
- The Company aims to capitalise on the strong demand for rare earths permanent magnets created by expanding new technologies.
Hastings Technology Metals Ltd