Hastings Technology Metals Limited, Australia's next Rare Earths producer (
The Company has so far received assay results for 30 RC drill holes in these areas since drilling commenced in early June. Numerous significant potentially economic results have been received from 29 out of the 30 holes which include some of the highest grade results yet returned from any drilling at the Yangibana project since 2014.
The majority of drilling planned for Fraser's North and South was designed to complete 40m x 40m drilling to extensions of the 650m long Fraser's Open Pit Mineral Resource at shallow depths that form a critical part of the early mine schedule for the Yangibana Project.
COO, Andrew Reid commented: "these fantastic results have again exceeded our expectations for the Company's 20,000m 2020 exploration drill program, with almost every drill hole announced today intersecting rare earth grades which Hastings believe could be economic and mineable.
The exceptionally high grades from Fraser's South (up to 18.57%) gives us a lot of confidence that we are in a rare earth zone richly endowed with huge potential, particularly given how little exploration it has seen.
Hastings is now well on its way to achieving its goal of extending mine life through testing our existing geological understanding of the Fraser's deposit. We are now intersecting consistent mineralisation over a wide area and there remains plenty of opportunity to significantly expand the Mineral Resource in the future with open mineralisation along strike and down-dip requiring further drilling in the future.
The entire Fraser's North to South mineralised trend is emerging as a large consistent zone which is characterised by thick near surface intercepts with grades that would potentially support a large open pit operation".
The drilling at Fraser's South has intercepted the predicted ironstone positions and returned consistent mineralisation results, with some of the best TREO results ever received from Yangibana.
Hastings remains confident that this mineralised trend will continue in a south-easterly direction based on surface mapping and points to the potential of further development of the Mineral Resource within the Fraser's South corridor.
Additional future work will include step out exploration drilling along strike and drilling down dip, where the mineralisation to date has only been tested to 40m below the surface.
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About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
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