Half Yearly Report and Accounts
An increase in the Probable Ore Reserves at the Yangibana Project was also announced with total Probable Ore Reserves increasing to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11, an 18% increase in ore reserve tonnes compared to the previous announced ASX release entitled "Reserves Increase by 34% to 10.35MT covering 10 Years" dated 29 January 2019.
The updated Ore Reserve of 12.20 million tonnes represents an 18% tonnage increase compared to the previously announced mining reserve, which was the result of a successful geological re-interpretation of the mineralisation delineating the ore deposits.
A significant increase in the Measured and Indicated Mineral Resources was generated through the re-interpretation and re-estimation process of the Mineral Resources. This process brought mineralisation previously un-classified and uneconomic from outside of the original geological wireframes inside of the new wireframes, as announced in ASX Release "13% Increase in Measured and Indicated Mineral Resources" dated 31 October 2019.
The resultant Mineral Resource upgrading has extended the mine life from 11 years to 13 years. The extension to mine life is underpinned by increases in the Ore Reserves of all economic pits, in particular the closest pits to the processing plant, Bald Hill and Frasers Pits. The Bald Hill pit alone represents over 40% of the Total Ore Reserves and supplies feed to the processing plant for almost 9 of the 13 years of mine life.
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About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) 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.
Hastings Technology Metals Ltd