Drilling Extends Known Mineralisation at Yangibana
Drilling Extends Known Mineralisation at Yangibana
Perth, April 21, 2020 AEST (ABN Newswire) - Hastings Technology Metals Limited (ASX:HAS) (FRA:5AM) is pleased to announce results from the 2019 Environmental drilling program implemented to study Stygofauna populations.

- Recent drilling along the Auer and Yangibana mineralised trends confirms that mineralisation remains open along strike and at depth beyond the current resource.

- Significant new results from Auer including;

- 16 metres @ 1.94% TREO including 0.68% Nd2O3+Pr6O11 and

- 15 metres @ 1.35% TREO including 0.53% Nd2O3+Pr6O11

- Significant new results from Yangibana including;

- 3 metres @ 1.28% TREO including 0.64% Nd2O3+Pr6O11 and

- 7 metres @ 0.8% TREO including 0.37% Nd2O3+Pr6O11

- Potential to increase Mineral Resources is clearly demonstrated as mineralised extensions outside of the existing (2,000-metre long) Yangibana Pit total more than 1,070 metres in both the easterly and westerly directions.

- Encouraging drill results hasten the Company's plan to increase its exploration expenditure for the remaining of the 2020 calendar year.

The drilling program was designed to facilitate environmental surveys of subterranean invertebrate fauna. Several of the holes inside and outside of defined resource areas intersected mineralised ironstone intervals which were sampled and assayed for Rare Earths.

A program of 80 vertical reverse-circulation (RC) drill holes total was completed at Auer-Auer North (37 holes), and Yangibana (43 holes) Prospects (Figures 1 - 4*).

COO, Andrew Reid commented: "Whilst not designed to test mineralisation, this Stygofauna drilling program has produced positive results confirming that further increases in the Mineral Resource is possible by drilling near-surface adjacent to existing open pits. Further drilling is warranted and planned during Q2 and Q3 2020"

Several of the holes were drilled within defined mineral resource boundaries and some holes intersected the mineralised structure. Intervals of ironstone up to 16 metres in thickness were intersected in drill holes at Auer, that drilled down-dip on the mineralised sub-vertical ironstone, which is the completely oxidised portion of a carbonatite-phoscorite dyke.

Drilling along strike beyond the limits of previous drilling at Yangibana also returned promising intersections of mineralised ironstone. Drilling at the western end of the Yangibana ironstone has demonstrated continuity of the mineralised zone over an additional 470 metres westwards from the limits of existing drilling (see Figure 1.*)

New Exploration Program

In light of these new results, Hastings is intending to increase its overall Exploration expenditure for the remaining of the 2020 calendar year. The results support and warrant additional drilling, where near-surface extensions to known mineralisation have been traced and identified. Surface mapping undertaken previously also confirms known positions of mineralised extensions.

This new phase of drilling is aimed at significantly extending mineralisation strike length at Simon's Find, Bald Hill, Frasers and Yangibana and testing down-dip extensions recorded to date. A new phase of drilling is subject to availability of sufficient working capital.

Simon's Find, Bald Hill and Yangibana offer the most advanced and immediate opportunities to grow the resource inventory and extend the mine life of the Yangibana Project.

The Company's geological interpretation suggests that there is substantial opportunity to add additional Mineral Resource tonnes in the area called Simon's Find. Simon's Find is located between the Bald Hill and Frasers Open Pits and is proximal to the Processing Plant Layout (Figure 5*).

Planning for this program has commenced and it is anticipated that all drilling will be substantially completed by Q4 2020.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/2OT2RG72


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.

Brockman 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.

 


Contact

Charles Lew
Chairman
T: +65-9790-9008 /+61-8-6117-6118

Valerie Quay
Legal Counsel & Business Planning
T: +65-9781-3220



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