Half Yearly Report and Accounts
Half Yearly Report and Accounts
Perth, Mar 12, 2021 AEST (ABN Newswire) - During 2020 Hastings Technology Metals (ASX:HAS) (FRA:5AM) embarked on a major exploration drilling program at Yangibana. The priority focus of the program was to test a series of highly prospective extensional targets within the Yangibana project, with the intention of increasing the existing 20.86Mt JORC Resource and extending planned mine life.

The primary target of the program is the Bald Hill - Simons Find - Frasers and Auer trend which are the closest deposits to the processing plant.

The Company has reported that it has successfully delineated, as a minimum, approximately 2km of economic mineralisation, forming the Simon's Find resource area through the completion of close-spaced reverse circulation (RC) drilling.

Recent drilling to target ironstone rocks hosting rare earths has returned consistent grades and widths of mineralisation over a 2km-long zone, which remains open along strike and down dip. Results have also confirmed that Simon's Find includes exceptionally high quantities of neodymium and praseodymium, widely recognised as the two most important rare earth elements required over the next decades to satisfy global demand for electric vehicles, renewable energy projects and industrial automation.

From the results underlying this announcement for Simon's Find, neodymium and praseodymium (together, "NdPr") represent approximately 52% of the total rare earths content. This is at least 25% higher than existing results from the nearby Bald Hill and Frasers deposits, which have a NdPr:TREO ratio of approximately 40-41% of total rare earths.

A 40-41% ratio is widely acknowledged as world leading when compared to other known rare earths deposits, which typically report ratios in the 15-25% range. The 52% recorded at Simon's Find confirms the special and unique geological properties of Yangibana, which further solidifies Yangibana becoming the next rare earth project to come into production.

These new results are expected to substantially add to the 20.86Mt mineral resource base already existing at Yangibana, with a new mineral resource and mining reserve estimate expected to be completed over the coming months.

Simon's Find is located in close proximity to Yangibana's proposed processing plant. The nature of Simon's Find's softer geological host rocks means this deposit is expected to play an important role during the start-up phase of Yangibana.

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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.

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: +65-6220-9220 /+61-8-6117-6118

Andrew Reid
Chief Operations Officer
T: +61-487-888-787



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