73% Increase in Simon's Find Indicated Mineral Resources
Perth, Feb 25, 2020 AEST (ABN Newswire) - The Directors of Hastings Technology Metals Limited (
ASX:HAS) are pleased to announce a significant change to the Mineral Resource classifications for the Simon's Find deposit.
A Mineral Resource re-estimate for Simon's Find was instigated as part of a review of all Mineral Resources which commenced during 2019.
This resulted in a material change of the Mineral Resource Categories for the Indicated and Inferred portions. Indicated Resource tonnages increased by 73% with a corresponding decrease of 84% for the Inferred tonnages when compared to the Mineral Resource estimate announced in November 2018 (ASX announcement titled "INCREASE IN MEASURED AND INDICATED RESOURCES AT YANGIBANA PROJECT" 28 November 2018).
Total updated Mineral Resource now hosts approximately 5,178t of TREO and 2,719t of neodymium and praseodymium oxide.
Charles Lew, Hastings Executive Chairman, said "this significant increase in Indicated Mineral Resources is a great result. We are confident that the increase in the Indicated Mineral Resource will lead to an expected increase in Ore Reserves and extend the mine life which underpins the project financing."
Summary of Mineral Resource Changes
The Simon's Find Mineral Resource as of February 2020 is shown in Table 1.
Reporting of the following Mineral Resource is at 0.2% Nd2O3+Pr6O11 cut-off.
Table 1: Simon's Find JORC (2012) Mineral Resource February 2020
-------------------------------------------Category *Tonnes(t) %TREO %Nd2O3+Pr6O11 -------------------------------------------Indicated 784,000 0.57 0.30 sub-total 784,000 0.57 0.30Inferred 141,000 0.53 0.25------------------------------------TOTAL 925,000 0.56 0.29------------------------------------*numbers may not add up due to rounding.
Compared to the previously announced Mineral Resource in November 2018;
- Indicated Tonnes increased by 73% or 330kt
- Indicated Nd2O3+Pr6O11 oxide tonnes increased by 49% or 779t
- Inferred Tonnes decreased by 84% or 714kt
- Indicated Nd2O3+Pr6O11 grade decreased by 14% to 0.30% Nd2O3+Pr6O11
- Total Mineral Resource Tonnes decreased by 29% or 384kt
- Total TREO Grade decreased by 12% to 0.57% TREO
Total Project Mineral Resources following changes to Simon's Find, for all deposits, at 0.2% Nd2O3+Pr6O11 now stand at:
Table 2: Total JORC (2012) Mineral Resources February 2020
-------------------------------------------Category *Tonnes(t) %TREO %Nd2O3+Pr6O11 -------------------------------------------Measured 4.15 1.15 0.43Indicated 11.25 1.11 0.38 sub-total 15.4 1.12 0.39 Inferred 5.46 1.14 0.35 -------------------------------------TOTAL 20.86 1.12 0.38-------------------------------------* denotes million
The work undertaken to re-estimate Simon's Find was completed by Gill Lane Consulting and incorporates all the information and data that was used in the previous Mineral Resource estimate announced on 22 November 2018. No new data was used in the re-estimation process.
Geology
The near surface mineralisation throughout the Yangibana Project is hosted by iron oxides and hydroxides termed ironstone, being the alteration products of the primary hosts ferro-carbonatite and phoscorite intrusive dykes. The main rare earths-bearing mineral is monazite in association with subordinate bastnasite and apatite and florencite.
The deposits occur as narrow but strike extensive dykes that have a range of dips from almost horizontal (10-20deg) to sub-vertical. Average true thickness varies from 2.2m to 3.5m throughout the Yangibana deposits although locally true thicknesses in excess of 20m occur.
To view all tables and figures, please visit:
https://abnnewswire.net/lnk/74DCC353
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.
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