Quarterly Activities Report
Perth, April 29, 2020 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (5AM:FRA) provide the quarterly activities report for the period ending March 2020.
Highlights:
- Commonwealth Environmental Approvals received to construct and operate an open pit rare earths mine, processing facility and associated support infrastructure at Yangibana.
- 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;
o 16 metres @ 1.94% TREO including 0.68% Nd2O3+Pr6O11 and
o 15 metres @ 1.35% TREO including 0.53% Nd2O3+Pr6O11
- Significant new results from Yangibana including;
o 3 metres @ 1.28% TREO including 0.64% Nd2O3+Pr6O11 and
o 7 metres @ 0.8% TREO including 0.37% Nd2O3+Pr6O11
- Cash balance of A$13 million as at 31 March 2020
- Cost reduction and conservation measures implemented effective 1 April as a result of COVID-19.
- Ongoing review of the Yangibana Project Capital and Operating expenditure with the objective of achieving improved mine economics and robustness in the financial metrics
- Schaeffler offtake contact negotiations ongoing despite disruption due to Covid-19 pandemic
- Debt financing discussions also ongoing along with additional commercial offtake negotiations
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/O4ZR4259
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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