Excellent Drill Results High Grade Ext to Frasers Open Pit
Perth, Sep 17, 2020 AEST (ABN Newswire) - Hastings Technology Metals Limited, Australia's next Rare Earths producer (
ASX:HAS) (5AM:FRA), is pleased to announce the first set of results from the 2020 Exploration Drilling Program, concentrated in the Fraser's area.
Drilling results have confirmed the Company's conceptual modelling for a large coherent zone extending from Fraser's in the south to Bald Hill in the north (Figure 1*), a distance of 7-8 kilometres, with efforts to rapidly expand and define mineralisation in the newly interpreted and discovered mineralised zones.
The very shallow depths of the mineralised intercepts and proximity to the existing Fraser's Open Pit demonstrate the high probability for mine life extension at Fraser's with excellent grades and thickness encountered in every hole of assays received. (See table 1*). Fraser's currently has the highest NdPr (Nd2O3+Pr6O11) grades at 0.56% of any of the Yangibana defined deposits.
The high NdPr grades and corresponding Nd2O3+Pr6O11:TREO ratios are a unique feature not found in any other rare earth project, except for Yangibana.
The Fraser's Mineral Resource has a calculated Nd2O3+Pr6O11:TREO ratio of 41% (see announcement 18% Increase in Ore Reserve Mine Life Extended by 2 years to 13 years November 2019), however assays received forming this announcement had Nd2O3+Pr6O11:TREO ratios ranging from 44 - 50%. (see Table 1*), representing a substantial increase over existing results from Frasers.
COO, Andrew Reid commented: "These results have exceeded our expectations, which are an excellent first step in defining what appears to be a significant new zone of mineralisation. With this initial shallow program, we have confirmed the presence of broad mineralised widths and extended known extents of Mineral Resources. All the deepest holes confirm mineralisation continues at depth."
2020 Exploration Program
Hasting's commenced the 2020 drilling program with a Reverse-Circulation (RC) drilling rig mobilised to site in mid-June. The program will continue until 4Q2020 and has been designed to achieve three goals:
- Validate the existing Bald Hill Mineral Resource Estimates with close spaced grade control drilling;
- Increase the Yangibana Project's Measured and Indicated Mineral Resource; and
- Obtain core samples for additional metallurgical test work and ore characterization studies.
The Company's geological interpretation suggests that there is substantial opportunity to add additional Mineral Resource tonnages in the area Bald Hill - Simon's Find - Fraser's trend. This trend presents the highest opportunity to add Mineral Resources within close proximity to the Processing Plant.
Existing results support and warrant additional drilling, where near-surface extensions to known mineralisation can be traced and identified. Observations from field mapping continue to provide new insights into the local geology and its structural settings, which conceptually offer the greatest opportunity to host additional resources.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/4PNS58C0
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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