Quarterly Activities Report
Perth, Jan 29, 2021 AEST (ABN Newswire) - Australia's next rare earths producer Hastings Technology Metals Ltd (
ASX:HAS) (5AM:FRA) is pleased to report on exploration and development activities for the three-month period to December 31 2020. Most of the activity focused on the Company's world-class Yangibana Rare Earths Project ("Yangibana") in the Gascoyne region of Western Australia.
Yangibana's Mineral Resource Development
- Simon's Find drilling results confirm a major 2km long zone of economic mineralisation, significantly expanding the existing resource base.
- The Fraser's-Simon's Find-Bald Hill trend now forms an immense 8km-long corridor of rare earth mineralisation.
- Simon's Find confirmed to contain extremely high quantities of neodymium (Nd2O3) and praseodymium (Pr6O11) and, when combined, total 52% of the TREO (total rare earth oxides) values.
Yangibana's Project Development
- Focus on site optimisation designs including relocation of Tailings Storage Facility.
- Good progress with decision on hydrometallurgical plant site location and relevant agreements and approvals processes.
- Strong interest in commercial debt process as part of Yangibana project financing options lead managed by KPMG Corporate Finance.
Corporate
- Appointment of highly experienced mining executive Bruce McFadzean as a Non-executive Director.
- Appointment of Mr Matt Allen as Chief Financial Officer with effect from 1 February 2021.
- Hastings had $20 million in cash and equivalents as at December 31 2020.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/78R3ZL0S
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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