Quarterly Activities Report
Perth, July 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 30 June 2021. Most of the activity focused on the Company's Yangibana Rare Earths Project (Yangibana) in the Gascoyne region of Western Australia.
- Hastings completed Tranche Two ($43.5m before costs) of the two-tranche equity placement that raised a total of $100.7 million (before costs), with funds to be used to advance development of the Yangibana Rare Earths Project (Yangibana).
- Hastings announced signing of a major offtake contract for the supply of 70,000 tonnes of Mixed Rare Earth Carbonate (MREC) over a 10-year period to thyssenkrupp Materials Trading GmbH.
- Yangibana Mineral Resource re-estimation work delivered a 54% increase in Measured and Indicated Resource tonnes to 16.3Mt for deposits drilled during 2020.
- Yangibana's total Mineral Resources Estimate increased significantly to 27.42Mt @ 0.97% total rare earth oxides (TREO) for 266kt of rare earth oxides.
- Measured and Indicated TREO increased to 137kt, a 32% increase for deposits drilled in 2020.
- Grade-control drilling at the Bald Hill deposit provided strong reconciliation and confirmed and exceeded the results for the same area from the Mineral Resource estimate by delivering:
- 6% more TREO; and
- 9% more resource tonnes
- Grade-control drilling results provide Hastings with high confidence in the target area earmarked for first Yangibana mine production and allow for more accurate delineation of ore and waste boundaries, with Bald Hill drill intercepts including:
- 7m @ 2.73% TREO from 5m (GC0434);
- 4m @ 3.15% TREO from 10m (GC029);
- 5m @ 2.65% TREO from 12m (GC0268); and
- 5m @ 2.39% TREO from 8m (GC0312).
- Metallurgical test work from the Simon's Find deposit delivered strong results:
- 86% beneficiation recovery generating a concentrate grade of 8.9% Nd2O3 from flotation test work; and
- 98% recovery achieved through hydrometallurgical acid bake and water leach test work on flotation samples.
- Global NdPr prices have rebounded strongly and post-quarter end reached a new record high of RMB601/kg or USD92.91/kg NdPr oxide EXW China.
- Hastings had $110.1 million in cash and equivalents as at 30 June 2021.
During the quarter under review, zero lost time injuries were recorded to extend the Company-wide lost time injury (LTI) free status to 1065 days.
Risk workshops were completed during the period. In total, three project wide workshops were conducted to record and evaluate all risks of high or extreme nature. Each identified risk was then developed with a set of actions to mitigate the risk to an acceptable level.
The INX suite of software was selected as the integrated Workplace Health, Safety, Environment and Quality Management Solution for Yangibana. The INX InControl product will be implemented during Q1 FY22 to increase compliance and adopt a proactive approach to health and safety in managing everything from hazards and incidents to audits and inspections.
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/XPAEB3F3
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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