Significant new target at the Bald Hill deposit
Exploration Drillhole BHW04 Hits Widest High Grade Intersection, Provides New Target at Yangibana
Sydney, Feb 7, 2017 AEST (ABN Newswire) - The Directors of Hastings Technology Metals Limited (
ASX:HAS) (5AM:FRA) are pleased to announce that assay results received after the completion of the resource estimate reported on 17 January 2017 have identified a significant new target at the Bald Hill deposit.
HIGHLIGHTS
- Drillhole at Bald Hill returns the widest high grade intersection achieved since commencement of exploration at Yangibana.
- The hole lies outside the recent JORC resources and returned 23m (79-102m) at 0.77% (Nd2O3+Pr2O3) within 1.87% TREO)
- At 43m% TREO, this is the highest accumulation (intersection width times grade) returned from the Yangibana Project.
- Indicates potential for additional higher value Eastern Belt-style mineralisation outside the current resources.
- Further resource expansion drilling programme to commence early 2017.
Recent Drilling Results
Assay results from three holes drilled outside of the western limits of the current resources at Bald Hill have been received since the recent resource estimation. Details of these holes are provided in Appendix 1 (see the link below). Significant results and details of the intersections are provided in the link below.
The intersection in hole BHW04 remains open at depth and provides the highest accumulation, at 17.7m%(Nd2O3+Pr2O3) (43m%TREO), returned from all drilling at the Yangibana Project since commencement of exploration. Mineralogy on samples from the mineralised intersection in BHW04 established that the rare earths are associated with monazite, with minor bastnaesite. With its high (Nd2O3+Pr2O3):TREO ratio of 41%, this mineralisation is expected to have similar processing characteristics to the Eastern Belt-style mineralisation. Petrology has identified the host units as being quartz-poor syenite, quartz-poor monzonite and ferrocarbonatite. This intersection lies to the west of what was considered to be the western limit to the Bald Hill South mineralisation in this area as shown in Figure 1 (in the link below). It establishes a new major target with potential to host the higher value Eastern Belt-style mineralisation to depth and along strike to the northwest and southeast.
Proposed Drilling 2017
The Company is proceeding with a further drilling programme to increase Measured plus Indicated Resources prior to the completion of the Definitive Feasibility Study in Q3 2017. Targets have been identified and drilling is scheduled to commence in mid-March, weather permitting. These targets include the area around BHW04 at Bald Hill.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/5JLI7519
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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