Reserves Increase by 34% to 10.35MT Covering 10 Years
Sydney, Jan 29, 2019 AEST (ABN Newswire) - The Directors of Hastings Technology Metals Limited (
ASX:HAS) are pleased to announce a further increase in the Probable Ore Reserves at the Yangibana Project in the Gascoyne region of Western Australia. Total Probable Ore Reserves have increased to 10.35 million tonnes at 1.22%TREO including 0.43%Nd2O3+Pr6O11, a 34% increase on the figures established in July 2018, as reported in the ASX release entitled "50% Increase In Ore Reserves At Yangibana Project to 7.74 Million Tonnes" dated 31st July 2018.
- Probable Ore Reserves increase 34% to 10.35 million tonnes at 1.22%TREO including 0.43%Nd2O3+Pr6O11
- Updated Ore Reserve extends mine life by 3 years, supporting a +10-year operational life for the Project
- Updated Ore Reserve increases project NPV to AUD516M confirming outstanding project economics
- Includes the first Ore Reserves from joint venture ground
Probable Ore Reserves
Based on Pre-Feasibility level studies (PFS) information and recent geological, geotechnical, metallurgical and environmental work, independent consultants Snowden Mining Industry Consultants (Snowden) has completed an updated mining reserve estimate based on Measured and Indicated Mineral Resources at each of Bald Hill, Fraser's, Auer, Auer North, Yangibana, Yangibana West and Yangibana North deposits. This mining reserve estimate used Whittle pit optimisation software to maximise ore recovery using conventional drill and blast, load and haul mining methods.
Modifying Factors used to estimate the new Ore Reserves are provided in the Table 1 Section 4 of the JORC Code (2012) at the end of this announcement (see link below).
The bulk of the near surface mineralisation (at least to 100m vertical depth) is hosted by iron oxides and hydroxides termed ironstone, being the alteration products of the primary hosts ferro carbonatite and phoscorite intrusive veins. The main rare earths-bearing mineral is monazite which itself has locally undergone alteration at shallow depths (to 25m depth) to its hydrous equivalent rhabdophane and to rare earths-bearing Al-phosphates such as florencite.
The seven deposits considered in this new mining plan have different degrees of weathering with each of the deposits hosted by:
- An upper horizon comprising saprolite that does not require blasting,
- A transition zone of decreasing alteration that will require blasting, and
- Deeper, fresh granite that will require blasting.
The deposits occur in a range of dips as shown in Table 1(see link below), with Fraser's having the most extreme variation from 5o towards its north-eastern end to 65o at its south-western end.
Average true thickness varies from 2.2m to 3.5m throughout the Ore Reserve deposits although locally true thicknesses in excess of 20m occur.
To view the release with tables and figures, please visit:
http://abnnewswire.net/lnk/X00CQ2CJ
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.
| ||
|
