18% Increase in Ore Reserves, Mine Life Extended to 13 Years
Perth, Nov 4, 2019 AEST (ABN Newswire) - The Directors of Hastings Technology Metals Limited (
ASX:HAS) (5AM:FRA) are pleased to announce an increase in the Probable Ore Reserves at the Yangibana Project in the Gascoyne region of Western Australia. Total Probable Ore Reserves have increased to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11, an 18% increase in ore reserve tonnes compared to the previously announced ASX release entitled "Reserves Increase by 34% to 10.35MT covering 10 Years Operation at Yangibana Project" dated 29 January 2019.
Highlights:
- Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,800t or 11% to 49Kt, the key components for Electric Vehicle permanent magnets.
- Increase in Total Rare Earths Oxide (TREO) of 11,900t or 9% to 138Kt.
- Updated Ore Reserve extends mine life by 2 years, supporting a 13-year operational life for the Project.
- Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11.
- Project NPV increased by 6% to A$549 million confirming outstanding project economics.
Charles Lew, Hastings Executive Chairman, said "with this increase in mining reserves and corresponding mine life, Hastings has one of the most exciting rare earths projects amongst our peers which has been strategically and purposefully developed over the last few years. Importantly the work completed during 2019 has significantly de-risked the project thereby delivering a high degree of confidence in our mine scheduling and future production."
Probable Ore Reserves
Based on the Definitive Feasibility Study (DFS) (completed in November 2017) information and recent geological, geotechnical, metallurgical and environmental work, independent consultant Intermine Engineering Consultants (Intermine) 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 create economic pit designs utilising 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*.
Summary
The Mineral Resources as at 31 October 2019 is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') 2012 edition. The Mineral Resources are reported inclusive of Ore Reserves.
*To view the complete release including tables and figures, please visit:
https://abnnewswire.net/lnk/4O1W9J3O
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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