Hastings Technology Metals Ltd (ASX: HAS) has announced a material increase in Mineral Resource Estimate at its Yangibana Rare Earths Project in Western Australia’s Gascoyne region. Yangibana’s Mineral Resource estimate increased significantly to 27.42Mt @ 0.97% total rare earth oxides (TREO) for 266kt of rare earth oxides.
HAS said that the Measured and Indicated Mineral Resource tonnes increased by 54% to 16.3Mt for Yangibana deposits drilled during 2020, while the Measured and Indicated TREO increased to 137kt, a 32% increase for deposits drilled in 2020.
The company reported that the Measured and Indicated Neodymium + Praseodymium (Nd2O3+Pr6O11) content increased by 29% to 55.2kt of rare earth oxides for deposits drilled during 2020.
HAS reported that additional 5.8Mt of Measured and Indicated Resources were added with an NdPr: TREO ratio > 40% for the deposits drilled in 2020. Hastings said that Simon’s Find deposit increased 162% to 2.4Mt with a 165% increase in TREO oxides to 13.8kt.
The company said that the Ore Reserve optimisation work is likely to extend Yangibana mine life beyond 15 years.
HAS noted that Mineral Resources confidence continues to grow with ~77% (or 21.1Mt) in the Measured or Indicated categories for all deposits, suitable for mine planning and Ore Reserve estimation work that is underway.
New MRE for Yangibana
The company announced a new Mineral Resource estimate of 27.42Mt @ 0.97% total rare earth oxides (TREO) for 266kt of rare earth oxides for Yangibana project, as noted below.
Hastings had completed an extensive drill program during 2020 comprising 341 holes for 23,739m of reverse circulation (RC) and 46 holes for 1,605m of diamond drilling.
The company said that Measured and Indicated tonnes for deposits drilled during 2020 increased by 54% to 16.3Mt with a corresponding 32% increase in total rare earth oxides (TREO) to 137kt.
This update has added 37% tonnes and 19% TREO metal to the total Measured and Indicated Mineral Resources and 31% tonnes and 14% TREO metal to the total Mineral Resources for all deposits within the Yangibana project.
Measured and Indicated Neodymium + Praseodymium (Nd2O3+Pr6O11) content increased by 29% to 55.2kt of rare earth oxides for deposits drilled during 2020.
HAS said that the new MRE is the result of a successful 23,739m drilling campaign at Yangibana during 2020 targeting additional rare earth mineralisation plus the previously announced Mineral Resources.
Additional holes were also drilled to provide samples for metallurgical test work and further define orebody grade control. Only 5 of Yangibana’s 10 deposits were drilled in the 2020 campaign, Bald Hill, Simon’s Find, Frasers, Auer, and Yangibana deposits; with all of these deposits remaining open at depth and along strike. The 2020 drilling campaign increased the RC and Diamond drilled metres dataset by 39%.
Hastings said that it is currently focussed on updating Ore Reserves from the updated Mineral Resources targeting extensions to Yangibana’s proposed mine life of high-grade NdPr concentrate production beyond the current defined 13 years.
Management comments
Charles Lew, Hastings’ Executive Chairman, said: “Our technical team has delivered a substantial increase to the Yangibana Mineral Resource. This updated estimate was made possible by the sustained efforts to improve the geological understanding of the entire project area. The result of this well-executed 2020 drilling campaign will greatly contribute to Hastings’ goal of finalising capital cost estimates, completing debt financing and commencing Yangibana’s construction in the middle of this year. The increased Mineral Resource will now form the basis for an updated Ore Reserve and mine schedule targeting an increase in mine life.
Importantly, the Mineral Resource estimate increases Yangibana’s industry high levels of NdPr:TREO – our competitive advantage at a time when permanent magnet makers around the world are increasingly looking for reliable, high-quality supplies of concentrate. “Today’s significant Mineral Resource increase is a major milestone in Hastings’ journey to complete the debt financing for Yangibana ahead of a start of construction by the middle of this year. We continue to build on our fundamentals so as to achieve long term value for shareholders.”
Image Source: Hastings Technology Metals Ltd