Australia’s next rare earth element (REE) producer Hastings Technology Metals (ASX:HAS) reports it uncovered potential to deliver a ‘significant’ expansion to its Yangibana Resource Base following a review at its Yangibana Project in Western Australia.
The review of the geological and geophysical signature of REE mineralisation, in tandem with geological mapping has identified ‘significant’ high priority targets that are not currently included within the current mineral resources.
The presence of these targets has the potential to ‘significantly’ increase the existing resource base at the project once systematic drilling is completed.
It is also reported that the 8km long Bald Hill to Fraser’s trend, which is in close proximity to the processing plant, demonstrates continuous drilling defined mineralisation with potential to both the north and south.
Commenting on the potential extension of the Yangibana Resource Base, Hastings Technology Metals’ Chief Executive Officer (CEO) says: “This exploration review is a step towards realising the upside opportunity at the Yangibana Rare Earths Project, producing valuable products required for the electrification and decarbonisation of the world.
“Yangibana’s geological potential is very encouraging, and it potentially can pave the way for Hastings to increase its resources and reserves to support an increase to annual production…”
Yangibana’s geological potential is very encouraging, and it potentially can pave the way for Hastings to increase its resources and reserves to support an increase to annual production – currently planned at 15,000 tonnes per annum (tpa) of Mixed Rare Earth Carbonates (MREC).”
Hastings Technology Metals’ also notes that an exploration target of 40-60 million tonnes at 0.7-1% Total Rare Earth Oxide (TREO) has been outlined subject to a successful exploration program that is currently being scoped.
In addition, it is reported that to date only 24km of the total 66km (36%) rare earth containing ironstone strike length has been drilled, delivering a Mineral Resource Estimate (MRE) of 29.33 million tonnes at 0.93% TREO.
Meanwhile, a mineralised vein situated 2km west of Auer has been mapped covering a 3km strike, with the geophysical signature of this being continuing to the south for a further 4km, bringing the total potential strike to over 7km.
Hastings Technology Metals is an ASX-listed company that is positioned to become a leading rare earths company supplying the growing rare earths permanent magnet sector. The company’s flagship Yangibana tenement represents a ‘significant’ Australian REE project located in Western Australia’s Pilbara and Gascoyne regions and contains one of the most valuable Neodymium-Praseodymium (NdPr): TREO ratios of up to 52% in some locations.
With potential for ‘significant’ expansion of the Yangibana resource now confirmed, Hastings Technology Metals announces the encountered exploration target will be further defined using a combination of geological mapping, rock chip sampling, reverse circulation (RC) and diamond core drilling in 2023.
Images: Hastings Technology Metals Ltd
