Highlights:
This drilling program will target and further delineate the near surface mineralised system in close proximity to the proposed processing plant containing world-class compositions of neodymium and praseodymium (NdPr) up to *52% of TREO that were discovered by Hastings at the
- Resource Definition reverse circulation (RC) drilling will commence along the 8km of defined economic mineralisation from Bald Hill - Simon's Find - Fraser's.
- Program to include 140 holes for 11,000m of RC drilling focusing on extension and infill holes where >50% of total rare earths oxides (TREO) was NdPr and where mineralisation is interpreted to remain open in all directions.
- The drilling is targeted to:
o Increase existing shallow resources down dip of existing drilling;
o Increase drill hole density, targeting upgrading of Inferred Resources to Indicated or Measured Resource categories; and
o Targeting close proximity to the location of the proposed processing plant, supplementing early plant feed.
- A maiden Simon's Find Ore Reserve of 1.72Mt @ 0.57% TREO (52% of TREO stated as NdPr) was announced to the ASX on
- The NdPr:TREO ratio of 52% is more than three times the world's average at 16% and twice the level of the next closest project.
- NdPr represents more than 90% of the value in the Yangibana basket of rare earth elements.
- NdPr is the key component in permanent magnets and a major factor driving rare earth pricing growth over the next decade enabling green technologies.
The focus of the drilling program is twofold. Firstly, it is designed to extend currently known, shallow down dip mineralised extensions along the Bald Hill - Simon's Find - Fraser's trend (Figure 1*) with the intention of increasing the existing 27.42Mt JORC Mineral Resource (see ASX announcement dated
Drilling is scheduled to commence in late October and be completed by late
Commenting on the drilling program,
"Last year's drilling illustrated that almost the entire 8km trend between the Bald Hill and Fraser's deposits is mineralised. The new drilling will continue to fill in the gaps in drill coverage both along strike and down dip, with the target to add high-value tonnages to Yangibana's Mineral Resource and additional mine life.
"All the planned drilling is within 5km of the proposed site of Yangibana's processing plant, which will likely add near-surface early ore feed and therefore further strengthen the project economics as we finalise debt arrangements for Yangibana's development and progress early site works including the establishment of the 300-bed accommodation village."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/6Z76CCW8
About
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
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.
The Brockman deposit, near
The Company is also progressing a
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
Contact:
Executive Chairman
+65 6220 9220
Chief Financial Officer
+61 8 6117 8634
Chief Operating Officer
+61 8 6117 8621
For media and investor queries, please contact:
Cannings Purple
+61 411 251 540 pklinger@canningspurple.com.au
Cannings Purple
+61 411 209 459 pkermode@canningspurple.com.au
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