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- Hastings Technology Metals (HAS) increases the Yangibana Rare Earths Project’s ore reserve estimate by 37 per cent
- Yangibana has proven and probable ore reserves of 16.7 million tonnes at 0.95 per cent total rare earths oxide including 0.37 per cent neodymium and praseodymium (NdPr)
- This includes the maiden ore reserve for the Simon’s Find deposit which sits at 1.7 million tonnes at 0.57 per cent TREO
- Hastings has increased the ore reserve estimate following a 23,800-metre drilling program completed last year
- Company shares are up 2.7 per cent to trade at 19 cents
Hastings Technology Metals (HAS) has announced a 37 per cent increase in the Yangibana Rare Earths Project’s ore reserve estimate.
The Western Australian project now has total proven and probable ore reserves of 16.7 million tonnes at 0.95 per cent total rare earths oxide (TREO) including 0.37 per cent neodymium and praseodymium (NdPr).
Additionally, the TREO tonnes have risen by 15 per cent to 158,400 tonnes with contained NdPr increasing by 18 per cent to 58,300 tonnes.
The overall increase in the Yangibana Ore Reserve includes the maiden ore reserve for the Simon’s Find deposit which sits at 1.7 million tonnes at 0.57 per cent TREO — of which 52 per cent is NdPr.
The increase in ore reserves is the result of a successful 2020 exploration program which drilled almost 23,800 metres to target five out of 10 key deposits at Yangibana which also delivered an increase in mineral resources earlier this year.
Further, the project’s updated ore reserve extends the mine life to at least 15 years which will allow Hastings to plan a long-term operation.
Executive Chairman, Charles Lew, commented on the update.
“There is no comparable rare earths project like Yangibana. This ore reserve update is a key milestone in our effort to finalise debt financing so we can get on with launching into construction activities in the second half of this year,” he said.
“Hastings is now well positioned to capitalise on this world-class rare earths project, with its unrivalled ratios of up to 52 per cent NdPr:TREO and located in arguably the best tier one mining jurisdiction in the world, as we target strong financial returns and generate significant value for our shareholders.”
Company shares were up 2.7 per cent to trade at 19 cents at 10:54 am AEST.
