Hastings Technology Metals Limited (ASX: HAS), Australia’s next rare earths producer, has provided its quarterly activities report for the period ended 30 September 2020.
HIGHLIGHTS:
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Successful capital raising of $20.7 million, with $3.0 million raised from a fully underwritten Share Purchase Plan (SPP) in September and a further $17.7 million in a Placement finalised by early October.
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Strong interest from existing shareholders and new institutional and sophisticated investors resulted in the Placement being oversubscribed.
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Outstanding rare earth oxide grades received from 29 out of 30 drill holes from Fraser’s North and South, part of the Yangibana Project.
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High-grade and shallow intersections from Fraser’s North and South drilling include:
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3m @ 7.28% TREO from 8m;
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including 1m @ 18.57% TREO from 8m;
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8m @ 3.51% TREO from 31m;
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2m @ 1.67% TREO from 31m;
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6m @ 1.42% TREO from 8m; and
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4m @ 1.36% TREO from 17m.
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Highest-grade intersections occur south of the current Fraser’s Open Pit (Mineral Resource of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O11 1 ) and extend mineralisation up to 450m in a south-easterly direction.
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Drill results of Fraser’s North to date show Nd2O 3+Pr6O 11 as a % of TREO to be as elevated as 58%.
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Drilling results from Fraser’s North now confirm contiguous new mineralisation up to 250m from the Fraser’s Open Pit limit.
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Project development has accelerated following the capital raising, with a priority on assessing Yangibana process plant decoupling opportunities.