Australia’s next rare earths producer Hastings Technology Metals Limited (ASX: HAS) today announced the first set of results from the 2020 exploration drilling program, concentrated in the Fraser’s area of its Yangibana rare earths project in WA.
Drilling results confirmed the company’s conceptual modelling for a large coherent zone extending from Fraser’s in the south to Bald Hill in the north, a distance of 7-8 kilometres, with efforts to rapidly expand and define mineralisation in the newly interpreted and discovered mineralised zones.
HIGHLIGHTS:
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First 9 holes from 2020 Exploration Drilling Program all hit economic mineralisation.
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High-grade and shallow intersections from Yangibana’s highest grade deposit (Fraser’s) extensional drilling included:
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4m @ 1.31% TREO % TREO from 4m;
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4m @ 1.24% TREO from 11m; and
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5m @ 1.28% TREO from 52m.
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Significant increase in (Nd2O3+Pr6O11 as % of TREO) from the 9 holes averaging 48% compared to 41% for the Frasers mineral resource.
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New intersections sit outside but proximal to the current mineral resource at Fraser’s of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O11 highlighting the outstanding potential to increase both the size and tonnages at Fraser’s.
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Mineralisation continues to remain open to the north and south and down dip.
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Further assays remain pending from multiple holes in this area.
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New results have provided important information for additional discoveries with high-grade strike extensions to these results now interpreted. Drilling to the north is linking the Fraser’s and Simon’s Find mineralised trends.
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Drilling density is sufficient to allow future mineral resource estimation into measured and indicated JORC categories allowing for possible mine life extensions to be calculated.
The very shallow depths of the mineralised intercepts and proximity to the existing Fraser’s Open Pit demonstrate the high probability for mine life extension at Fraser’s with excellent grades and thickness encountered in every hole of assays received. Fraser’s currently has the highest NdPr (Nd2O3+Pr6O11) grades at 0.56% of any of the Yangibana defined deposits.
The Fraser’s Mineral Resource has a calculated Nd2O3+Pr6O11:TREO ratio of 41% (see announcement 18% Increase in Ore Reserve Mine Life Extended by 2 years to 13 years November 2019), however assays received forming this announcement had Nd2O3+Pr6O11:TREO ratios ranging from 44 – 50%, representing a substantial increase over existing results from Frasers.
COO, Andrew Reid commented: “These results have exceeded our expectations, which are an excellent first step in defining what appears to be a significant new zone of mineralisation. With this initial shallow program, we have confirmed the presence of broad mineralised widths and extended known extents of Mineral Resources. All the deepest holes confirm mineralisation continues at depth.”
