Hastings Technology Metals Ltd: 18% Increase in Ore Reserves, Mine Life Extended to 13 Years
Perth, Australia - The Directors of Hastings Technology Metals Ltd. (ASX:HAS) (FRA:5AM) are pleased to announce an increase in the Probable Ore Reserves at the Yangibana Project in the Gascoyne region of Western Australia. Total Probable Ore Reserves have increased to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11, an 18% increase in ore reserve tonnes compared to the previously announced ASX release entitled "Reserves Increase by 34% to 10.35MT covering 10 Years Operation at Yangibana Project" dated 29 January 2019.Highlights:
- Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,800t or 11% to 49Kt, the key components for Electric Vehicle permanent magnets.
- Increase in Total Rare Earths Oxide (TREO) of 11,900t or 9% to 138Kt.
- Updated Ore Reserve extends mine life by 2 years, supporting a 13-year operational life for the Project.
- Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11.
- Project NPV increased by 6% to A$549 million confirming outstanding project economics.
Charles Lew, Hastings Executive Chairman, said "with this increase in mining reserves and corresponding mine life, Hastings has one of the most exciting rare earths projects amongst our peers which has been strategically and purposefully developed over the last few years. Importantly the work completed during 2019 has significantly de-risked the project thereby delivering a high degree of confidence in our mine scheduling and future production."
Probable Ore Reserves
Based on the Definitive Feasibility Study (DFS) (completed in November 2017) information and recent geological, geotechnical, metallurgical and environmental work, independent consultant Intermine Engineering Consultants (Intermine) has completed an updated mining reserve estimate based on Measured and Indicated Mineral Resources at each of Bald Hill, Fraser's, Auer, Auer North, Yangibana, Yangibana West and Yangibana North deposits. This mining reserve estimate used Whittle pit optimisation software to create economic pit designs utilising conventional drill and blast, load and haul mining methods.
Modifying Factors used to estimate the new Ore Reserves are provided in the Table 1 Section 4 of the JORC Code (2012) at the end of this announcement*.
Summary
The Mineral Resources as at 31 October 2019 is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') 2012 edition. The Mineral Resources are reported inclusive of Ore Reserves.
*To view the complete release including tables and figures, please visit:
https://abnnewswire.net/lnk/4O1W9J3O
About Hastings Technology Metals Ltd:
Hastings Technology Metals Ltd. (ASX:HAS) is a leading Australian rare earths company, with two rare earths projects hosting JORC-compliant resources in Western Australia.
- The Yangibana Project hosts Probable Reserves totaling 5.15 million tonnes at 1.12% TREO including 0.45% Nd2O3+Pr6O11 within JORC Resources totalling 21.0 million tonnes at 1.17% TREO (comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% TREO), including 0.40% Nd2O3+Pr6O11.
- The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb2O5 and 0.90% ZrO2.
- Rare earths are critical to a wide variety of current and new technologies, including smart phones, electric vehicles, wind turbines and energy efficient light bulbs.
- The Company aims to capitalise on the strong demand for rare earths permanent magnets created by expanding new technologies.
Source:
Hastings Technology Metals Ltd.
Contact:
Charles Lew Chairman T: +65-9790-9008 /+61-8-6117-6118 Valerie Quay Legal Counsel & Business Planning T: +65-9781-3220