Hastings Technology Metals Ltd: Quarterly Activities Report
Perth, Australia - Hastings Technology Metals Ltd. (ASX:HAS) (FRA:5AM) provide the quarterly activities report for the period ending March 2020.Highlights:
- Commonwealth Environmental Approvals received to construct and operate an open pit rare earths mine, processing facility and associated support infrastructure at Yangibana.
- Drilling along the Auer and Yangibana mineralised trends confirms that mineralisation remains open along strike and at depth beyond the current resource.
- Significant new results from Auer including;
o 16 metres @ 1.94% TREO including 0.68% Nd2O3+Pr6O11 and
o 15 metres @ 1.35% TREO including 0.53% Nd2O3+Pr6O11
- Significant new results from Yangibana including;
o 3 metres @ 1.28% TREO including 0.64% Nd2O3+Pr6O11 and
o 7 metres @ 0.8% TREO including 0.37% Nd2O3+Pr6O11
- Cash balance of A$13 million as at 31 March 2020
- Cost reduction and conservation measures implemented effective 1 April as a result of COVID-19.
- Ongoing review of the Yangibana Project Capital and Operating expenditure with the objective of achieving improved mine economics and robustness in the financial metrics
- Schaeffler offtake contact negotiations ongoing despite disruption due to Covid-19 pandemic
- Debt financing discussions also ongoing along with additional commercial offtake negotiations
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/O4ZR4259
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
