Hastings Technology Metals (ASX: HAS) unearthed what it describes as “outstanding” rare earth oxides from drilling at its Fraser’s North and Fraser’s South targets within the Yangibana project in Western Australia.
The company has received numerous “potentially economic” results from 29 holes out of 30 drilled at Fraser’s North and South.
Additionally, Hastings noted the assays included some of the highest-grade results returned at the project since 2014.
Notable assays were 3m at 7.28% total rare earth oxide (TREO) from 8m, including 1m at 18.57% TREO from 8m; 8m at 3.51% TREO from 31m; and 6m at 1.42% TREO from 8m.
Hastings chief operating officer Andrew Reid said the results were “fantastic” and had “exceeded” the company expectations for the 20,000m drilling program.
He added that almost every drill hole result announced today had intersected economic rare earth grades that could be mineable.
“The exceptionally high grades from Fraser’s South (up to 18.57%) gives us a lot of confidence that we are in a rare earth zone richly endowed with huge potential, particularly given how little exploration it has seen.”
Resource expansion potential
Most of the planned drilling at Fraser’s North and Fraser’s South was designed to test shallow extensions to the Fraser’s open pit resource.
Mr Reid said drilling was intersecting consistent mineralisation over a wide area – offering “plenty of opportunity” to expand the current resource and reserves.
Yangibana covers 650 square kilometres and is 250km northeast of Carnarvon in WA.
The resource totals 21.3Mt at 1.12% TREO, with 12.2Mt at 1.13% TREO classified as reserves.
He added mineralisation remained open along strike and down dip.
Further exploration at the project will comprise step out drilling along strike and testing mineralisation at depth.
To-date, drilling has only extended to 40m below surface.
Hastings plans to be in production by 2023.
Feasibility studies estimate a capital expenditure of up to $449 million to develop the project which would have a 13 year mine life and process 1Mtpa of ore to generate 8,500tpa TREO.