Hastings Rare Metals secures three mining leases at Yangibana project in Australia

The Western Australian Department of Mines and Petroleum has granted three mining leases for Hastings Rare Metals' Yangibana project located in the Gascoyne Region.

Hastings chairman Charles Lew said "This is a very important step in the progress of the Yangibana Project. Combined with the positive results we are achieving with our ongoing resource drilling and metallurgical test work we are confident of achieving the completion of the Pre- Feasibility Study on schedule, and then moving seamlessly forward with the intention of establishing a highly profitable rare earths project in Western Australia."

M09/157 – Bald Hill South (Hastings 100%) covers an area of 289ha and contains the Bald Hill South deposit where Hastings’ 2014 exploration led to the definition of JORC Indicated Resources of 1.23 million tonnes at 1.22%TREO with 0.65%Nd2O3-Eq.

The Company has just completed a major infill and extension reverse circulation (RC) and diamond drilling programme that is expected to lead to a significant increase in these neodymium-rich resources.

M09/158 – Fraser’s (Hastings 100%) covers an area of 535.0 hectares and contains the Fraser’s deposit where Hastings’ 2014 exploration led to the definition of JORC Inferred Resources of 0.35 million tonnes at 1.31%TREO with 0.71%Nd2O3-Eq.

The Company has just completed an extensive infill and extension reverse circulation (RC) and diamond drilling programme that is expected to increase these neodymium-rich resources.

M09/159 – Yangibana Main (part of the Yangibana – REM Joint Venture, Hastings 70%) covers an area of approximately 1,469.8 hectares and contains the Yangibana North deposit where Hastings’ 2014 exploration led to the definition of JORC Indicated Resources of 2.73 million tonnes at 1.75%TREO with 0.58%Nd2O3-Eq and Inferred Resources of 0.73 million tonnes at 1.65%TREO with 0.55%Nd2O3-Eq.

It also covers the JORC Inferred Resources at Gossan (0.23 million tonnes at 1.39%TREO with 0.43%Nd2O3- Eq), Lion’s Ear (0.67 million tonnes at 1.55%TREO with 0.50%Nd2O3-Eq), Hook (0.10 million tonnes at 1.93%TREO with 0.52%Nd2O3-Eq) and Kane’s Gossan (0.61 million tonnes at 1.18%TREO with 0.41%Nd2O3-Eq) deposits.