Hastings Project – Mapping and Sampling Extends Mineralisation to the South
January 22, 2013 (Source: Hastings Rare Metals) — Hastings Rare Metals (ASX:HAS) is pleased to announce encouraging results from reconnaissance mapping and sampling at the southern extension to the resource zone at the Hastings Project (Figure 1). This area has the potential to add to the current JORC resource of 36.2 million tonnes (comprising 27.1 million tonnes of Indicated Resource and 9.1 million tonnes of Inferred Resource) at 0.21% total rare earths (TREO) including 0.18% heavy rare earths (HREO), plus 0.89%ZrO2 and 0.35%Nb2Os.
The mapping programme was assisted by the use of a handheld scintillometer which had been used successfully by the Company to define mineralised intervals during its 2011 drilling programme (Figures 2 and 3). Recently acquired detailed topographic data has also been incorporated into the interpretation.
Four surface samples were collected from areas with high scintillometer readings. A further six samples were taken from adjacent areas to provide background values. The four selected samples returned encouraging grades in line with near surface mineralisation in the resource zone. Click here to see tables and maps:
As a comparison, a recent analysis of a composite sample of near surface, oxidised material from the resource zone returned a grade of 1806ppm TREO, 1518ppm HREO including 161ppm Dy2O3 and 991ppm Y2O3, 8505ppm ZrO2 and 3432ppm Nb2Os.
HREO to TREO ratios for the four recent samples range from 87% to 92%, higher than the figure of 84% returned from the composite sample from the resource zone.
In addition, one sample (SE 1) collected from some 4km to the south of the resource zone and within Hastings’ Prospecting Licences (Figure 1), returned elevated ZrO2 (4081ppm) and TREO (1723ppm). Although a single sample, this result indicates that the Company’s tenements hold potential for rare earth and rare metal mineralisation away from the currently defined resources.
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The complete assay data for the eleven samples collected are provided in Appendix 1.
As a result of these encouraging results the Company will undertake more detailed mapping and sampling of the southern extension at the completion of the current rainy season. A drilling programme will then be considered to test the mineralisation at depth.
About Hastings Rare Metals
- Hastings Rare Metals is a leading Australian rare earths company, with two rare earths projects in Western Australia.
- The Hastings deposit contains JORC Indicated and Inferred Resources totaling 36.2 million tonnes at 0.21% TREO, including 0.18% HREO, plus 0.89% ZrO2 and 0.35% Nb2Os.
- Rare earths are critical to a wide variety of current and new technologies, including smart phones, hybrid cars, wind turbines and energy efficient light bulbs.
- The Hastings deposit contains predominantly heavy rare earths (HREO) (85%), such as dysprosium and yttrium which are substantially more valuable than the more common light rare earths (LREO).
- The company aims to capitalise on the strong demand for heavy rare earths created by expanding new technologies. It has recently validated the extensive historical work and completed a Scoping Study to confirm the economics of the Project.
Competent Person’s Statement
The information in this presentation that relates to Resources is based on information compiled by Simon Coxhell. Simon Coxhell is a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy. The information in this presentation that relates to Exploration Results is based on information compiled by Andy Border, an employee of the Company and a member of the Australasian Institute of Mining and Metallurgy.
Each has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this presentation and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Each consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.
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