Hastings Technology Metals Ltd: Auer Drilling Extends Mineralisation at Yangibana

Perth, Australia - Australia's next rare earths producer Hastings Technology Metals Ltd. (ASX:HAS) (FRA:5AM) is pleased to announce drill results at the Auer deposit, part of the Company's Yangibana Rare Earths Project (Yangibana Project) in Western Australia's Gascoyne region.

The return of assays from the Auer drilling program completes the results from the Company's hugely successful 2020 Exploration Drill Program at Yangibana, which has successfully extended and expanded the rare earths mineralised resource footprint.

Auer, which has a Measured, Indicated and Inferred Resource of 2.76Mt @ 1.00% TREO (Figure 2*), is one of several deposits that underpin the Yangibana Project.

Along with earlier announced results from the drilling program, the Auer assays will be incorporated in the Yangibana Project Mineral Resources Estimate upgrade, which is due to be completed this quarter. The Auer phase of drill spacing successfully demonstrated remarkable consistency within holes and strong continuity of mineralisation between holes. Drilling targeted down-dip mineralised extensions at depth, with most holes intersecting economic intercepts. These infill drilling program results will be assessed over coming weeks to enable a robust resource estimate targeting a high level of JORC 2012 Indicated category resources by the end of the March 2021 Quarter. It is expected that the Indicated resources will have sufficient information on geology and grade continuity to support Yangibana Project mine planning. Auer is becoming a strong future target with 3km of mineralisation already defined, which appears to be parallel and geologically similar to the 8km-long Bald Hill-Simons Find-Frasers trend that was a major feature of the 2020 Exploration Drill Program.

Hastings is not aware of any new information or data that materially affects the information in this market announcement. In the case of estimates of 'mineral resources' or 'ore reserves', all material assumptions and technical parameters underpinning the estimates in this market announcement continue to apply and have not materially changed.

Hastings Technology Metals Chief Operating Officer Andrew Reid commented:

"These latest results highlight the continuity of shallow, high-grade mineralisation at the northern end of the Auer deposits and the presence of a much larger mineralised envelope, up to 12m thick and potentially indicative of the presence of a larger mineralised system.

"We are excited by what we are seeing at Auer and look forward to incorporating these latest results in the Yangibana Project's Mineral Resources Estimate update, which is due later this quarter and will be a key step on our journey towards beginning development of this rare earths project."

Sampling

Samples were sent to Genalysis Intertek in Perth for analysis using techniques considered appropriate for the style of mineralisation. Samples were analysed for the range of rare earths, rare metals (Nb, Ta, Zr), thorium and uranium and a range of common rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr).

2020 Exploration Drill Program Delivered

Hastings commenced the 2020 drilling program with a Reverse Circulation (RC) drill rig mobilised to site in mid-June 2020. The program completed in the December 2020 Quarter was designed to achieve three goals:

- Validate the existing Bald Hill Deposit Mineral Resource Estimates with close-spaced, grade-control drilling;

- Increase the Yangibana Project's Measured and Indicated Mineral Resource; and

- Obtain core samples for additional metallurgical test work and ore characterisation studies.

The Auer assays complete the flow of results from the 2020 Exploration Drill Program, which has proven hugely successful and exceeded all expectations for Hastings.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/83MP01Z3

About Hastings Technology Metals Ltd:

Hastings Technology Metals Ltd. (ASX:HAS) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.

Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.

Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.

Brockman Project

The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).

The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.

Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.

Source:
Hastings Technology Metals Ltd.

Contact:

Charles Lew Chairman T: +65-6220-9220 /+61-8-6117-6118 Andrew Reid Chief Operations Officer T: +61-487-888-787