THE BOURSE WHISPERER: Hastings Rare Metals (ASX: HAS) has acquired additional tenements to the company’s 100 per cent-owned Hastings heavy rare earths project near Halls Creek in Western Australia.
The tenements are contiguous with the company’s existing tenements and are to the north west and south west.
Project location. Source: Company announcement
Hastings considers the additional tenements provide exploration potential for rare earths and increased flexibility for building infrastructure for the Hastings heavy rare earths project.
The terms of the acquisition include an up-front payment of $50,000, a minimum expenditure commitment of $150,000 over 5 years on the tenements and a royalty of 1 per cent on any rare earths extracted.
The tenements include gold workings believed to date back to the gold rush of 1885 to 1896.
Hastings indicated that apart from the historic workings, only a limited amount of exploration work has been undertaken, the most recent of which occurred in the late 1990s and included rock chip and soil sampling.
This returned values for gold, silver, lead, tungsten and noted higher than average rare earth values.
Hastings is not aware of any other exploration activity targeting rare earths in the area.
The acquisition of the tenements gives Hastings the rights to all minerals other than precious and base metals that are retained by the vendor.
“This is another step towards the development of the project,” Hastings Rare Metals chief executive officer Alastair Metcalf Hastings said in the company’s announcement to the Australian Securities Exchange.
“The resource has been delineated, the metallurgy determined and now we are starting to put in place the components needed to advance the project towards development.”
The Hastings deposit contains JORC Indicated and Inferred Resources totalling 36.2 million tonnes at 0.21 per cent Total Rare Earth Oxides, including 0.18 per cent Heavy Rare Earth Oxides, plus 0.89 per cent zircon and 0.35 per cent niobium.