Announcement PDF 1 September 2015 RC ASSAYS CONFIRM HIGHEST GRADES AT FRASER’S DEPOSIT Hastings Rare Metals Limited ABN 43 122 911 399 ASX Code: HAS Level 25, 31 Market Street Sydney NSW 2000 PO Box Q128 Queen Victoria Building NSW 1225 Australia Telephone: +61 2 8268 8689 Facsimile: +61 2 8268 8699 admin@hastingsraremetals.com Board and Management Charles Lew (Chairman) Anthony Ho (Non Exec Director) Malcolm Mason (Non Exec Director) www.hastingsraremetals.com HIGHLIGHTS • Final assays received from the major RC drilling programme at Fraser’s Deposit, Yangibana Project • Highest Nd2O3-Eq* grades from Fraser’s Deposit within the Project confirming the potential of this deposit • Best intersections include:
9m at 3.37%TREO** including 1.80%Nd2O3-Eq
6m at 1.49%TREO including 0.89%Nd2O3-Eq
6m at 1.55%TREO including 0.88%Nd2O3-Eq
4m at 1.56%TREO including 0.83%Nd2O3-Eq
2m at 3.10%TREO including 1.73%Nd2O3-Eq • Main Fraser’s deposit now extends over 550m of strikelength to 100m depth • Limited exploratory drilling on other targets to southwest and north indicate further potential Introduction The Board of Hastings Rare Metals Limited (ASX:HAS) is pleased to announce that reverse circulation (RC) drilling at the Fraser’s Deposit within the Yangibana Project in the Gascoyne Region of Western Australia has returned high grade mineralisation over a strike length of 550m and up to 100m depth. An extension to the northeast of the mineralisation tested in 2014 has returned highly encouraging results. New targets to the southwest and north of the main mineralisation have also returned some positive results and these will be followed up in the future. All results are now being fed into the interpretation leading to resource estimation as part of the Company’s Pre-Feasibility Study (PFS). Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Three diamond holes were drilled to replicate RC holes and to provide geotechnical data and samples for comminution test work. Fraser’s Drilling Programme Reverse circulation and diamond drilling has infilled and extended Hastings’ 2014 drilling at the Fraser’s Deposit. The deposit has a JORC Inferred Resources of 0.35 million tonnes at 1.31%TREO with 0.71% Nd2O3-Eq* remained open along strike and at depth. Figure 1 shows holes drilled in 2015. This drilling extended the main mineralisation to the northeast where it becomes more shallow-dipping. RC drilling also tested new targets to the southeast and north (Figure 2) with some encouraging intersections achieved. Table 1 provides details of the better intersections returned from this drilling. Collar details of the drillholes are provided in Appendix 1. Individual assays for the Company’s target oxides (neodymium, praseodymium, dysprosium and europium) from the mineralised zone and surrounding samples are provided in Appendix 2. Figure 1 – Yangibana Project – Fraser’s Deposit, Main Zone drill coverage Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Figure 2 – Yangibana Project – Fraser’s Deposit, New Targets drill coverage Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole No From To Interval (FRRC) (m) (m) (m) 12 83 92 9 16 66 70 4 17 8 17 9 18 60 66 6 19 11 15 4 21 5 11 6 22 25 36 11 23 13 19 6 50 51 58 7 57 26 32 6 59 51 53 2 61 70 74 4 Table 1 – Yangibana Project, Fraser’s Deposit 2015 drilling results % TREO** 3.37 1.52 0.96 1.55 1.55 1.49 0.91 1.48 0.77 1.25 3.10 1.56 % Nd2O3-Eq* 1.80 0.79 0.50 0.88 0.74 0.89 0.60 0.68 0.49 0.65 1.73 0.83 ** TREO is the sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO). HREO is the sum of the oxides of the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y). CREO is the sum of the oxides of neodymium (Nd), europium (Eu), terbium (Tb), dysprosium (Dy), and yttrium (Y) that were classified by the US Department of Energy in 2011 to be in critical short supply in the foreseeable future. LREO is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm). Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Neodymium Equivalence Hastings is concentrating its efforts on the recovery of four important rare earths – neodymium, praseodymium, dysprosium and europium. To portray the grade of the mineralisation Hastings has established neodymium-equivalent figures where:*The Nd2O3 equivalent (Nd2O3-Eq) values have been calculated based on the following rare earths prices. These prices have been established by independent consultants Adamas Intelligence and are being used by Hastings in the evaluation of the project. • Nd2O3 - US$85/kg • Pr2O3 – US$95/kg • Dy2O3 - US$550/kg and • Eu2O3 - US$635/kg Where Nd2O3-Eq = ((Nd2O3grade+((Pr2O3grade*(Pr2O3price/Nd2O3price))+(Dy2O3grade*(Dy2O3price/Nd2O3 price))+ (Eu2O3grade*(Eu2O3price/Nd2O3price))) Such that Nd2O3 Eq = Nd2O3 + (1.1176 x Pr2O3) + (6.4706 xDy2O3) + (7.4706 xEu2O3) These commodity prices were updated from those used previously (up to 20/5/15) (Nd2O3 at US$59.5/kg; Pr2O3 at US$119.5/kg; Dy2O3 at US$340/kg; and Eu2O3 at US$725/kg). Positive changes are for neodymium (+43%) and dysprosium (+62%), with a decrease in praseodymium (-21%) and europium (-12%). These changes affect the calculation of Nd2O3-Eq figures and the in-ground value of the mineralisation. Based on the updated prices, the JORC resources at Bald Hill South of 1.23 million tonnes at 1.22% TREO now contain 0.65% Nd2O3-Eq as compared to 0.77%Nd2O3-Eq as previously calculated. Because of the higher Nd2O3 price, the value of the in-ground mineralisation has increased significantly from US$456/tonne to US$646/tonne (+42%). For further information please contact: Andy Border, General Manager Exploration +61 2 8268 8689 Guy Robertson, Company Secretary +61 2 8268 8689 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 About Hastings Rare Metals • Hastings Rare Metals is a leading Australian rare earths company, with two JORC compliant rare earths projects in Western Australia. • The Yangibana Project hosts JORC Indicated and Inferred Resources totalling 6.79 million tonnes at 1.52% TREO, including 0.35% Nd2O3 (comprising 3.96 million tonnes at 1.59% TREO Indicated Resources and 2.83 million tonnes at 1.43% TREO in Inferred Resources). • The Brockman deposit contains JORC Indicated and Inferred Resources totalling 36.2 million tonnes (comprising 27.1mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.89% ZrO₂ and 0.35% Nb₂O₅. • 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 Company aims to capitalise on the strong demand for critical rare earths created by expanding new technologies. In late 2014 Hastings completed a Scoping Study of the Yangibana Project that confirmed the economic viability of the Project and in early 2015 commenced work on a Pre-Feasibility Study. Competent Person’s Statement The information in this announcement 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 announcement 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 announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Each consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Appendix 1 – Drill hole data Hole_ID E MGA94 N MGA94 RL Decln Azi EOH FRRC012 429757 7350857 354 -90 0 94 FRRC015 429822 7350860 361 -60 135 16 FRRC016 429777 7350867 364 -60 120 76 FRRC017 429890 7350923 365 -60 135 21 FRRC018 429855 7350959 362 -60 135 70 FRRC020 429930 7351011 361 -65 135 58 FRRC019 429959 7350983 366 -60 135 22 FRRC022 429962 7351039 358 -60 135 52 FRRC013 429756 7350798 359 -60 135 22 FRRC014 429734 7350841 360 -60 135 70 FRRC021 429997 7350999 362 -60 135 22 FRRC023 430031 7351034 361 -60 135 28 FRRC024 430072 7351056 362 -60 135 28 FRRC025 429674 7350774 356 -60 135 22 FRRC026 429646 7350803 357 -60 135 76 FRRC027 429624 7350767 357 -60 135 28 FRRC028 429585 7350788 349 -60 135 70 FRRC029 429404 7350592 351 -60 135 22 FRRC030 429374 7350557 357 -60 135 16 FRRC031 429349 7350527 353 -60 135 16 FRRC033 429382 7350614 328 -60 135 40 FRRC032 429337 7350589 351 -60 135 46 FRRC034 429315 7350557 353 -60 135 46 FRRC035 429970 7351475 370 -60 90 16 FRRC044 430210 7352124 361 -60 90 28 FRRC045 430219 7352175 361 -60 90 22 FRRC046 430216 7352224 364 -60 90 16 FRRC047 430209 7352276 359 -60 90 22 FRRC036 429982 7351522 371 -60 90 21 FRRC037 429990 7351572 371 -60 90 22 FRRC038 429997 7351640 371 -60 90 22 FRRC039 430010 7351675 369 -60 90 22 FRRC040 430076 7351871 360 -60 90 28 FRRC041 430095 7351920 360 -60 90 16 FRRC042 430164 7352022 362 -60 90 28 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID E MGA94 N MGA94 RL Decln Azi EOH FRRC043 430193 7352074 361 -60 90 34 FRRC055 429921 7351479 369 -60 90 46 FRRC056 429921 7351525 372 -60 90 46 FRRC054 429964 7351681 374 -60 90 58 FRRC051 430026 7351873 372 -60 90 52 FRRC050 430047 7351925 368 -60 90 70 FRRC049 430123 7352028 362 -70 90 64 FRRC052 430146 7352076 357 -60 90 58 FRRC053 430167 7352122 358 -60 90 58 FRRC048 430166 7352224 357 -60 90 58 FRRC008 429770 7350855 364 -60 130 52 Appendix 2 – Assays within and adjacent to mineralised intersections Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC008 43 44 9.526 5.905 220.450 62.260 FRRC008 FRRC008 44 45 45 46 45.334 20.544 80.590 27.558 5569.443 1536.032 1290.958 370.634 FRRC012 76 77 4.591 5.558 381.646 107.551 FRRC012 77 78 9.067 24.663 1994.427 563.148 FRRC012 FRRC012 78 82 79 83 10.903 4.935 13.779 13.200 916.324 1292.371 253.370 363.027 FRRC012 83 84 38.448 52.569 3071.015 778.835 FRRC012 FRRC012 84 85 85 86 162.170 113.048 266.317 173.222 17722.165 11324.928 4398.807 2815.274 FRRC012 86 87 201.880 346.907 26149.172 6191.121 FRRC012 FRRC012 87 88 88 89 238.263 135.543 416.381 193.717 30012.055 13545.520 6995.117 3445.831 FRRC012 89 90 122.115 130.148 6183.786 1599.917 FRRC012 FRRC012 90 91 91 92 16.871 27.315 20.842 36.126 1222.387 2924.165 305.682 778.015 FRRC013 0 1 13.887 20.147 1460.916 378.358 FRRC013 FRRC013 6 7 7 8 15.838 11.247 19.221 8.337 1143.772 330.324 295.033 78.410 FRRC013 8 9 37.759 39.253 2106.518 549.456 FRRC013 FRRC013 9 10 10 11 68.977 85.618 81.169 104.674 4126.023 4414.707 1045.429 1077.378 FRRC013 11 12 161.596 151.453 6170.256 1454.917 FRRC013 FRRC015 12 2 13 3 39.022 3.787 33.695 2.200 1302.169 91.096 307.204 21.885 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC015 3 4 83.093 77.811 3494.301 720.437 FRRC015 FRRC015 4 5 5 6 80.454 36.956 93.906 59.053 5212.525 4897.830 1278.202 1367.847 FRRC015 6 7 13.658 16.558 990.274 260.275 FRRC016 FRRC016 64 65 65 66 14.002 16.183 13.316 22.926 600.696 1523.902 161.267 418.850 FRRC016 66 67 53.942 57.432 3115.338 800.485 FRRC016 FRRC016 67 68 68 69 81.142 83.782 100.622 98.190 6552.719 5916.797 1747.375 1542.806 FRRC016 69 70 80.109 95.295 5325.432 1353.569 FRRC016 FRRC017 70 7 71 8 7.804 16.297 7.758 14.474 404.974 647.235 98.890 151.320 FRRC017 8 9 24.561 29.990 1832.998 494.920 FRRC017 FRRC017 9 10 10 11 30.873 85.848 32.653 86.495 1606.016 3454.877 403.636 810.550 FRRC017 11 12 28.119 36.358 2878.092 787.027 FRRC017 FRRC017 12 13 13 14 41.317 18.708 70.400 24.779 9023.270 2195.515 2653.889 604.460 FRRC017 14 15 75.863 76.190 3085.944 723.011 FRRC017 FRRC017 15 16 16 17 57.500 75.174 62.874 85.685 2360.560 3170.858 520.784 688.370 FRRC017 17 18 20.659 20.611 752.678 168.640 FRRC018 59 60 16.297 2.316 73.483 21.299 FRRC018 FRRC018 60 61 61 62 24.790 106.507 27.442 115.790 1741.902 4396.512 459.811 998.032 FRRC018 62 63 226.212 243.622 10648.066 2586.831 FRRC018 FRRC018 63 64 64 65 182.025 85.389 209.001 91.590 10446.278 4257.710 2626.153 1050.227 FRRC018 65 66 41.891 45.505 2057.413 503.112 FRRC018 FRRC020 66 26 67 27 12.280 13.658 11.232 15.863 576.202 856.254 146.053 222.942 FRRC020 27 28 30.873 41.569 2565.847 667.188 FRRC020 FRRC020 28 29 29 30 18.822 13.658 37.748 18.642 2373.274 819.513 560.457 197.430 FRRC021 4 5 22.151 17.716 663.565 157.873 FRRC021 FRRC021 5 6 6 7 21.347 48.777 38.326 77.000 4411.325 7648.435 1213.016 2118.126 FRRC021 7 8 38.792 47.011 2861.296 724.884 FRRC021 FRRC021 8 9 9 10 331.341 283.482 321.201 283.338 7601.312 7095.328 1300.203 1238.294 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC021 10 11 103.063 102.822 3506.315 701.127 FRRC021 FRRC022 11 24 12 25 18.363 5.394 19.221 2.316 785.804 96.111 168.523 25.278 FRRC022 25 26 50.269 57.084 4397.795 1068.016 FRRC022 FRRC022 26 27 27 28 53.942 82.061 56.621 72.021 2569.463 3127.585 541.147 611.482 FRRC022 28 29 124.296 102.590 5553.114 1130.861 FRRC022 FRRC022 29 30 30 31 56.926 64.156 44.811 64.032 2386.921 3713.118 508.144 887.790 FRRC022 31 32 55.090 48.979 2367.442 532.604 FRRC022 FRRC022 32 33 33 34 103.523 156.202 93.443 139.874 2927.197 4284.537 559.872 761.865 FRRC022 34 35 209.800 221.390 7521.647 1463.694 FRRC022 FRRC022 35 36 36 37 77.585 16.183 80.937 12.390 3572.100 405.091 775.441 76.538 FRRC023 8 9 27.660 28.832 812.981 164.661 FRRC023 FRRC023 9 10 10 11 30.414 35.005 35.200 45.505 2067.561 2650.177 504.399 659.230 FRRC023 11 12 17.904 15.284 496.187 116.562 FRRC023 FRRC023 12 13 13 14 17.560 25.594 16.095 31.148 725.268 2168.804 174.726 577.777 FRRC023 14 15 42.580 68.663 6401.203 1781.548 FRRC023 15 16 76.666 95.295 5290.557 1356.612 FRRC023 FRRC023 16 17 17 18 79.650 63.812 130.032 63.569 8825.566 2125.414 2447.917 472.450 FRRC023 18 19 88.602 81.053 2333.966 497.026 FRRC023 FRRC025 19 11 20 12 10.559 21.347 8.684 22.463 316.794 1209.324 79.931 326.982 FRRC025 12 13 113.508 129.222 6706.333 1643.920 FRRC025 FRRC026 13 56 14 57 22.495 21.921 22.116 16.790 1286.772 719.669 311.066 192.280 FRRC026 57 58 93.193 113.011 5478.814 1424.255 FRRC026 FRRC029 58 0 59 1 13.887 26.053 10.190 30.453 423.753 1932.608 100.529 614.408 FRRC029 1 2 46.023 72.716 5849.846 1890.152 FRRC029 FRRC029 2 3 3 4 24.331 6.312 33.695 6.716 2031.402 481.956 631.962 162.906 FRRC030 4 5 11.592 19.916 1629.811 456.885 FRRC030 FRRC030 5 6 6 7 17.330 17.675 22.463 21.769 1435.488 1778.410 441.086 586.905 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC030 7 8 7.231 7.758 622.974 183.269 FRRC031 FRRC031 3 4 4 5 9.296 35.005 13.084 51.758 922.506 3249.007 258.636 1049.174 FRRC031 5 6 4.361 3.589 224.065 71.271 FRRC032 FRRC032 36 37 37 38 4.935 16.297 3.126 33.232 203.770 2441.742 67.292 802.709 FRRC032 38 39 6.657 15.168 1315.116 409.137 FRRC033 FRRC033 26 27 27 28 3.787 22.839 4.168 34.042 308.863 1787.858 94.092 536.583 FRRC033 28 29 30.873 62.527 5096.585 1398.743 FRRC033 FRRC033 29 30 30 31 47.285 11.018 45.042 13.779 3404.605 1249.681 905.461 346.994 FRRC033 31 32 13.772 26.979 2658.459 719.032 FRRC033 FRRC034 32 37 33 38 13.772 3.673 14.011 1.389 923.089 73.833 235.698 29.258 FRRC034 38 39 25.938 29.874 2042.016 621.663 FRRC034 FRRC034 39 40 40 41 24.790 5.968 32.653 4.284 2252.668 261.973 672.923 75.835 FRRC035 3 4 26.282 20.147 634.405 117.732 FRRC035 FRRC035 4 5 5 6 53.598 22.610 50.137 31.611 2089.489 2768.684 473.386 749.226 FRRC035 6 7 27.200 30.453 1842.329 417.797 FRRC035 7 8 7.804 2.779 157.231 39.790 FRRC036 FRRC036 9 10 10 11 12.166 84.930 12.158 83.832 596.030 5575.159 124.052 1307.225 FRRC036 11 12 8.608 4.400 211.818 53.015 FRRC039 FRRC039 1 2 2 3 17.330 54.171 16.326 56.274 556.256 1945.322 109.891 376.017 FRRC039 3 4 21.921 17.137 533.278 98.773 FRRC039 FRRC039 7 8 8 9 8.034 9.985 11.579 20.842 730.166 1977.864 182.099 512.591 FRRC039 9 10 15.379 13.432 487.905 91.283 FRRC039 FRRC039 10 11 11 12 8.608 112.934 6.484 79.200 205.870 1486.110 38.971 223.995 FRRC039 12 13 19.396 10.653 205.170 37.099 FRRC041 FRRC041 1 2 2 3 8.149 33.628 4.863 36.937 213.101 2212.311 43.769 505.570 FRRC041 3 4 13.658 21.769 1594.236 401.647 FRRC042 FRRC042 11 12 12 13 6.083 50.843 3.705 65.306 115.007 2862.229 24.108 573.330 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC042 13 14 72.764 102.127 5724.924 1240.401 FRRC042 FRRC044 14 2 15 3 19.396 5.279 23.621 10.768 975.810 655.983 192.631 155.767 FRRC044 3 4 27.889 35.548 1702.244 376.837 FRRC044 FRRC046 4 0 5 1 2.984 6.083 3.705 7.642 169.011 561.622 36.630 134.585 FRRC046 1 2 9.985 31.842 3050.019 747.237 FRRC046 FRRC046 2 3 3 4 10.215 11.592 34.621 21.653 3428.516 1377.168 841.563 316.800 FRRC047 0 1 4.017 2.316 89.113 22.236 FRRC047 FRRC047 1 2 2 3 18.822 15.609 32.769 57.895 1934.241 5075.240 409.371 1186.801 FRRC047 3 4 14.805 11.926 342.572 66.824 FRRC049 FRRC049 46 47 47 48 7.345 21.347 10.768 42.148 595.447 4054.523 132.712 975.679 FRRC049 48 49 5.624 8.684 467.610 103.337 FRRC050 FRRC050 46 47 47 48 6.542 69.436 3.474 55.116 106.259 1480.978 25.044 227.155 FRRC050 48 49 21.577 34.158 2031.636 454.310 FRRC050 FRRC050 49 50 50 51 17.445 29.955 21.537 35.200 925.538 1314.883 197.781 260.392 FRRC050 51 52 48.433 59.284 2485.598 511.421 FRRC050 52 53 53.368 86.495 5453.503 1337.419 FRRC050 FRRC050 53 54 54 55 66.911 111.556 102.358 56.042 6066.213 1931.792 1532.040 405.977 FRRC050 55 56 97.899 42.611 1242.449 244.710 FRRC050 FRRC050 56 57 57 58 122.230 121.656 90.200 92.285 2195.515 1930.742 372.038 302.991 FRRC050 58 59 17.330 11.811 374.648 74.197 FRRC052 FRRC052 50 51 51 52 16.642 24.905 22.695 32.537 1091.517 1847.578 229.262 407.733 FRRC052 52 53 6.083 9.726 790.119 179.290 FRRC055 FRRC055 28 29 29 30 20.314 36.612 18.411 38.095 905.126 1792.174 199.536 398.136 FRRC055 30 31 15.379 22.116 1611.615 390.412 FRRC055 FRRC055 31 32 32 33 22.724 8.034 39.716 7.411 4150.634 399.025 1059.239 90.230 FRRC057 25 26 13.084 11.232 902.677 250.912 FRRC057 FRRC057 26 27 27 28 22.151 116.836 39.021 177.274 4631.424 14610.443 1325.482 3793.059 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Hole_ID From To Dy2O3ppm Eu2O3ppm Nd2O3ppm Pr2O3ppm FRRC057 28 29 25.249 27.558 1451.818 350.973 FRRC057 FRRC057 29 30 30 31 47.400 56.123 52.684 58.821 2147.576 1786.808 455.949 341.259 FRRC057 31 32 56.811 56.969 1826.232 342.664 FRRC057 FRRC058 32 43 33 44 11.707 20.200 8.453 18.411 266.522 1061.891 57.579 266.945 FRRC058 44 45 22.265 25.705 2147.109 576.490 FRRC058 FRRC058 45 46 46 47 66.911 34.316 68.779 37.169 4121.824 1996.410 1018.746 470.695 FRRC058 47 48 59.795 55.695 2895.705 683.455 FRRC058 FRRC058 48 49 49 50 21.347 14.576 24.316 13.084 2202.863 662.049 592.406 160.916 FRRC059 50 51 7.690 7.642 536.661 135.755 FRRC059 FRRC059 51 52 52 53 274.874 31.217 398.086 40.642 21144.966 2009.124 5035.801 466.599 FRRC059 53 54 8.723 9.842 504.235 117.030 FRRC060 FRRC060 69 70 70 71 15.035 69.780 18.063 64.148 1121.494 3001.614 288.830 681.232 FRRC060 71 72 65.763 67.158 4397.561 1172.875 FRRC060 FRRC061 72 69 73 70 15.723 13.084 13.316 11.579 524.997 615.159 125.222 161.501 FRRC061 70 71 63.927 75.148 4673.998 1229.751 FRRC061 71 72 28.807 26.284 856.021 177.652 FRRC061 FRRC061 72 73 73 74 100.309 75.404 146.590 81.053 12854.894 4421.356 3105.508 1050.812 FRRC061 74 75 8.378 8.568 501.435 118.551 Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Sampling techniques • • • • Drilling techniques Drill sample recovery • • • • Commentary Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). • Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • • • • • • Reverse circulation drilling was carried out at the Fraser’s prospect to obtain drill chip samples from one-metre intervals from which a 2-4kg sample was collected for submission to the laboratory for analysis for rare earths, rare metals, U, Th and a range of rock-forming elements. Mineralised zones were identified visually during geological logging in the field. Samples from each metre were collected in a cyclone and split using a 3 level riffle splitter. Field duplicates, blanks and Reference Standards were inserted at a rate of approximately 1 in 20. Hurlston Pty Limited drilled RC holes at eleven ironstone targets within tenements in which Hastings has an interest, in the 1980s. The Fraser’s prospect was tested to a limited extent during that phase of exploration. Hurlston reported the results of most drill holes and a nonJORC resource estimation in its Annual Report for the period 1/1/87 to 31/12/88 (A25937). This report provides little data regarding processes used during the exploration, but Hastings has undertaken sufficient work on the project to indicate that Hurlston’s work was carried out professionally and that certain assumptions can reasonably be based on the results reported in that report. Reverse Circulation drilling at Bald Hill South utilised a nominal 5 1/4 inch diameter facesampling hammer. No details are known regarding the RC drilling carried out by Hurlston. Recoveries are recorded by the geologist in the field at the time of drilling/logging. If poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to rectify the problem to ensure maximum sample recovery. Visual assessment is made for moisture and contamination. A cyclone and splitter were used to ensure representative samples and were routinely cleaned. Sample recoveries to date have generally been high, and moisture in samples minimal. Insufficient Address Suite 2508, Level 25, 31Market St, Sydney NSW 2000 Postal Address PO Box Q128 Queen Victoria Building NSW 1230 Telephone 02 8268 8689 Fax 02 8268 8699 Email admin@hastingsraremetals.com Website www.hastingsraremetals.com ABN 43 122 911 399 Criteria JORC Code explanation Commentary • Logging • • • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. • • • • Subsampling techniques and sample preparation • • • • • • If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. • • • • • • Quality of assay data and laboratory tests • • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • • data is available at present to determine if a relationship exists between recovery and grade. This will be assessed once a statistically valid amount of data is available to make a determination. No details are known regarding the RC drilling carried out by Hurlston. All drill chip samples are geologically logged at 1m intervals from surface to the bottom