Hastings Technology Metals has confirmed the presence of heavy rare earths bearing xenotime at its Centipede Range, located near its Yangibana rare earths project in Western Australia.
The results were delivered through an airborne geophysical survey over Centipede Range, previously commissioned in 2023.
The strike of this anomalism is 4.4km and its high resolution has enabled the geo-location of historical spatial datasets.
“The identification of extremely high-grade heavy rare earths mineralisation at Centipede Range highlights the tremendous exploration upside of the Yangibana region,” Hastings chief geologist Louis Schurmann said.
“In parallel with our focus on developing the Yangibana project, we are continuing to build our geological knowledge of the region and believe there is significant potential to expand the range of rare earths minerals found in the area.
“We have a staged exploration plan which is expected to commence in the third quarter of 2024 and are excited by the potential of the Centipede Range as a second ore source for the Yangibana project. The Yangibana process plant will be suitable to concentrate both light rare earths and heavy rare earths.”
The finding comes as Hastings continues to raise funds for Yangibana, aiming to boost funding for the project through the launch of a partially underwritten pro-rata renounceable rights issue.
Hastings is looking to raise $22 million for the project, with executive chairman Charles Lew encouraging shareholders to participate, emphasising key board members intend to take part.
“We are pleased to be able to offer our existing shareholders the opportunity to participate in this current funding round which will facilitate the continuation of our project development workstreams for the Yangibana project and act as a bridge to the planned completion of the project financing for the project,” Lew said.
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