Yangibana Rare Earth Project

Operator: Hastings Technology Metals

Ownership: 30% interest

Location :

Gascoyne, Western Australia

Development Stage:

Project Financing for Construction

The Yangibana Rare Earth Project and Details of Cadence Ownership

Cadence holds interests in tenements covering the some of the prospective Gifford Creek Ferrocarbonatite Complex. Through wholly-owned subsidiaries, Cadence holds:-

  • 30% interest in 3 Mining Leases, 6 Exploration Licences, and 2 General Purpose Leases.
  • 3 Mining Licenses Include:M09/159,M09/161,M09/163
  • 6 Exploration Licenses Included: E09/1043, E09/1049, E09/1703, E09/1704, E09/1705, E09/1706
  • 2 General Purpose Leases: G09/11, G09/13

These tenements are shown above. The tenements in which Cadence holds a 30% interest are in joint-venture with Australian listed Hastings Technology Metals (“Hastings”)  and Hastings carries all costs up to the decision to commission a Bankable Feasibility Study.

Background

The Yangibana Project (the Project) is a significant Australian Rare Earths Project, containing substantial Neodymium and Praseodymium resources. The Project currently covers approximately 650 square kilometres. The Project is located in the Gascoyne region of Western Australia, some 250 kilometres northeast of Carnarvon.

Hastings Technology Metals (“Hastings”) completed a Definitive Feasibility Study in November 2017, which did not include Cadence’s joint venture interests. However Hastings has subsequently issued production targets in their annual report of September 2019, which showed production from licenses M09/159 and M09/163 in 2027 to 2033.

Yangibana JORC Ore Reserves & Resource

Snowden Mining Industry Consultants has completed pit optimisations, mine design and mine scheduling that has established the ore reserves as show in the table below (January 2019):

Probable Ore Reserves within tenements held 30% by Cadence are shown in the table below:

Deposit Tonnes TREO Nd2O3+Pr6O11
% %
Yangibana 110,000 0.60 0.28
Yangibana North 1,964,000 1.72 0.44
Total 2,074,000 1.66 0.43

These Ore Reserves are derived from the JORC Resources reported below:

Yangibana North M09/159 (Cadence 30%)

Category Tonnes TREO Nd2O3+Pr6O11
% %
Measured 871,000 1.64 0.43
Indicated 1,924,000 1.84 0.47
Inferred 632,000 1.85 0.47
Total 3,427,000 1.79 0.46

Yangibana M09/163 (Cadence 30%)

Category Tonnes TREO Nd2O3+Pr6O11
% %
Indicated 134,000 0.57 0.27
Inferred 135,000 0.51 0.24
Total 269,000 0.54 0.25

Others M09/159 (Cadence 30%)

Inferred Tonnes TREO Nd2O3+Pr6O11
% %
Gossan 289,000 1.52 0.33
Lion’s Ear 710,000 1.54 0.39
Hook 289,000 1.52 0.33
Kane’s Gossan 574,000 1.04 0.29