Seven Leaders Drilling Yields 5m at 15.17g/t Au, Resource Estimate Due December

Drilling Success at Seven Leaders

Hastings Technology Metals Ltd (ASX, HAS) has delivered encouraging results from its recent reverse circulation drilling campaign at the Seven Leaders prospect, part of the Whiteheads Gold Project near Kalgoorlie, Western Australia. The 32-hole, 1,222-metre program, the first since 2019, has confirmed high-grade gold mineralisation close to surface, with assays from 21 holes already received.

Among the standout results are impressive intersections such as 5 metres grading 15.17 grams per tonne (g/t) gold from 27 metres depth, including a 2-metre section at 35.55 g/t, and a broad 35-metre interval at 1.94 g/t from surface. These findings not only validate historical data but suggest the deposit is larger and richer than previously understood.

Implications for Resource and Development

The drilling has delineated strong mineralisation over a strike length exceeding 250 metres, with the deposit remaining open both along strike and at depth. This continuity bodes well for the upcoming maiden Mineral Resource Estimate (MRE) under the JORC 2012 code, scheduled for release in December 2025. Hastings has engaged Entech, a respected mining consultancy, to undertake the resource modelling and scoping study work.

Chief Operating Officer Tim Gilbert expressed optimism, highlighting that the new data points to a deposit that is "larger and higher grade" than initially anticipated. He emphasized that the forthcoming resource estimate will be pivotal in defining the scale and economic potential of Seven Leaders, enabling Hastings to advance mine design, secure approvals, and finalise production scheduling.

Corporate Strategy and Shareholder Considerations

The announcement also touches on Hastings’ strategic move to divest its gold assets to Metal Bank (ASX, MBK). This transaction, subject to shareholder approval at the upcoming Annual General Meeting, involves an in-specie distribution of MBK shares to Hastings shareholders, aiming to preserve long-term value in gold exposure. The MBK AGM has already approved the deal, with Hastings’ vote scheduled for late November.

This corporate reshaping aligns Hastings’ focus more squarely on its flagship rare earths projects, notably the Yangibana Rare Earths and Niobium Project, while allowing Metal Bank to develop the gold assets. Investors will be watching closely how this transition unfolds alongside the resource update.

Looking Ahead

While assay results from 11 remaining drill holes are pending, the current dataset provides a robust foundation for resource estimation and project advancement. The Seven Leaders prospect’s promising grades and continuity reinforce its potential as a significant contributor to Hastings’ portfolio and the broader gold sector in Western Australia.