Hastings Technology Metals Ltd (ASX:HAS) has started the next phase of its drilling campaign on the Yangibana project, in which Cadence Minerals PLC (LON:KDNC) has a stake.
The objective of the current infill drilling campaign is to increase the existing measured plus indicated resources estimates as part of the definitive feasibility study of the rare earths project, which is located in the Gascoyne region of Western Australia.
A second programme, about to kick off, will target prospects that are not included in the current measured or indicated resource estimate.
Hastings owns 70% of the Yangibana neodymium project.
Once the DFS is completed Hastings will assess the numerous additional targets that have been identified in fieldwork undertaken over the last three years and other targets based on the results of the 2016 geophysical programme.
Shares in Cadence were down 1.2% at 0.475p in lunchtime trading.