Impact Minerals (ASX:IPT) has begun a 2,000m drilling program at the Hyperion Rare Earth Element (REE) prospect, part of its wholly owned Arkun Project 150km east of Perth in Western Australia.
The Arkun Project comprises eight tenements covering a total area of 1,900km2 between the towns of Quairading, Corrigin and Brookton.
Impact, which has a $57.29 million market capitalisation, says drilling will test a REE soil anomaly at Hyperion. Assays of the program are expected towards the end of Q2 2024.
The anomaly covers a 3km2 area at greater than 1,000 parts per million (ppm) total rare earth oxide plus yttrium (TREO+Y), with peak values up to 5,880ppm TREO+Y and neodymium plus praseodymium up to 21%.
According to Impact, these are some of the highest TREO-in-soil results reported recently in Western Australia.
The anomaly is also hosted in weathered granite and is prospective for a clay-hosted REE deposit.
Within the anomaly, two northwest-southeast trending zones of more than 1,500ppm TREO+Y-in-soils extend for 2.5km along trend and are open in both directions.
Geophysical modelling of Impact’s previous airborne electromagnetic survey covers part of the Hyperion anomaly and shows a possible vertical thickness up to 60m of conductive clays across much of the Hyperion anomaly.
Therefore, Impact believes a volume of potential REE-hosting clay is close to surface, making it a priority target for drilling.
Impact Minerals has a portfolio of projects across Australia that are considered prospective for battery and critical minerals, and gold.
Write to Adam Drought at Mining.com.au
Images: Impact Minerals
