Impact Minerals (ASX:IPT) is planning to begin an aircore drill program at its Hyperion rare earth element (REE) prospect, part of its Arkun Project in Western Australia, to test a potentially large target.
An aircore/slimline reverse circulation (RC) rig has been secured and is currently being mobilised to site.
Drilling will comprise 40 holes for 2,000m and will be testing a ‘significant’ REE soil geochemistry anomaly that was uncovered at Hyperion, in which results recorded up to 5,880 parts per million total rare earth oxide and yttrium — as previously reported.
Impact, which has a market capitalisation of $48.70 million, says the soil anomaly covers a 3km2 area and is hosted in weathered granite and prospective for a ‘large’ clay-hosted REE deposit.
Managing Director Dr Mike Jones says the company is eager to test the anomaly and assess the depth extent of the weathered clay that may host the REE mineralisation.
“The key to an economic discovery is to evaluate how easily the REEs can be extracted through simple acid leaching of clays and, so we will be sending samples for preliminary testwork as quickly as possible,” Jones says.
“Given this is the first-ever drill program at Arkun, and that several other significant REE anomalies remain to be tested at Arkun, for example Swordfish and Horseshoe, the extraction characteristics will have an important bearing on any future resource definition drilling.”
Impact notes assay results from drilling are expected to be returned towards the end of Q2 2024.
The Arkun project comprises eight tenements covering a 1,900km2 area and is centred 200km southeast of Perth, Western Australia.
Impact Minerals is a mineral explorer focused on discoveries in ‘world-class’ terranes. The company has projects across Australia that are considered prospective for battery and critical minerals, and gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Impact Minerals
