Drilling Underway at the Hyperion REE Prospect, Arkun Project, WA

An aircore drill programme will commence this week at Impact Minerals Limited's (ASX:IPT) Hyperion REE prospect, which is part of the 100% owned Arkun Project, located 150km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1, ASX Release April 16th 2024).

• Drilling is well underway at the Hyperion Rare Earth Element (REE) Prospect to test a large Rare Earth Element soil geochemistry anomaly.
  
• The soil anomaly covers at least a 3 km² area at greater than 1,000 ppm Total Rare Earth Oxide (TREO + Y) with peak values up to 5,880 ppm (0.59%) TREO+Y and Nd+Pr of up to 21%.
  
• The soil anomaly is hosted in weathered granite and is prospective for a large clay-hosted REE deposit.

The drill programme, comprising approximately 40 holes for 2000 metres will test the significant REE soil geochemistry anomaly identified at Hyperion, where results of up to 5,880 parts per million (ppm) Total Rare Earth Element Oxides and Yttrium (TREO +Y) were reported previously (ASX Release 4th January 2024). These are some of the highest TREO-in-soil results reported recently in Western Australia. Other REE soil geochemistry anomalies have been identified at Swordfish and Horseshoe (Figure 2 and ASX Releases January 4th 2024 and June 1st 2023).

Hyperion Prospect

The soil geochemistry anomaly at Hyperion covers an area of more than 3 km² at greater than 1,000 ppm TREO+Y at Hyperion (Figure 2). Five samples returned greater than 2,500 ppm TREO+Y with a peak value of 5,880 ppm (0.58%) TREO+Y.

Within the anomaly, two broad northwest-southeast trending zones of more than 1,500 ppm TREO+Y-in- soils extend for 2.5 km along-trend and are open in both directions (Figure 2).

The anomaly has an average neodymium plus praseodymium percentage of about 20%, typical of most regolith-hosted mineralisation in the region with Heavy REE contents of between 54 ppm and 200 ppm within the >1,000 ppm parts of the anomaly (ASX Release January 4th 2024). This is encouraging for discovering the more economically compelling Heavy Rare Earths close to the surface.

The Hyperion anomaly is underlain by a well-preserved laterite (weathering) profile developed on very weathered granite bedrock, the likely source of the REE.

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