CHARLOTTE, N.C.–(GlobalreleaseWire)–Hyperion Metals Limited (ASX: HYM) (“Hyperion” or “the Company”) is pleased to advise that the Company has increased its holdings of titanium, zircon, rare earth minerals and silica rich mineral sands properties at its Titan Project in west Tennessee, USA to 5,964 acres, a 55% increase in landholding, with the potential to be one of the United States’ largest source of critical minerals.
The additional land has been secured through option agreements signed with local landowners at the Titan Project on substantially the same terms as the Company’s existing option agreements.
The Company has already completed 5,131 metres of drilling comprising 129 holes from its Phase 1 – 3 drilling programs through late 2020 and early 2021, confirming consistent, thick, high-grade mineralization of critical minerals over ~3.6km strike length at its central property. The results from this drilling are expected to lead to the delivery of an initial Mineral Resource Estimate in the coming months.
The initial Mineral Resource Estimate will form the basis of the recently commenced Scoping Study for the project, due for delivery in Q3 2021. The Scoping Study is a key step in the development of the Titan Project into potentially one of the most important critical mineral rich provinces in the USA. The Scoping Study will outline material physical and economic metrics as well as major development timelines.
Further, the Company has recently completed metallurgical test work to confirm that the Titan Project is amenable to standard processing techniques and to produce products for potential customers and strategic partners discussions, as well as additional analytical test work programs such as metallurgical testing of highly valuable rare earth bearing minerals and downstream test work related to the production of titanium powders. Analytical data for the final products are expected in Q2 2021 and will further inform heavy mineral concentrate assemblage data for the initial Mineral Resource Estimate and flowsheet development for the Titan Project Scoping Study.
Commenting on the announcement, Anastasios Arima, Managing Director of Hyperion Metals said:
“We are very pleased to have secured such a large area of additional property to add to our already significant land position and are delighted to continue to work with the local community in west Tennessee to establish a strong local presence in the region. We are particularly excited by this new addition as historical drilling by parties including DuPont and Altair International identified this area as having the potential to contain a highly prospective mineral rich core. We look forward to the upcoming delivery of an initial resource estimate and subsequent scoping study for the Titan Project, which is anticipated to highlight its importance for the development of sustainable, domestically sourced critical minerals for advanced U.S. industries such as aerospace, EV’s, defense and renewables.”
About Hyperion Metals
Hyperion’s mission is to be the leading developer of zero carbon, sustainable, critical material supply chains for advanced American industries including space, aerospace, electric vehicles, and 3D printing.
The Company holds a 100% interest in the Titan Project, covering approximately 6,000 acres of titanium, rare earth minerals, silica sand and zircon rich mineral sands properties in Tennessee, USA. The Titan Project is strategically located in the southeast of the USA, with low-cost road, rail and water logistics connecting it to world class manufacturing industries.
Hyperion has secured an option for the exclusive license to produce low carbon titanium metal using the breakthrough HAMR technology. HAMR was invented by Dr. Z. Zak Fang and his team at the University of Utah with government funding from ARPA-E. The HAMR technology has demonstrated the potential to produce titanium powders with low-to-zero carbon intensity, significantly lower energy consumption, significantly lower cost and at product qualities which exceed current industry standards.
Hyperion has signed an MOU to establish a partnership with Energy Fuels that aims to build an integrated, all-American rare earths supply chain. The MOU will evaluate the potential supply of rare earth minerals from Hyperion’s Titan Project to Energy Fuels for value added processing at Energy Fuels’ White Mesa Mill. Rare earths are highly valued as critical materials for magnet production essential for wind turbines, EVs, consumer electronics and military applications.
This announcement has been authorised for release by the CEO & Managing Director.