The Hyperion Metals Ltd (ASX: HYM) share price is soaring 11% in early afternoon trade.
We take a look at the latest critical minerals announcement from the ASX resource explorer that looks to be stoking investor interest today.
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What critical minerals update was announced?
Hyperion Metals' share price is rocketing after the company reported on its maiden Mineral Resource Estimate (MRE) at its Titan Project in the US state of Tennessee.
According to the announcement, the MRE indicates that Titan is the largest rare earth minerals, titanium and zircon project in the United States.
The MRE is based on 107 drill holes totalling 4,101 meters. Another 109 completed drill holes totalling 3,566 meters are still being analysed.
The results the company highlighted for the MRE from the existing results at the Titan Project include:
- Total Mineral Resource of 431Mt @ 2.2% Total Heavy Minerals (THM), containing 9.5Mt THM at a 0.4% cut-off with 241Mt (56%) classified in the Indicated resource category;
- Includes high grade core of 195Mt @ 3.7% THM, containing 7.1Mt THM at a 2.0% cut-off;
- High value THM assemblage of 12% zircon, 10% rutile, 40% ilmenite and 2% Rare Earth Elements (REE) concentrate with an excellent ratio of heavy and light rare earths
Hyperion said the high-grade results, along with access to existing infrastructure in a low-cost jurisdiction, show the potential to build a "world class", low carbon critical mineral business in the US. Tennessee, it said, has been confirmed as an untapped critical mineral province.
Commenting on the results, Hyperion's CEO Anastasios Arima said:
Hyperion's mission is to sustainably re-shore the production of American critical minerals and metals and this maiden MRE is a crucial step towards this goal.
The maiden MRE has immediately established the Titan Project as a major, untapped potential source of critical minerals rich in titanium, zircon and heavy and light rare earths. The combination of scale and grade of these high value, critical minerals — in a low risk, low cost and low tax jurisdiction — has the potential to drive significant value creation.
Hyperion Metals share price snapshot
The Hyperion Metals share price has been on a tear this year, up 336% in 2021. By comparison the All Ordinaries Index (ASX: XAO) is up 8% year-to-date.
Over the past month, however, Hyperion's shares are down 9%.
