Hawk’s Dual Focus on Copper and Scandium Faces Key Permitting and Assay Milestones

Exploration Momentum Builds in Utah

Hawk Resources Limited (ASX – HWK) is gearing up for a significant drilling campaign targeting five copper-gold prospects within Utah’s historically rich Cactus mining district. Permitting is underway with drilling scheduled to commence in December 2025. The targets, Cactus, Copperopolis, CZ-1, New Years West (NYW), and N-1, are defined by compelling geophysical anomalies including resistivity lows, chargeability highs, and magnetic lows, all supported by anomalous copper soil geochemistry.

The Cactus target, a known historical producer of 1.3 million tonnes grading over 2% copper, is particularly promising with a resistivity anomaly extending 400 meters beyond previous drilling. Copperopolis and CZ-1 stand out as potential large tonnage, high-grade copper-gold breccia or intrusive-related deposits, with exploration targets estimated between 300-350 million tonnes at 0.5-1.0% copper. The NYW and N-1 targets offer extensions to previously drilled mineralisation, including intercepts of 26m at 1.3% copper and 30m at 0.78% copper.

Strategic Entry into Scandium with Olympus Project

In a move to diversify its critical minerals portfolio, Hawk has executed a binding heads of agreement to acquire up to an 80% interest in the Olympus Scandium Project located in Western Australia’s West Musgrave region. Olympus is notable for a substantial 7km by 4km scandium soil anomaly exceeding 500ppm, with historical shallow drilling intercepts reaching up to 11 meters at 934ppm scandium from surface.

Scandium is a high-value rare earth element with strategic applications in aerospace, automotive, and next-generation telecommunications. Hawk’s Managing Director Scott Caithness highlighted the project’s potential to become a major scandium province, emphasizing the constrained global supply and growing demand. The company plans to validate historical pXRF results through laboratory assays and commence systematic drilling to assess mineralisation continuity and thickness.

Capital Raise Supports Growth Plans

To underpin these exploration and acquisition activities, Hawk successfully raised $5 million through a strongly supported placement of 250 million shares at $0.02 each. The placement was completed in two tranches, with the first tranche issued post-quarter and the second tranche pending shareholder approval at the upcoming annual general meeting. Directors have also committed to participate in the placement, signaling confidence in the company’s growth trajectory.

Funds from the placement will primarily finance the upcoming drilling program at Cactus, the completion of the Olympus acquisition, and exploration activities at Olympus, alongside general working capital needs.

Looking Ahead

Hawk’s immediate focus is on securing final permits from Utah’s Department of Oil, Gas and Mining and the Ngaanyatjarra people for Olympus, followed by the initiation of drilling campaigns and detailed assay work. The company’s strategy of combining near-term copper exploration catalysts with critical minerals optionality positions it well to capture value amid evolving commodity markets.