Hawk Resources has secured nearly $5 million to propel exploration at its Olympus scandium project in Western Australia and its Cactus copper-gold project in Utah, delivering promising drilling results and progressing key approvals.
- Executed Mineral Exploration Agreement with Ngaanyatjarra Council at Olympus
- Strong near-surface copper-gold-molybdenum assays at Cactus Corridor
- Completed $4.97 million capital raising via placement and entitlement offer
- Awaiting Ministerial consents to commence on-ground exploration at Olympus
- Drilling to continue at Cactus with new targets between Cactus and Comet deposits
Olympus Scandium Project Secures Cultural Clearance
Hawk Resources (ASX:HWK) has taken a significant step toward unlocking its Olympus scandium project in Western Australia by executing a Mineral Exploration Agreement with the Ngaanyatjarra Council and Traditional Owners. After just three months of engagement, the company completed a Cultural Heritage Survey over its priority scandium target area in June 2026, clearing the way for exploration once Ministerial consents are granted.
The Olympus project covers approximately 309km² on the Ngaanyatjarra Lands and is considered prospective for a new scandium province. Historical exploration from 2007-08 revealed a large 7km by 4km scandium-in-soil anomaly grading over 500ppm, with drill intercepts up to 11m at 934ppm scandium from surface. Hawk plans to verify these anomalies with soil sampling and follow up with drilling in the coming quarters, pending regulatory approvals.
Cactus Copper-Gold Drilling Confirms Thick Near-Surface Mineralisation
Across the Pacific in Utah, USA, Hawk’s drilling at the Cactus copper-gold project continues to impress. Three diamond drill holes completed during the quarter intersected broad zones of near-surface copper-gold-silver-molybdenum mineralisation. Notably, hole DD26CT003 delivered 80m at 0.48% copper from surface, including a high-grade 19.6m interval at 1.25% copper with a peak 4.9m section grading 3.97% copper.
These results extend the known mineralised zone at the northwestern end of the Cactus deposit to thicknesses of 35-50m, substantially thicker than previously estimated. The mineralised corridor remains open both northwest and southeast, with further drilling underway to test the 1km-long Cactus Corridor connecting the historical Cactus and Comet deposits. Soil sampling also identified a new gold anomaly north of the Cactus deposit, adding to the project’s exploration upside.
Capital Raising Fuels Exploration Push
Backing these exploration advances, Hawk successfully completed a $4.97 million capital raising comprising a $3 million placement and a 1-for-8 non-renounceable entitlement offer at $0.03 per share. The raising included free attaching options exercisable at $0.07, expiring in November 2028. Directors fully participated in the entitlement offer, underscoring management’s confidence in the company’s prospects.
Funds are earmarked to accelerate work at Olympus, Cactus, and the Meerkat copper project, where reconnaissance sampling is planned. During the quarter, Hawk spent approximately $1.3 million on exploration, primarily drilling at Cactus, with no production activities reported.
Next Steps Focus on Regulatory Approvals and Drilling
Hawk’s immediate priorities include securing Western Australian Ministerial consents to commence on-ground exploration at Olympus, expected in Q3 2026. Following this, verification soil sampling and initial drilling will target the large scandium anomaly in Q4.
Meanwhile, drilling at Cactus will continue with a planned 10-hole, 1,000m program to test near-surface mineralisation between the Cactus and Comet deposits. At Meerkat, reconnaissance geochemical sampling will begin in Q3, followed by more detailed surveys in Q4.
Bottom Line?
Hawk’s progress hinges on timely regulatory approvals at Olympus and continued drilling success at Cactus to validate its exploration potential and justify recent capital injections.
Questions in the middle?
- Will Ministerial consents for Olympus exploration be granted on schedule to avoid delays?
- Can ongoing drilling at Cactus confirm extensions of thick, high-grade copper zones beyond current intercepts?
- How will the recent capital raising impact shareholder structure and fund future exploration milestones?