Hawk Resources Locks in 80% of Rare Scandium Target Untested Since 2008
Key Takeaways
- Hawk Resources has formally exercised its option to acquire an 80% interest in the Olympus Scandium Project, paying a total of $1,360,000 to Opal Resources, with completion expected in September 2026.
- The 309km² project hosts a 4km × 7km scandium soil anomaly grading above 500ppm Sc, with five discrete zones above 1,000ppm Sc — and the core of the anomaly has never been drilled.
- Historical RAB drilling returned pXRF intercepts including 5m at 948ppm Sc and 11m at 934ppm Sc, though these are not laboratory assay results and should not be treated as confirmed mineralisation.
- Phase 1 exploration commences 21 September 2026 — the first activity at Olympus since 2008 — with 1,350 lag soil samples to be laboratory assayed, not pXRF analysed.
- Scandium is formally designated a critical mineral by the USA, EU and Australia, with no primary scandium mines globally and the metal currently quoted above US$3,000/kg on the Shanghai Metals Market.
Hawk Resources exercises option to secure 80% of Olympus scandium project
Hawk Resources (ASX: HWK) has formally exercised its option to acquire an 80% interest in the Olympus Scandium Project in Western Australia’s West Musgrave region, following receipt of all Traditional Owner and Government approvals. The company has paid Opal Resources a total of $210,000 to fund Opal’s exercise of its own option, plus a further $1,150,000 for Hawk’s 80% interest at completion (all amounts exclusive of GST). Completion remains subject to completion under the Beau Option Agreement, expected in September 2026, with exploration planned to commence 21 September 2026 — the first activity at Olympus since 2008.
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What the Olympus project brings to the table
A 309km² footprint with compelling historical signals
The Olympus project consists of two granted exploration licences (E69/3987 and E69/3988) covering approximately 309km² in the West Musgrave region of Western Australia, situated approximately 285km west of Yulara and 150km northeast of Warburton.
The project was previously explored for copper, nickel, cobalt, platinum group elements (PGE) and gold between 2001 and 2009 by Redstone Resources. Scandium was not the exploration target at the time. A review of historical pXRF analyses has since identified a 4km × 7km scandium (Sc) soil anomaly grading greater than 500ppm Sc, which contains five discrete zones grading above 1,000ppm Sc.
Important caveat: All scandium grades cited in this announcement are derived from portable XRF (pXRF) analyses, not laboratory assay results. The company explicitly cautions that pXRF estimates of mineral abundance should not be considered a proxy for laboratory assay results, and some variation from the results presented would be expected from laboratory analyses.
Key RAB intercepts from historical drilling
Historical exploration included 42 shallow RAB holes drilled across seven lines. Twenty-four holes were sampled at 1m intervals and analysed for scandium by pXRF. All four RAB lines intersected highly anomalous near-surface scandium over 800m-wide zones.
Critically, no RAB holes were drilled within the main 4km × 7km soil anomaly itself — meaning the core of the target remains entirely untested by drilling.
The standout intercepts from two lines are presented below. All results are pXRF analyses only (pre-JORC 2012) and should not be treated as confirmed mineralisation:
| Hole ID | Line | Interval (pXRF) | Grade (pXRF) | Notable subinterval (pXRF) |
|---|---|---|---|---|
| MMB0002 | A-B | 5m from surface | 948ppm Sc | 3m @ 1,139ppm Sc |
| MMB0001 | A-B | 6m from 2m | 821ppm Sc | 2m @ 1,547ppm Sc |
| MMB0004 | A-B | 5m from surface | 600ppm Sc | 1m @ 2,037ppm Sc |
| MMB0017 | E-F | 11m from surface | 934ppm Sc | 2m @ 1,613ppm Sc |
| MMB0019 | E-F | 7m from surface | 700ppm Sc | 1m @ 1,205ppm Sc |
| MMB0016 | E-F | 8m from 1m | 664ppm Sc | 1m @ 1,161ppm Sc |
All results are pXRF analyses (pre-JORC 2012). These are not laboratory assay results and should not be treated as confirmed mineralisation.
Why scandium — understanding the investment case for a rare strategic mineral
Scandium sits in a genuinely unusual position among critical minerals. According to the US Geological Survey’s 2025 Mineral Commodity Summaries, there are no primary scandium mines anywhere in the world. Supply relies entirely on by-product extraction from rare earth, nickel and titanium mining, or the processing of stockpiles, with China, Russia and former Soviet Union countries dominating global supply.
That supply concentration has prompted the USA, EU and Australian governments to formally designate scandium as a critical or strategic mineral. The key end uses explain why:
- Aluminium strengthening: Scandium improves strength-to-weight ratios for automotive, aerospace and defence applications.
- Solid oxide fuel cells: Scandium stabilises zirconia electrolytes, enabling next-generation fuel cells to achieve 60–70% electrical efficiency, a key contribution to decarbonisation.
- 5G and 6G networks: Scandium components improve signal quality and energy efficiency in global telecommunications infrastructure.
Scandium metal on the Shanghai Metals Market is currently quoted at over US$3,000/kg. Grades in primary ore typically fall below 100ppm Sc, which gives context to the scale of the anomaly at Olympus — where historical pXRF readings ranged from 500ppm to a peak of 2,164ppm Sc over 1m sample intervals. These figures are highly anomalous even before laboratory verification, and the caveat above regarding pXRF methodology applies in full.
For context on the broader Australian peer landscape, project owners with Australian scandium assets include Sunrise Energy Metals (ASX: SRL), Australian Mines (ASX: AUZ) and Rio Tinto (ASX: RIO). Sunrise released a feasibility study on its Syerston scandium deposit in March 2026, which provides a reference benchmark for future scandium project developments.
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What happens next — exploration roadmap and milestones to watch
Phase 1 soil sampling — verification and extension (Q1 FY27)
Hawk’s initial programme involves collecting 1,350 lag soil samples, with 100m-spaced sampling lines planned either side of historical lines. The purpose is to both verify and extend the zones of high-grade scandium identified in historical pXRF sampling. All samples in this programme will be laboratory assayed, not pXRF analysed.
This will be the first exploration at Olympus since 2008.
Phase 2 — drilling if results are positive (Q2 FY27)
If soil assay results prove positive, Hawk expects to move directly to RAB and aircore drilling on high-priority targets. Infill soil sampling will also be carried out where required in this phase.
Scott Caithness, Managing Director, Hawk Resources
“Following the receipt of all Traditional Owner and government consents Hawk has now moved to exercise its option over Olympus which following completion secures its 80% ownership of the project.”
“This exploration will be the first at Olympus since 2008 and based on the historical exploration Hawk will be exploring for a major new scandium province.”
The four-step work programme as outlined in the announcement is:
- Complete lag soil sampling programme over the Olympus scandium anomaly (Q1 FY27)
- Review lab assay results for the soils (Q2 FY27)
- If sampling proves positive, carry out detailed soil sampling to better delineate the scandium soil anomalies (Q2 FY27)
- Carry out initial RAB and aircore drilling to test the scandium soil anomalies (Q2 FY27)
Hawk’s broader critical minerals portfolio spans the Cactus copper project in Utah, USA (drilling currently underway), the Meerkat Copper Project in Arizona, USA, and five lithium projects across Minas Gerais and Bahia, Brazil.
Hawk’s broader critical minerals portfolio spans the Cactus copper project in Utah, USA (drilling currently underway), the Meerkat Copper Project in Arizona, USA, and five lithium projects across Minas Gerais and Bahia, Brazil. Concurrent drilling at the Cactus Corridor copper-gold mineralisation in Utah has been extending the strike length of near-surface intercepts, giving the company an active newsflow pipeline alongside the Olympus scandium programme.
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