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The assemblage of heavy minerals contains 12% zircon, 10% rutile, 40% ilmenite and 2% rare earth elements, and occurs within "a single, large, and coherent near-surface deposit".
Hyperion's ambition is to develop a "fully integrated domestic titanium metal and rare earth metal supply chain".
Hyperion said it continues to consolidate the surrounding land "and it is expected that these new areas will create a platform for sustained growth in the mineral resource".
Shares in Hyperion were up 10% to A$1.14 in early trade, capitalising the company at $158 million.
The company raised $24 million in August when it issued new shares priced at $1.20 each.
Institutional investor Fidelity was a "cornerstone" contributor to the raising.
