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Hexagon Energy Materials renews focus on resources with special attention on clean energy

The company will focus on new clean energy opportunities and potential upside in existing exploration prospects.

Hexagon Energy Materials Ltd - Hexagon Energy Materials renews focus on resources, energy materials and clean energy
Hexagon is conducting due diligence on the Pedirka Hydrogen Project in the NT.

Hexagon Energy Materials Ltd (ASX:HXG) has shifted focus away from rare earths and into new clean energy opportunities, including hydrogen, and existing exploration assets.

The company has signed a confidentiality agreement with Ebony Energy Limited to permit Hexagon to conduct due diligence on Ebony’s Pedirka Hydrogen Project in the Northern Territory.

This is planned to be a zero-emission ‘blue’ hydrogen project targeting domestic and international markets and ties in with Hexagon’s strategy to progress value-added businesses that are consistent with its focus on clean energy.

Hexagon chairman Charles Whitfield is a non-executive director of and shareholder in Ebony Energy.

Rare earth update

Hexagon has not agreed terms with a strategic investor for the option to acquire a 49% interest in the RapidSX for rare earth element (REE) separation technology from Innovation Metals Corp.

As such, Hexagon has decided to withdraw from the investment agreement with IMC and instead maintain focus on opportunities in the mining and clean energy sector.

Whitfield said: “While shareholders may be disappointed that we will not be proceeding on the rare earth processing path, we are very excited by the emerging new energy opportunities and the potential upside in the company’s existing exploration prospects.

“I would like to thank Mike and his team for the work done on the REE program and wish IMC luck in the commercialisation of RapidSX.”

Exploration assets

Consistent with the renewed focus on resources, energy materials and clean energy, the company is continuing to progress its exploration assets to the point that they can be developed, farmed out or joint ventured with suitable partners.

Accelerating the company's Australian exploration assets will in the short-term include gold exploration at the 100%-owned Halls Creek Project, comprising:

  • Additional surface geochemical sampling to follow-up on the recently announced, new and significant gold-in-soil anomalies defined at the Bent Ridge and Golden Crown South prospects as well as to test other higher priority targets generated from the recent aeromagnetic work and detailed mapping undertaken; and
  • Drill testing of prospects as soon as practicable – including the Bent Ridge, Golden Crown South prospects and high-grade outcropping targets along the Lady Helen-Townsite trend.

The company is also progressing with nickel and platinum group elements (PGE) exploration at McIntosh, including:

  • Mapping and surface validation of nickel and PGE targets generated by recent major data compilation and targeting exercise; and
  • Drill testing higher priority targets (noting there are already several potential advanced targets).

Quick facts: Hexagon Energy Materials Ltd

Price: 0.06 AUD

ASX:HXG
Market: ASX
Market Cap: $17.55 m
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Hexagon Energy Materials: Takeover of partner is 'strong signal of support'...

Hexagon Energy Materials Limited (ASX:HXG) managing director Mike Rosenstreich discusses with Proactive's Andrew Scott the takeover of its partner IMC and how they're set to benefit from the option to acquire 49% of their RapidSX technology. RapidSX is a unique accelerated form of solvent...

on 1/5/20

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