To advance the state-of-the-art in Hall thruster technology, NASA is developing a 12.5-kW, high-specific-impulse, high-throughput thruster for the Solar Electric Propulsion Technology Demonstration Mission. In order to meet the demanding lifetime requirements of potential missions such as the Asteroid Redirect Robotic Mission, magnetic shielding was incorporated into the thruster design. Two units of the resulting thruster, called the Hall Effect Rocket with Magnetic Shielding (HERMeS), were fabricated and are presently being characterized. The first of these units, designated the Technology Development Unit 1 (TDU1), has undergone extensive performance and thermal characterization at NASA Glenn Research Center. A preliminary lifetime assessment was conducted by characterizing the degree of magnetic shielding within the thruster. This characterization was accomplished by placing eight flush-mounted Langmuir probes within each discharge channel wall and measuring the local plasma potential and electron temperature at various axial locations. Measured properties indicate a high degree of magnetic shielding across the throttle table, with plasma potential variations along each channel wall being ≤ 5 V and electron temperatures being maintained at ≤ 5 eV, even at 800 V discharge voltage near the thruster exit plane. These properties indicate that ion impact energies within the HERMeS will not exceed 26 eV, which is below the expected sputtering threshold energy for boron nitride. Parametric studies that varied the facility backpressure and magnetic field strength at 300 V, 9.4 kW, illustrate that the plasma potential and electron temperature are insensitive to these parameters, with shielding being maintained at facility pressures 3X higher and magnetic field strengths 2.5X higher than nominal conditions. Overall, the preliminary lifetime assessment indicates a high degree of shielding within the HERMeS TDU1, effectively mitigating discharge channel erosion as a life-limiting mechanism.