Eclipse Metals

Eclipse Metals Quarterly Activities Report and Appendix 5B

For the Quarter ending 31 March 2024

Eclipse Metals Ltd (ASX: EPM) (Eclipse or the Company) (ASX: EPM | FSE: 9EU) is pleased to report its activities for the financial quarter ending 31 March 2024.


HIGHLIGHTS

IVIGTÛT AND GRØNNEDAL, GREENLAND

  • Eclipse Metals’ mineral resource estimate (MRE) for its Gronnedal REE deposit in Greenland comprises 1.18 million tonnes grading 6,859 ppm rare earths elements (REEs as TREO) containing 8,074 tonnes TREO using a 2,000 ppm cut-off.
  • The mineral resource estimate (MRE) extends from surface to a depth of 9.5 metres representing 80,000 tonnes per vertical metre (TVM).
  • The resource remains open in all directions.
  • The MRE represents a small fraction of a large carbonatite intrusive that has been drill-tested.
  • The resource supports a significant upside case for initial investment and development.
  • Eclipse has made positive progress towards securing a mining licence for Ivigtût and Grønnedal prospects.
  • Extrapolating the outcropping area of carbonatite to a depth of 50m indicates a potentially significant exploration target of REE mineralisation.
  • The grade range for the exploration target comprises a notable proportion of magnet REE (neodymium, praseodymium, dysprosium, and terbium), which has the potential to be competitive with other REE projects globally.
  • Positive response and guidance from the Danish Centre for Environment and Energy (DCE) and the Greenland Institute of Natural Resources (GINR).

CORPORATE

  • Half-yearly report and accounts released.
  • In-principal negotiations progressing with parties for a listing on the Australian Securities Exchange of Oz Yellow Uranium Limited, incorporating certain Northern Territory uranium tenements currently held by Eclipse.

Gronnedal Resource Area

As reported in the December 2023 financial quarter, Eclipse Metals announced that it had delineated a rare earth elements (REE) exploration target at Grønnedal within its 100%-owned Ivigtût multi-commodity project in southwest Greenland. On 9 February 2024 the company announced it had estimated a maiden near-surface JORC-compliant inferred resource. The exploration target encompasses a carbonatite section of about 3km by 800m that intrudes the syenite (Target Area) which encompasses the inferred resource. Overall, rare earth mineralisation at Grønnedal extends over an area of 5km by 2km of nepheline syenite. The inferred resource represents only a fraction of the Target Area. The Target Area shown in Figure 1 has been derived from a combination of recent exploration, a geophysical assessment and review of public domain data.


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This article includes content from Eclipse Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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