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Eclipse Metals Ltd (Eclipse or the Company) (ASX: EPM | FSE: 9EU) is pleased to announce drill hole sample assay results for samples from its 2022 maiden percussion drilling program on the Grønnedal REE prospect within its 100% owned Ivigtût multi-commodity project in SW Greenland. Assay results, together with previous geological and geophysical assessments indicate that REE mineralisation at Grønnedal is widespread and deep-seated.
- Maiden drilling program at Grønnedal returns rare earth element (REE) mineralisation for full length of all drill holes
- Drilling results confirm high ratios of up to 50% of praseodymium and neodymium (Pr+Nd).
- Best total rare earth oxides (TREO) assay results from shallow1 drilling program at Grønnedal include:
- from 0.0m - 22m @ 9,052ppm TREO – EOH1 22.0m
- from 0.0m - 20m @ 7,132ppm TREO - EOH 20.0m (60°)
- from 0.0m - 6.0m @ 9,198ppm TREO - EOH 6.0m (34% Pr+Nd in TREO)
- from 0.0 - 1.5m @ 16,586ppm TREO - EOH 1.5m (34% Pr+Nd in TREO)
- from 0.0 - 6.0m @ 8,611ppm TREO - EOH 6.0m
- from 0.0 – 9.0m @ 5,645ppm TREO – EOH 9.0m, including 1.5m @ 5,326ppm TREO 7.5 - 9.0m - EOH (50% Pr+Nd in TREO)
- Assay results recorded low uranium values which are well below the Greenland Government’s recently legislated maximum of 100ppm
- REE mineralisation at Grønnedal is widespread and deep-seated
- Diamond drilling to test Grønnedal depth potential expected in Q4 2023
Executive Chairman Carl Popal commented:
“These initial results from shallow drill-holes at Grønnedal confirm the REE-rich nature of the carbonatite body and indicate the presence of several promising targets from surface which remain open at depth and along strike. The geophysical assessment confirmed the deep - seated nature of the host to this REE mineralisation, suggesting a sizeable REE target. With recent approval of the 2023 Grønnedal diamond drilling program, the company is poised to initiate an in-depth assessment of the REE potential.
The prospective nature of REEs at both Grønnedal and Ivigtût aligns with our strategic goal of developing the project as an asset to be a world-class player in metals and minerals crucial for the green energy industry. Eclipse is dedicated to actively exploring the Grønnedal prospect, as well as the nearby historical Ivigtût pit throughout the course of 2023."
Figure 1. Grønnedal drilling results from the ‘lower section’ with REO mineralisation intersected in all drill holes.
Results in this release relate to 27 shallow percussion drill holes completed at Grønnedal, where all drill holes encountered REE mineralisation from surface to end of hole. Eclipse’s maiden drilling program at Grønnedal has provided a better understanding of the geology and geochemistry of the ground and the holes were generally drilled to blade refusal, with limitation of the drill rig handling the ground conditions. A maximum depth of 22m was achieved in some locations (refer to Table 1). The drilling program was completed in October 2022 with samples shipped from Greenland to Australia for laboratory assessment.
Laboratory results for the initial over-limit values (+1,000ppm) for drillhole samples have now been received following further testing using appropriate methods. The complete REO drilling results for Grønnedal are listed in Table 2.
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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.
EPM:AU
High-grade Figueira Resource Improves Financial Metrics of the Caldeira Scoping Study
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to announce an update to the Scoping Study (Study) results on its Caldeira Rare Earth Ionic Clay Project (Caldeira Project or the Project) (see ASX release on 8 July 2024) following the updated Mineral Resource Estimate (MRE) for the Figueira deposit (see ASX release on 5 August 2024).
The financial metrics of the Project have improved with the inclusion of the high-grade Figueira resources into the Study’s 20-year mine plan increasing NdPr production and reducing operating costs. In addition, rare earth element (REE) spot prices have been adjusted, to include the current pricing (NdPr US$60/kg). All other variables contained in the Study remain in line with previous Scoping Study.
HIGHLIGHTS
Significantly improved financial outcomes throughout the Life of Mine (LOM)
- Improved project economics based on a 20-year LOM, maintaining Adamas pricing forecasts (discounted by 40%) highlight the robust nature of the Caldeira Project and deliver:
- Increase in Pre-tax NPV8% of 14% to US$1,403M
- Pre-tax IRR increases 6% to 40.4%
- Pre-tax payback of 2.2 years
- NdPr C1 Cash Cost (Opex)1 reduces by 4% to average US$16.84/kg over the first five years and US$20.41/kg LOM
- At current spot prices the Calderia Project generates an IRR of 22% with a payback of 3 years.
Improved production profile with the inclusion of high-grade tonnes from Figueira
- NdPr production increases by 4% to 18,109 tonnes in first five years with LOM increasing by 7% to 63,899 tonnes
- Total REO production increases by 3% to 57,258 tonnes in the first five years and 7% to 193,584 tonnes LOM
- Project Opex reduces by 3% to an industry leading US$6.74/kg of recovered TREO in a Mixed Rare Earths Carbonate (MREC) over a 20-year LOM
- Annualised production of 11.5kt TREO over first five years with LOM average production of 9.7kt TREO comprised of 33% NdPr and 1% DyTb
- Higher confidence in the mine schedule which is now based 100% on Measured and Indicated Resources for the LOM
Table 1: Recovered Oxide tonnes in MREC by year
Outstanding project growth potential
- Extension of the currently modelled 20-year mine life is highly likely based on the current global resource estimate of 740Mt @ 2,572ppm TREO of which only 13.5% is included in the Study mine schedule
- Strong scope for the expansion of future processing capacity as additional Mineral Resources are identified through further exploration success
- Significant upside potential for additional high-grade mineralisation (>4,000ppm TREO) early in the LOM with 90% of project licences yet to be explored and assessed
Pre-Feasibility Study on track for completion in the second half of FY2025
Meteoric Chief Executive Officer, Nick Holthouse said,
“As expected, the addition of Figueira tonnes has further improved the financial metrics of an already outstanding low cost REE development project.
The simple combination of outstanding metallurgical recoveries and additional high-grade feed from the recently announced Figueira resource cements the Caldeira Project as a low cost, environmentally friendly producer of significance for REEs to a growing supply chain of downstream industries and OEMs.
All key work programs for the Pre-Feasibility Study, including Permitting, Engineering, and Metallurgical and Resource development continue to advance on schedule. This also Includes the recently approved scoping study level separation test work with ANSTO, important to our longer term ambitions of moving further downstream beyond Mixed Rare Earth Carbonates and into separated Rare Earth products.”
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This article includes content from Meteoric Resources, 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.
