Eclipse Metals (ASX:EPM) has planned a diamond drilling program in conjunction with detailed geological mapping and petrological studies at the Grønnedal prospect within its Ivigtût multi-commodity Project in Greenland.
The $16.35 million market capitalisation company says the works are expected to provide a better understanding of rare earth element (REE) mineralisation controls at the prospect.
Eclipse reports the programs follow the delineation of a REE exploration target at Grønnedal that extends over 5km by 2km of nepheline syenite and encompasses 3km by 800m of ferrocarbonatite intruding the syenite.
The company notes conservative analysis to a depth of 50m indicates the presence of an exploration target of between 175 and 245 million tonnes of REE mineralisation with an anticipated grade of between 0.25% and 0.50% total rare earth elements (TREE), including 32% to 39% magnet REE.
Further, comparative analyses of the magnetic response with the mapped extent of the ferrocarbonatite suggest a more widespread presence of brecciated ferrocarbonatite body formations than previously mapped. 3D inversion interpretation of the magnetic data shows that the carbonatites extend to at least 1km below surface.
Meanwhile, electromagnetic data from 1995 demonstrates 7 conductive targets with potential for sulphide mineralisation, warranting follow-up investigation with drilling.
Eclipse Metals Executive Chairman Carl Popal says the REE mineralisation within Grønnedal presents a strategic global project within a tier-one jurisdiction and is expected to become more of a priority in the current global environment.
“The large REE strike area has the potential to be the leader, playing a pivotal role in the magnetic REE global supply chain for the EU and US.
The company is poised to rejuvenate the Ivigtût mine to be once again a global project in the supply of critical minerals and REE.”
“The company is poised to rejuvenate the Ivigtût mine to be once again a global project in the supply of critical minerals and REE”
Eclipse Metals is focused on mineral exploration in southwestern Greenland, the Northern Territory, and Queensland for multi-commodity mineralisation.
As of 30 September 2023, Eclipse Metals had $502,000 cash and cash equivalents at hand, although made funding arrangements in October to gather an additional $2.3 million, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Eclipse Metals