Eclipse Metals (ASX:EPM) has released a maiden inferred Mineral Resource Estimate (MRE) for its Grønnedal Rare Earth Element deposit in southwest Greenland.
Eclipse, which has a market capitalisation of $16.5 million, incorporated results from an initial drilling and trenching program completed in 2023 for the MRE.
This has resulted in the resource now totalling 1.18 million tonnes @ 6,859 parts per million (ppm) total rare earth oxide (TREO) containing 8,074 tonnes TREO using a 2,000ppm TREO cut-off grade.
The MRE extends from surface to a depth of 9.5m, representing 80,000 tonnes per vertical metre (TVM).
The company says the MRE supports ‘significant’ upside cases for initial development and investment.
A further resource upgrade may be possible with the adoption of either reverse circulation (RC) or diamond core sampling together with additional holes.
Eclipse has planned a diamond drilling program to test a ferrocarbonatite exploration target, in conjunction with detailed geological mapping and petrological studies aimed at better understanding controls on REE mineralisation, particularly in the less well understood altered syenites.
The Grønnedal REE complex is formed within a northerly trending 8km by 3km ovoid body of layered nepheline syenites.
Eclipse says the mineral resource represents a small fraction of a large carbonatite intrusive that has been drill tested. According to the company, all mineralised holes ended in ‘high-grade’ REE.
Mineralisation remains open in all directions.
Eclipse’s Grønnedal REE deposit sits within its Ivigtût Project. The company’s assets are prospective for REE, cryolite, fluorite, siderite, and quartz.
As of 30 December 2023, the company had $920,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Eclipse Metals
