Eclipse Metals (ASX: EPM) acquired Ivigtût, was the world’s largest cryolite mine in Greenland in 2021. Since then, it has confirmed rare earth mineralization from historical samples, as well as its potential to host high-grade quartz, cryolite, siderite, sphalerite, cassiterite, and carbonatite.
The REE perspectivity fits well with Eclipse’s mission to excel in the commercialization of metals and minerals demanded in the production of green energy that is required by industry to reduce pollution levels. Eclipse is continuing to explore Ivigtût and the nearby Grønnedal prospect during 2023.
In addition to Ivigtût, Eclipse has an impressive portfolio of assets in Australia prospective for manganese, gold, vanadium, uranium and base metals. Its Australian projects are located in geologically favorable areas, with known mineral occurrences and significant developed projects nearby, providing considerable potential to discover significant mineralization.
Easy Engineering: What are the main areas of activity of the company?
Eclipse Metals: Using modern and innovative exploration techniques, Eclipse is systematically exploring project areas for new areas of mineralization with a focus on progressing the REE project in Greenland.
E.E: What’s the news about new products?
Eclipse Metals: Our maiden drilling program at the Grønnedal REE prospect in Greenland delivered excellent results. Assay findings from the program indicated widespread and deep-seated REE mineralization within the carbonatite body. High-grade ratios of up to 50% praseodymium and neodymium were confirmed in multiple drill holes, highlighting the potential value of the site. Notable assay results included ranges of 7,132ppm to 16,586ppm total rare earth oxides (TREO) across various depths.
These accomplishments directly correlate with our strategic objectives of supplying minerals for a green energy transition. The presence of promising REE targets open at depth and along strike validates our dedication to unlocking the full potential of the Ivigtût multi-commodity project.
E.E: What can you tell us about market trends?
Eclipse Metals: Critical raw materials are of high economic importance for Europe while being also highly vulnerable to supply disruptions. Critical raw materials are confronted with a growing global demand, driven by the decarbonization of economies. For instance, EU demand for rare earth metals is expected to increase six-fold by 2030 and seven-fold by 2050, for lithium, EU demand is expected to increase 12-fold by 2030 and 21-fold by 2050. Today, Europe relies heavily on imports, often from a single third country, and recent crises have underlined EU strategic dependencies. Without joint and timely action, a well functioning single market, resiliency and competitiveness, European industries and EU efforts to meet its climate and digital objectives are at risk.
E.E: What estimations do you have for 2023?
Eclipse Metals: Our goal is to continue exploring and advancing the Ivigtût and the nearby Grønnedal prospects in 2023. This includes exploring and expediting production from the highly prospective waste dump, as well as initiating diamond drilling for Rare Earth Elements (REE) to establish a resource.