ECLIPSE METALS Ltd

All You Need to Know About Eclipse Metals

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Eclipse Metals Ltd, an Australian exploration company, has projects in south-western Greenland, Northern Territory and Queensland, Australia. The company has an impressive portfolio of prospective mineral assets including manganese, uranium, copper, palladium and gold. Eclipse Metals, led by Executive Chairman Carl Popal, currently holds an area of 9,052 square kilometres in Northern Territory and Queensland in addition to its Ivittuut project of 57sqkm in Greenland. Eclipse Metals has five major projects located in geologically favourable areas that have known occurrences of minerals.

Eclipse Metals Financials

The company is listed on the Australian Stock Exchange as Eclipse Metals Ltd (ASX: EPM) and has a share price of AUD 0.037. The 52-week range of Eclipse Metals share price falls between AUD 0.018 to 0.068. The Volume (4w avg.) of the stock is 2,142,387 , and the stocks provided 94.74% return to the investors in the last 1 year. The company has a market capitalization of AUD 71,081,677 and received the rank of 1225 on the Australia ASX index. Its sector rank is 67 out of 165 on ASX sector index. To date, the company has issued more than 1.9 billion shares.

Eclipse Metals Projects

Eclipse’ mining projects are covered by 19 mineral tenements. The company’s flagship Ivittuut Project in Greenland includes the world’s largest historical cryolite mine in an area with recently demonstrated high rare earth and lithium potential. The company has five major projects, detailed below.

GREENLAND

Ivittuut Project

The Ivittuut Project is located in south-western Greenland. About 5.5 Kilometres to the northeast of Ivittuut, the settlement of GrØnnedal (aka Kangilinnguit) has port infrastructure which would support the project. The project is one of the largest Greenland mining and exploration projects with historical exploration that included approximately 19,000 metres of diamond drilling with drill core stored in a Greenland government facility. Previous exploration ceased in 1987.Eclipse now proposes to undertake an exploration program to expand on their existing geological knowledge of the mine precinct. Additional drilling and sampling will also guide Eclipse to identify nearby geological targets. Findings from this exploration project will be the basis for the development of a mining resource model for Eclipse Metals’ flagship project.

The Ivittuut mine precinct is prospective for many minerals including substantial remnants of cryolite, and large unmined bodies of quartz, fluorite-topaz, sphalerite (zinc) and siderite (iron carbonate) which were identified toward the end of historical mining operations. Most of these minerals lie between 40 metres and 80 metres below the existing pit floor.  

Eclipse Metals Ivittuut Mine Greenland, geological cross-section  

According to the Eclipse Metals news announcement in April 2022, further analysis of bulk samples collected in late 2021 confirmed high silica-grade quartz within the Ivittuut mine dumps. A large body, cylindrical in shape, of high silica grade quartz with low impurities has been identified by drilling below the historic mining pit. The assays and tests of individual quartz samples revealed that grade of the quartz is between 99.02 to 99.98% SiO₂. In March 2022, Eclipse Metals announced further analytical results of samples from Ivittuut were anomalous in lithium.

NORTHERN TERRITORY AUSTRALIA

Liverpool Uranium

Five exploration tenements of the Liverpool project cover 1,464 square kilometres of land prospective for uranium, vanadium, platinum, palladium and gold. The project is prospective for unconformity-style uranium deposits similar to Ranger, Nabarlek and Jabiluka uranium deposits, in the same geographical district, which are internationally recognized.

URANIUM PROSPECTS IN THE LIVERPOOL URANIUM PROJECT

Uranium Prospects in the Liverpool Uranium Project

The company has conducted preliminary ground investigations in the Devil’s Elbow area. Reconnaissance radiometric results returned radiation counts up to 24,100 cps. Sample analyses returned 1,720 ppm, 1,210 ppm and 3,300 ppm of uranium. The Devil’s Elbow area has been previously explored by international uranium mining companies, Uranerz and Cameco Australia Pty Ltd and is adjacent to tenements held by Rio Tinto.

Ngalia Basin Uranium Project

The Ngalia Basin Uranium Project of Eclipse Metals, which covers an area of approximately 7,550 square kilometres, is prospective for sandstone paleochannel-style uranium and vanadium mineralisation. The project is located 300 kilometres northwest of Alice Spring in an area of known and measured uranium deposits.

In June 2021, Eclipse Metals announcements included the analysis of historical exploration results of the mineralization in the Ngalia Basin tenements. The historical assays returned highly anomalous uranium, vanadium and strontium mineralisation, hosted in shallow paleochannels over a strike length of up to 11 kilometres, with widths of 800 metres to 2.8 kilometres.

Eclipse Metals has been conducting further research and interpretation of several radiometric anomalies to locate other shallow mineralization zones within the licensed area.

Rock Hill Copper Project

Located on the northeast margin of the Ngalia Basin, the Rock Hill Copper fields were historically mined on a small scale and explored for copper between 1935 and 1970. The property includes abandoned mine workings, many of which have not been tested for further mineralisation.

Copper minerals mentioned in historical reports include malachite, azurite and chalcocite in the oxidised zone and chalcopyrite in the sulphide zone. Significant silver credits have been reported from historical analyses.

Ngalia Basin Uranium and Copper Project Tenements in Northern Territory, Australia.

Mary Valley Manganese Project

The Mary Valley Manganese exploration project tenements are located 16 kilometres southwest of Gympie, in southeast Queensland. Several historical mines exist on the granted tenements, the largest of which is Amamoor which operated between 1920 and 1961. The Amamoor mines alone produced over 20,000tons of Manganese DSO at 51%.

The project district is well served by major and minor roads and an operating railway to Brisbane, approximately 140km to the south.

Mary Valley Manganese Project

Eclipse Metals’ Executive Chairman Carl Popal

Executive Chairman Carl Popal has over 20 years of experience in business management, covering a wide range of commodities, corporates activities, mineral exploration, asset management and construction companies. He became the Executive Chairman of Eclipse Metals in March 2013 and has since driven its exploration activities. Before assuming this position, Carl was the Non-executive Director at Walla Mines and the Managing Director of Ghan Resources.

Why should investors keep an eye on mining news today from Eclipse Metals?

  • Eclipse Metals’ Ivittuut sample analysis has shown that the mine contains high silica grade quartz with very low impurities. According to the results, the quartz grade ranges from 99.02 to 99.98% silica (i.e., contains less than 1% impurity).
  • The quartz market is expected to reach USD 13.61 billion by 2026, making the discovery of the high-grade silica at the Ivittuut Project a high-value asset for the company.
  • The Ivittuut project tenement is highly prospective for rare-earth elements, base metals and sulphide minerals plus potential for lithium mineralisation.
  • Eclipse’ Australian projects are highly prospective for gold, vanadium, uranium, strontium, manganese and related minerals.

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