Afternoon trading February 9, page-274

Eclipse Metals (ASX:EPM) finds multiple geophysical anomalies in Greenland

Materials

ASX:EPM MCAP $38.71M

Lisa Simcock Markets Reporter [email protected] 09 February 2021 11:30

• Eclipse Metals (EPM) has found multiple geophysical anomalies at its Ivittuut Project in Greenland
• The company has received the re-interpretation results from Core Geophysics, which looked over past surveys
• From this reinterpretation, magnetic anomalies suggest there could be a larger extent of carbonatite than what was indicated by geological mapping
• One of the surveys has identified seven conductive targets, which Eclipse says are recommended for follow-up exploration

Eclipse Metals (EPM) has reported on its recent re-interpretation of geophysical data at the Ivittuut Project in Greenland.
The company has found new magnetic and electromagnetic anomalies at the project.

Notably, Ivittuut is considered to be highly prospective for rare earth elements (REE).

Core Geophysics were chosen to obtain data and make an initial comment about the REE potential at the tenement. From this, Eclipse was provided a significant amount of information regarding the prospectivity of the carbonation occurrence and mafic dykes.

Background

From 1980 onwards, geophysical surveys have been captured by the Geological Survey of Denmark and Greenland (GEUS) and include regional surveys from the government and exploration companies.

The most relevant data comes from the 1995 surveys, which included the GEUS aeromagnetic survey and Dighem airborne electromagnetic survey.

The GEUS survey was flown by helicopter over areas off the ice glacier following topographic contours with flight traverses from two kilometres to five kilometres apart. This data has been captured by digitising maps generated at the time, but must be used as a guide only.

On the other hand, the Dighem survey contains both magnetic and electromagnetic data. The magnetic data from this survey was processed and merged with the GEUS data.

Results

The reinterpretation of the 1995 data has shown the strongest magnetic responses are obvious in the eastern portion of the tenement and are closely associated with carbonatite and **bro bodies.

The magnetic anomalies indicate there is potential for a larger extent of carbonatite than what was indicated on the geological mapping.

"Re-interpretation and remodelling of geophysical data have successfully extracted previous unknown information over the Gronnedal-lka areas," the company explained.

"The carbonatite/dyke geological units have been confirmed to be far more extensive than previously known which is further encouragement for potential REE and sulphide mineralisation," it added.

The Dighem survey has identified seven conductive targets, which Eclipse says are recommended for follow up exploration.