Shares in Eclipse Metals have shot up two-fold and then some following an 89Mt inferred resource leap at a grade of 6363ppm total rare earth oxides (TREO) at the Grønnedal deposit in Greenland.
This update, driven by results from six diamond drill holes, underpins a 70x resource upgrade, solidifying Grønnedal’s position as a high-impact strategic asset.
With an average grade exceeding 6000ppm (0.65%) TREO, the mineral resource estimate positions Grønnedal amongst the highest-grade rare earth elements (REE) deposits globally according to the company.
Grønnedal forms part of the broader Ivigtût project, which benefits from existing infrastructure including a power station, and is supported by nearby settlements at Kangilinnguit and Grønnedal, offering a heliport and wharf for operations.
EPM chairman Carl Popal said with 89 million tonnes now defined, and evidence suggesting the company is only scratching the surface, Grønnedal REE has the scale and grade to become a cornerstone asset in global efforts to secure independent critical mineral supply chains.
“Given the current geopolitical context and growing demand for clean energy technologies, we are fast-tracking plans for further drilling to delineate the broader potential of the Grønnedal carbonatite,” he said.
“As a small company entering a much larger strategic arena, we remain focused on delivering value to shareholders and progressing responsibly, with discipline and transparency.
”What’s been defined so far is just the beginning, with the resource capturing just a small portion of a vast carbonatite system identified through surface mapping, sampling, and EM surveys.”
Mineralisation extends continuously from surface to depths beyond 500 metres, highlighting significant upside potential.
EPM plans to conduct additional drilling to grow the resource base and unlock the full potential of the Grønnedal carbonatite complex, as the updated resource currently accounts for only 6% of the estimated carbonatite volume.
EPM Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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