Eclipse Metals (ASX:EPM) - Chairman, Carl Popal (Centre)
Chairman, Carl Popal (Centre)
Source: The Market Herald
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  • The Minister of Finance, Industry and Minerals Resources has approved the transfer of Eclipse Metals’ (EPM) Ivituut Project
  • Greenland’s Ivituut Project is the world’s largest historical cryolite mine, which the company agreed to acquire last month
  • The exclusive mineral exploration licence MEL2207-45 has now been transferred to Eclipse’s Greenland-based subsidiary
  • The company is now compiling and digitising data from previous operators of the mine, to create a preliminary resource estimate
  • Eclipse Metals is in the grey and trading at 1.9 cents per share

The Minister of Finance, Industry, and Minerals Resources has approved the transfer of Eclipse Metals’ (EPM) Ivituut Project acquisition.

The Ivituut Project is a 120-year old cryolite deposit, located near Cape Desolation in south-west Greenland. In addition to being the world’s largest historical cryolite mine, it is also considered to be the only commercial cryolite mine in the world.

Eclipse Metals entered into an agreement to acquire the project last month, from Cerium, Rimbal and Greg Barnes. The consideration consisted of both cash and shares.

As a result of the Minister’s approval, the project’s exclusive mineral exploration licence MEL2007-45 has been transferred to Eclipse’s subsidiary, Eclipse Metals Limited Greenland.

Eclipse Metals’ Executive Chairman, Carl Popal, welcomed the ministerial approval of the Project’s transfer. 

“This transfer approval has been eagerly anticipated and is highly significant as it allows Eclipse to finally proceed with the transformation of Ivittuut mine and understand the true scale of the world’s largest and only cryolite mine with rare earth potential,” he said.

With the transfer now complete, Eclipse is busy compiling and digitising data about the mine from 1985 onwards. This includes data collected from the mine’s previous operator, Kryolitselskabet Oresund A/S, and reported by Outokumpu Oy Consultants.

The company will use this information to create a preliminary JORC 2012-compliant resource estimate for the mine’s pit area.

Multi-commodity mineralisation from beneath and around the historic open pit will form the basis of an economic assessment, which also complies with Australia’s JORC Code.

Further, sample analytical data from a number of drill holes have been digitally captured. This data is being assessed for cryolite, fluorspar, iron, copper, zinc, lead, and sulphur.

Eclipse Metals is in the grey and trading at 1.9 cents per share at 3:07 pm AEDT.

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