Eclipse Metals Ltd’s (ASX:EPM) wholly-owned subsidiary Eclipse Metals Limited Greenland has received approval from Greenland's Minister of Finance, Industry and Minerals Resources for the transfer of exclusive mineral exploration licence MEL2007-45 covering the Ivittuut Project.
The Ivittuut deposit is known as the world’s largest historical cryolite mine and with added rare earth potential.
Eclipse Metals executive chairman Carl Popal said: “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.”
The company received a transfer addendum from the Greenland Mineral Licence and Safety Authority (MLSA) pursuant to submitting a transfer application following the acquisition agreement with Cerium Pty Ltd and Rimbal Pty Ltd.
Eclipse Metals is now acquiring and compiling data collected from 1985 onwards by the previous mine operator, Kryolitselskabet Oresund A/S, and reported by well-known Outokumpu Oy Mining Consultants.
This source material is being digitised so that a preliminary JORC 2012-compliant resource estimate can be achieved within the pit area.
Multi-commodity mineralisation both beneath and surrounding the historic open-pit has been divided into domains, which will form the basis of an economic assessment complying with the Australian JORC Code.
Sample analytical data from a number of drill holes has been captured digitally and is being assessed for cryolite, fluorspar, iron, copper, zinc, lead and sulphur content.
Key milestones achieved to date include:
- Accurate pit and topographic digital terrain modelling (DTM);
- Validation of drill hole database including downhole analytical data; and
- Development of mineral domain models.
The company looks forward to updating shareholders on the results of this analysis in the near future.
Cryolite is a rare mineral proven to act as a beneficial fluxing agent to reduce energy consumption in aluminium production.
Although the mineral has been found in other places, Ivittuut, in the country’s southwest, is the only place where this mineral has been commercially extracted.