The Eclipse Metals (ASX: EPM) share price is rocketing 23% today. We take a look at the ASX mineral explorer’s latest rare earths results.
The post Here’s why the Eclipse Metals (ASX:EPM) share price is rocketing 23% today appeared first on The Motley Fool Australia. –
The Eclipse Metals Ltd (ASX: EPM) share price is rocketing today, trading up 23.5% in late morning trade.
Let’s take a look at the ASX mineral explorer’s latest surface sample results from its rare earths project.
What rare earths results did Eclipse Metals report
The Eclipse Metals share price is going gangbusters today after the company reported strong rare earth mineralisation at its Gronnedal-lka project in south-western Greenland.
Eclipse said grab samples collected at the carbonatite deposit contained total rare earth (TREE) of up to 34,400 parts per million (ppm). It added that the carbonatite could potentially also provide carbonate rock as a commercial by-product.
Carbonate can be used to neutralise acid mine and process water. And Eclipse said it could readily ship any carbonite products from the existing wharf infrastructure at Gronnedal.
Among the rare earths contained in the grab samples, the company said it recognised that europium throughout the carbonatite intrusion at “several times greater concentration than average for rocks elsewhere”. It said this was many times more than you’d typically expect in carbonatites and noted that globally europium is in extremely short supply.
Commenting on the grab sample results, Eclipse Metals executive chair Carl Popal said:
Many of these samples were collected from the carbonatite in Gronnedal, but the highly altered surrounding rocks also offer excellent mineralisation potential. The results show persistent content of REE…
Overall, the results confirm there is excellent REE potential at the surface in Gronnedal-lka. The REE prospectivity fits well with our mission to excel in the commercialisation of metals and minerals demanded in the production of green energy and required by the industry to reduce pollutants.
Historical exploration records indicate the potential for rapid development and production of cryolite, fluorite, quartz, REE, carbonate, zinc and siderite.
Eclipse Metals share price snapshot
The Eclipse Metals share price is up more than 100% over the past year. By comparison, the All Ordinaries Index (ASX: XAO) is up 9.5% over that same time.
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