Eclipse shares surge on big upgrade at Greenland rare earths play
Eclipse Metals shares surged up to 80% after announcing a major resource upgrade at its Grønnedal rare earths project in Greenland, more than doubling the deposit to 208 million tonnes of total rare earth oxides with improved grade and a significant portion of high-demand magnet metals. The update includes a maiden indicated resource and highlights the project's growth potential amid advancing feasibility studies. Located in a strategic, mining-friendly jurisdiction, the project aligns with global efforts to diversify critical mineral supply chains. Further drilling is planned to expand and upgrade the resource base.
- ▪Eclipse Metals increased its Grønnedal project resource to 208 million tonnes of total rare earth oxides (TREO) at a 0.72% grade, a 234% tonnage increase and 12% grade improvement.
- ▪The resource contains 1.5 million tonnes of TREO, including 456,000 tonnes of neodymium and praseodymium, which make up 31% of the total rare earths.
- ▪The company established a maiden indicated resource of six million tonnes grading 0.71% TREO, a key step toward development studies.
- ▪The mineralisation is hosted in a large carbonatite system, remains open along strike and at depth, and shows potential for further expansion.
- ▪The project is located in Greenland, a strategically important and mining-friendly region aligned with Western efforts to reduce reliance on Chinese rare earth supplies.
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