Eclipse Metals Ltd (ASX:EPM) has now entered an agreement that will allow the company to acquire the Ivittuut Project in Greenland, the world’s largest and only cryolite mine.
On the acquisition, Eclipse Metals Ltd Executive Chairman Carl Popal stated: “This transformational 100% acquisition has multi-faceted commercial potential for Eclipse.”
“This is a global leap forward for the Company [Eclipse] to expand its interests with unique opportunities in the green energy metals and minerals sector.”
Popal said that Eclipse can deliver increased value for its shareholders through cost-effective results from an assay of the 19,000m drill core at Project tenement MEL2007-45.
About Ivittuut and cryolite
Located near Cape Desolation in southwestern Greenland, Ivittuut is the only commercially available extraction resource for cryolite – although other cryolite resources exist in the world.
The Ivittuut mine closed in 1987 after 120 years of cryolite production.
Sometimes referred to as “the ice that never melts,” cryolite is a scarce mineral that has been mined to extinction in the past – a record that no other known Earth mineral holds.
Historically, cryolite was used in the extraction of bauxite, the primary ore for aluminum.
Added value with other minerals
Aside from cryolite, the mine contains other associated minerals, including fluoride, siderite, quartz (high purity silica), REE, and base metals.
The pit area contains substantial high-purity quarts, which the Eclipse seeks to mine, allowing the company to be a near term supplier to the electronic, solar, optical, and silicon metal industries.
Project tenement MEL2007-45 also holds Greenland’s sole carbonatite deposit close to Gronnedal port. Consequently, Eclipse has plans to utilize the product for neutralizing acid mine and process wastewater produce by other miners in Greenland.
“This fits well with the Company’s mission to excel in the commercialisation of metals and minerals demanded in the production of green energy and required by the industry in the reduction of pollutants,” Popal commented.
With the added value of the tenement area, Eclipse has expanded its technical team. It is currently working on exploration programs that will expand its portfolio of uranium, gold, palladium, vanadium, and manganese prospects.