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Eclipse Metals Ltd (ASX: EPM) identifies high-grade copper-silver mineralisation at Rock Hill prospect

Summary

  • Eclipse assessed the historical drilling data for the Rock Hill prospect area to identify high-grade copper-silver mineralisation and anomalous zinc zones.
  • Eclipse is undertaking a review of exploration for the Yuendi tenement application (ELA26487).
  • The drilling intersections included high-grade mineralisation with 0.43% Cu, 2,288 g/t Ag, and 0.15% zinc.
  • Currently, Eclipse is under discussion with the Central Land Council to start negotiations with the traditional landowners to secure the exploration and mining rights for the tenement application, ELA26487.

Diversified metals explorer Eclipse Metals Ltd (ASX: EPM) announced the delineation of high-grade copper-silver mineralisation at the Rock Hill project.

Further, the high-grade copper-silver mineralisation was delineated along with anomalous zinc zones at the Rock Hill prospect upon reviewing the historical drilling data by Northern Territory Geological Survey as part of the ongoing evaluation and the desktop review of exploration at the tenement application.

Also Read: Eclipse Metals (ASX: EPM) delineates high-grade quartz at Ivittuut amid strong silica market

The data for 8 historical diamond holes aggregating to 912m of drilling was assessed. The tenement application is one of Eclipse’s Ngalia base-metal prospects within the Aileron Province of the Arunta.

The best intersections include –

  • Diamond drill hole DDH1 –
    • 11.6m with 0.43% Cu,
    • 0.3m with 10.20% Cu, 27g/t Ag
    • 38.1m with 0.14% Zn
  • Diamond drill hole DDH3 –
    • 3.0m with 2,288g/t Ag
    • 3.0m with 1,118g/t Ag

Further, the review delineated zinc-silver mineralised envelope varying from 12m to 38m in thickness. Some of the significant zinc intercepts are-

  • Drill Hole DDH1 – 38.1m with 0.14% Zn from 67.1m
  • Drill Hole DDH4 – 12.2m with 0.15% Zn from 48.8m
  • Drill Hole DDH8 – 28.4m with 0.13% Zn from 123.4m

Eclipse Metals consider that the tenement application holds the potential for substantial base metal and silver mineralisation.

Eclipse’s tenements in and around the Ngalia Basin Source: Eclipse Metals Company Announcement 20 April 2021

The project is located within the Aileron Province, which has a high base metal and gold endowment. The Rock Hill prospect remains underexplored by advanced exploration techniques and is considered to have the potential to host similar resources as the Mt Hardy Copper project, immediately adjacent to the project.

Read Here: Eclipse Metals (ASX:EPM) outlines high-grade Cryolite-Fluorite mineralisation beneath Ivittuut Pit

Opportunity and the way forward

The untested mineralised corridor is extensive with a strike length of about 10km by 2.5 km, which remains open in all directions. Additional mineralisation can be discovered via geophysical survey and near-surface drilling especially at the high-grade mineralised Rock Hill Prospects. Additional work on the reinterpretation of airborne magnetic data would be used to locate the source of the structural setting and the magnetic anomalies.

Also Read: Eclipse Metals Limited (ASX:EPM) releases Assay Results for Ivittuut project, REE potential Recognised

Currently, Eclipse is under discussion with the Central Land Council to start negotiations with the traditional landowners to secure the exploration and mining rights for the tenement application, ELA26487.

Upon securing the traditional owners’ approval, Eclipse will undertake an airborne EM survey and plans to utilise similar exploration methods as were used for the identification of resources at Mt Hardy copper field. Following the EM survey, a RC drilling campaign in the mineralised areas and infill diamond drilling activity would be undertaken on the central and western section of the Exploration Licence area.

Read Here: How Historical Exploration Data Will Bolster Eclipse Metals’ (ASX:EPM) Journey on Ivittuut Project

Stock Performance

Eclipse Metals 1 Year Stock Price Performance Chart Source: Refinitiv Eikon

Buoyed by the achievement of significant milestones and growth across the portfolio projects, Eclipse offers an excellent 52-week return of over 216.7%. Eclipse closed $0.019 a share on 20 April 2021 with a market capitalisation of $33.43 million. 

Important Read: Eclipse Metals (ASX:EPM) records TREE grades up to 34,400 ppm at Ivittuut Project

All financial information pertains to Australian Dollars unless stated otherwise.


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