Eclipse Metals Ltd. announced the successful completion of a maiden percussion drilling and trench sampling program at its SW Greenland multi-commodity project. The drill and trench samples collected at Ivigtût and Grønnedal are booked for shipment to a laboratory in Australia for comprehensive analysis. XRF analysis of composite samples recorded in Greenland before shipment have returned encouraging values for praseodymium (Pr) and neodymium (Nd) ratios, discussed in detail below.

The results indicate that the Grønnedal carbonatite complex could be significant on a global basis with respect to its Pr and Nd content. At the Greenland sample preparation facility, pXRF readings, taken on five 1.5m composite samples from drillhole L3-9, returned an intersection average of 7.5m @ 0.8% La2O3+Ce2O3+Pr2O3+Nd2O3 (4REO), with praseodymium (Pr)/lanthanum (La) and neodymium (Nd)/cerium (Ce) ratios of about 1.2:1, as well as 0.49% Zn+Pb+Ni. Eclipse cautions that the pXRF tests are not definitive in nature with all samples yet to be analysed at an Australian laboratory for REE and base metals as well as other major and trace elements.

Although these pXRF results are preliminary, Eclipse has interpreted them to indicate that the commercially more valuable rare earth elements (REE) Pr and Nd are significantly enriched in drillhole L3-9 relative to lower value La and Ce, an observation that is consistent with academic studies as well as laboratory results received previously. Overall, the Grønnedal rock chip samples demonstrated unusual patterns for Pr/La and Nd/Ce ratios compared to other REE-mineralised carbonatite complexes such as Mountain Pass (California) and Mt Weld (Western Australia). The lower La and Ce contents measured by pXRF, if confirmed by laboratory assay results across the Grønnedal complex or a significant part thereof, would indicate that REE mineralisation at Grønnedal contains a higher proportion of the commercially more valuable magnetic REE Pr and Nd.

The latter are often termed the `magnet feed' REE which are critical elements for high- performance magnets used by and in high demand from the automotive sector and for wind turbines. More specifically, the pXRF readings and laboratory assay results collected thus far show a relatively large proportion of Pr and Nd, comprising up to 55% of the measured 4REE. Eclipse bulk sampled five mineralised waste dumps (ROM size) from the Ivigtût historical cryolite mine to assess the mineral and chemical content.

These dumps contain a substantial volume of mineralised material that may be suitable for processing to recover saleable products. Previous laboratory assessments have indicated the polymetallic nature of mineralisation in the pit from which the large volume of mineralised waste was produced, as shown in earlier laboratory results. The Company's previous surface sample I21012 provided encouraging results of 165g/t silver, 0.15% copper, 3.83% lead and 0.37% zinc (ASX Announcement dated 24 March 2022).

Laboratory assessment of a historical drill core sample IVT 21 - 11(1) returned 9.86% Zn (ASX Announcement dated 22 November 2021). Surface sample from waste dumps provided encouraging results of 165g/t silver, 0.15% copper, 3.83% lead and 0.37% zinc (ASX Announcement dated 24 March 2022). Laboratory results from the mineralised waste dumps returned relatively low TREO values, ranging from 2.26 to 161.44ppm, however the ratio of high-demand heavy to light REE is considered to be very encouraging.

Chemical and petrological assessment of the bulk samples in Australia will provide the Company with data to estimate commercial potential in the waste dumps. Eclipse is considering a Ground Penetrating Radar (GPR) survey for the Ivigtût precinct to assist with an assessment of the potential volume of mineralised waste material. By calculating the size of the open pit and access tunnels and subtracting the cryolite concentrate that has been exported, it can be estimated that 2 to 5Mt of ROM waste was deposited in the dumps as well as for landfill purposes during a century of mining.

There has been no comprehensive commercial assessment for other critical metals.