Resources Top 5: Eclipse Metals soars after massive rare earths resource upgrade

Eclipse Metals has unveiled a 70x upgrade to resources at its Grønnedal deposit in Greenland to 89Mt at 6363ppm TREO.

Big resources upgrade drives Eclipse Metals' share price jump. Pic: Getty Images

• Eclipse Metals' giant upgrade of the Grønnedal deposit is just the beginning

• Sunshine Metals gains on impressive drill intercept of 10m at 31.91g/t gold at its Liontown prospect

• Western Yilgarn has increased its bauxite footprint with the acquisition of the Cardea 3 project

Your standout resources stocks for Tuesday, June 3, 2025.

Eclipse Metals (ASX:EPM)

Shares in Eclipse Metals have shot up two-fold and then some following an 89Mt inferred resource leap at a grade of 6363ppm total rare earth oxides (TREO) at the Grønnedal deposit in Greenland.

This update, driven by results from six diamond drill holes, underpins a 70x resource upgrade, solidifying Grønnedal’s position as a high-impact strategic asset.

With an average grade exceeding 6000ppm (0.65%) TREO, the mineral resource estimate positions Grønnedal amongst the highest-grade rare earth elements (REE) deposits globally according to the company.

Grønnedal forms part of the broader Ivigtût project, which benefits from existing infrastructure including a power station, and is supported by nearby settlements at Kangilinnguit and Grønnedal, offering a heliport and wharf for operations.

EPM chairman Carl Popal said with 89 million tonnes now defined, and evidence suggesting the company is only scratching the surface, Grønnedal REE has the scale and grade to become a cornerstone asset in global efforts to secure independent critical mineral supply chains.

“Given the current geopolitical context and growing demand for clean energy technologies, we are fast-tracking plans for further drilling to delineate the broader potential of the Grønnedal carbonatite,” he said.

“As a small company entering a much larger strategic arena, we remain focused on delivering value to shareholders and progressing responsibly, with discipline and transparency.

”What’s been defined so far is just the beginning, with the resource capturing just a small portion of a vast carbonatite system identified through surface mapping, sampling, and EM surveys.”

Mineralisation extends continuously from surface to depths beyond 500 metres, highlighting significant upside potential.

EPM plans to conduct additional drilling to grow the resource base and unlock the full potential of the Grønnedal carbonatite complex, as the updated resource currently accounts for only 6% of the estimated carbonatite volume.

Bryah Resources (ASX:BYH)

(Up on no news)

The gold price rally proved to be a boon for Bryah Resources – and indeed many a gold play on the ASX – today.

The surprise price run follows news yesterday that Yu Yonglu, an investor who emerged with an 11.8% stake in the firm last week, launched a Section 249D application on Monday to spill the junior's board.

Queensland-based Yu has proposed to remove Lesley Ingraham and Ian Stuart as directors and replace them with Nicholas Katris and Bishoy Habib.

Previously, the company announced an option to acquire the advanced, high-grade Golden Pike gold project in New Brunswick, Canada, in May.

The project has a historical, non-JORC resource of 66,000oz gold at nearly 10g/t with drilling returning intersections such as 13m at 43.07g/t gold and 10m at 32.26g/t gold.

Golden Pike also has plenty of potential for growth given that it remains open in multiple directions and has similar targets featuring rock chips of up to 244g/t gold.

The project has access to established infrastructure including ports, roads and power derived from renewable sources.

Western Yilgarn (ASX:WYX)

Shares in WYX rose in morning trade before an afternoon pullback, as the company strengthened its position in WA’s Darling Range bauxite mineral field by acquiring the Cardea 3 bauxite asset.

It follows closely on the WA Department of Energy, Mines, Industry Regulation and Safety awarding exploration licences E70/6702 and E70/6703 – the Cardea 1 and 2 project areas – in late May.

The newly acquired asset, a mere 17.5km from the company’s 168Mt Julimar West bauxite project, has seen some historical exploration with 422 vacuum drill holes completed to date.

Of these, 139 have been analysed for available alumina and reactive silica.

Results from this study confirm the presence of high-grade bauxite, with available alumina (extractable under Bayer process conditions) exceeding 34.5% and reactive silica measuring 3.14%.

This compares very favourably with the average mining grades of 28.7% available alumina and 1.9% reactive silica at South32's (ASX:S32) nearby Worsley Alumina Operations.

Surface bauxite mineralisation has also been defined over a 3km by 1km area with a laterite profile typical of Darling Range bauxite deposits.

WYX non-exec director Pedro Kastellorizos said the company is extremely pleased with the acquisition.

“The project’s proximity to a multi-user railway, within trucking distance, is a key logistical advantage, especially in the current market environment of record alumina and bauxite prices,” he said.

Sunshine Metals (ASX:SHN)

With gold up, the timing couldn’t be any better for Sunshine to drop a shiny drill intersection of 10m at 31.91g/t gold from a relatively shallow down-hole depth of 41m at the Liontown prospect within its Ravenswood Consolidated project in northern Queensland.

This is the top result from the first 16 holes of a 29 hole infill drill program.

Historical mined voids averaging 1-2m were intersected in predicted locations.

The company expects the program to upgrade both the metallurgical testwork and the current shallow inferred resource of 21,000oz gold and 307,000oz silver at 1.8g/t gold and 26g/t silver to the higher confidence indicated category.

“The stunning intersection of gold in the shallows of the Liontown Resource is a “Back to the Future” moment,” managing director Dr Damien Keys said.

“Liontown began as a gold mine in 1905 with an estimated 28,000oz of gold mined at a grade of 22g/t. It is certainly reassuring that the first miners did not take all of the high-grade gold mineralisation!”

He added that the drill results reinforced the significance of pursuing a shallow oxide gold production strategy, which involves identifying those kind of resources for processing at potential nearby toll treating mills during a time of high gold prices.

Mining studies will be fast-tracked once metallurgical and resource upgrades have been completed.

Solstice Minerals (ASX:SLS)

Yet another gold play revelling in the price rally, Solstice Minerals’ recent Phase 2 RC drilling at its Bluetooth gold prospect in WA returned thick, near-surface intersections.

Notable results include 20m at 2.18g/t gold from 28m, 20m at 2.01g/t from 20m including 4m at 6.18g/t from 28m, and 16m at 2.13g/t from 48m.

The company said the results reinforce the commercial potential of this extensive, outcropping gold system by building on and extending the significant intercepts reported in the first round of drilling.

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They also define shallow east-dipping zones of gold mineralisation over at least 800m of strike and broadening towards a fold closure at the northern part of the prospect.

Managing director Nick Castleden said the Bluetooth is quickly taking shape with the latest drilling further defining consistent broad zones of shallowly dipping near-surface oxide gold mineralisation.

“The geometry looks favourable for potential open pit extraction, so we are now planning further drilling to test down plunge on the fold to the north, repeat structures as well as specific tests for underlying fresh-rock mineralisation,” he added.

“Site prep will get underway for the next phase of RC drilling at Bluetooth as well as follow-up RC drilling at the exciting Edjudina Range gold discovery.”

At Stockhead, we tell it like it is. While Western Yilgarn is a Stockhead advertiser, it did not sponsor this article.

Originally published as Resources Top 5: Eclipse Metals soars after massive rare earths resource upgrade