Eclipse Metals Ltd (ASX:EPM) has been granted a trading halt by the ASX with an announcement pending in regard to the acquisition of new exploration tenure in Greenland.
The halt will remain in place until the beginning of ASX trading on Friday, January 8, 2021, or when an announcement is released to the market, whichever occurs earlier.
Before the halt, EPM securities traded up to 30% higher to 2.05 cents, a new three-year high, and shares have been climbing since closing at 1.1 cents on December 24.
Manganese at Amamoor
In the December quarter, the company intersected manganese mineralisation in all holes of a second phase diamond drilling program at Amamoor prospect within Mary Valley Manganese Project in Queensland.
Strong manganese mineralisation was identified in all drill holes hosted in strongly brecciated/sheared, fractured altered metasediment units.
The program comprised six diamond drill holes for 97.6 metres in the Northern, Central and Southern areas although difficult drilling conditions were encountered.
The bulk of manganese mineralisation intersected was encountered near-surface with mineralisation open in both directions along strike and down dip from the historically mined areas.
Based on positive results from the 2018 program and success in recent drilling, it is clear that further ground access is required to adequately explore and assess the economic potential of the Amamoor deposits.
The company has started planning for further ground access, definitive geophysical surveys, drilling and bulk sampling.