Transient lunar phenomena (TLPs) are described as short-lived changes in the  brightness of patches on the face of the Moon.  They last anywhere from a few seconds to a few hours and can grow from less than a few to a hundred kilometers in size.  Most instances of TLPs are described as increases  in the overall luminosity of a spot on the Moon; however, sometimes observers report a decrease in a region’s brightness or even a change in its color to  red or violet.  Reports of TLPs have described them as “mists”, “clouds”,  “volcanoes”, among other provocative terms.  Even today, they are poorly  understood.

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On October 29, 1963, two Aeronautical Chart and Information Center cartographers, James A. Greenacre and Edward Barr,[9] at the Lowell Observatory, Flagstaff, Arizona, manually recorded very bright red, orange, and pink colour phenomena on the southwest side of Cobra Head; a hill southeast of the lunar valley Vallis Schröteri; and the southwest interior rim of the Aristarchus crater.[10] This event sparked a major change in attitude towards TLP reports. According to Willy Ley: “The first reaction in professional circles was, naturally, surprise, and hard on the heels of the surprise there followed an apologetic attitude, the apologies being directed at a long-dead great astronomer, Sir William Herschel

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“the only color we see is what we bring or the Earth, which is looking down  upon us all the time. And to find orange soil on the moon was a surprise”

Capt. Eugene Cernan, last man to walk on the moon.

 

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Can you identify this object?

http://science1.nasa.gov/media/medialibrary/2007/01/23/23jan_ltps_resources/lunarairplane_23dec06.avi