European Green Transition plc expects to confirm a “district scale rare earth element system” after it completed diamond core drilling at Olserum in Sweden.
ENCOURAGING
The company drilled 13 holes for 1,500 metres with visual inspection of drill core indicating “broad alteration zones” and intervals with intersections of “visible phosphate mineralisation”.
Core logging is complete and analysis of REE concentration is due to begin in late September.
EGT, which began the campaign in early August, aims to monetise Olserum with a third party.
“The successful completion of our drilling programme ahead of schedule and below budget marks a significant milestone for the Olserum REE project,” said chief executive Aiden Lavelle.
“The initial findings are encouraging, and we look forward to the assay results, expected later this year, which will provide more information on the scale of the REE system at Olserum.”
On successful monetisation, the company will focus on “more advanced revenue or near revenue stage opportunities in the green energy transition”.