European Green Transition plc confirmed mineralisation at the Djupedal and Olserum West prospects from its drilling programme at the Olserum rare earth element project in Sweden.
CRITICAL
The company said results from an additional four drill holes gave evidence of a “district scale REE system”.
Results include hole OLS24-06 intersected 2.55m grading 1.6% total rare earth oxides (TREO), of which 13.7% are heavy rare earth oxides (HREO) from 25.95m to 28.5m.
A lower lower zone of 1.65m graded 0.86% TREO (31.7% HREO) from 56.85m to 58.5m.
EGT expects results from the final five holes in December.
Chief executive Aiden Lavelle added that the results had also derisked the project for an incoming partner.
“These results build on the company’s update announced last month which confirmed the district scale potential for REE at Olserum.
“Results from Olserum West, near the historic resource, confirm that this zone is mineralised at depth with assay values of up to 8.83% TREO over 0.5m.
“These are encouraging results and we look forward to the results from the remaining five holes.
“We expect these to be critical in supporting EGT to monetise the project as the company directs its focus towards revenue generating opportunities in the green energy transition.”