European Green Transition plc said it had defined a new large zone and several drill targets at the Djupedal prospect, 2.5km northwest of the Olserum rare earth elements project in south Sweden.
EXPANSION
Channel samples over a 100m zone showed REE mineralisation, including three metres grading 1.58% total rare earth oxide and one metre grading 2.27% TREO with 30% heavy rare earth oxide average.
Rock chip grab samples additionally graded 1.5% and 1.04% TREO from a southerly dipping shear structure near the east of Djupedal, and close to a dump with REEs of 15-20% TREO.
The company added that combined rock chip and channel samples confirmed an 800m long mineralised trend at the prospect.
A further mineralised shear zone, with 1.77% TREO, identified 930m south of Djupedal showed regional-scale potential.
EGT has identified further regional targets from reprocessed new airborne geophysics data released by the Swedish Geological Survey (SGU).
The company aims to begin its fully permitted low-cost drill programme during H2 2024.
Chief executive officer Aiden Lavelle added that the latest sampling confirmed that Olserum had “excellent” potential to be expanded.
“The footprint of the Djupedal prospect alone is greater than that of the Olserum resource and its surrounds, and new mineralised structures have been located in Djupedal and to the south where parallel mineralised trends are now apparent.
“We anticipate the drill programme could confirm our assumption that this is a district-scale REE project with potential to be a significant project in Europe and to support the company’s aim of attracting a partner to fund its future development and potential commercialisation.”