European Green Transition plc said additional “encouraging” sampling assays supported the possibility of a district-scale system, with further potential, at its Olserum rare earth elements project in south Sweden.
CONTINUITY
Grab samples were taken at the Djupedal prospect, the nearby Bersummen area, and the newly identified Stora Lockerum structure, with initial results published in May.
EGT added that further results of high-grade samples of dump material at Djupedal assayed 4.79%, 5.8% and 11.77% total rare earth oxides (TREO).
A sample from the March 2024 sampling results, which exceeded the detection limits, was re-assayed by X-ray fluorescence (XRF) methods and assayed 15.27% TREO of which 3.67% is high value NdPrDy oxides.
Further rock chip samples within Djupedal confirmed continuity and extended mineralisation to 1km strike length, with an outcrop sample further to the northwest assaying 0.74% TREO.
Six rock chip samples from Stora Lockerum, 900m south of Djupedal, assayed up to 3.88% TREO with an average of 1.73% TREO.
Historic trial workings for iron were also discovered “confirming the link between the magnetite iron and REE mineralisation in the district”, added the company.
Four samples from Bersummen assayed between 0.9% TREO and 2.51% TREO with samples up to 290m apart defining a potential new mineralised trend northwest of Bersummen.
The company aims to use results from its planned H2 drill campaign to attract a partner to fund a larger scale programme and commercialisation.
Chief executive officer Aiden Lavelle said the company had also increased its knowledge having spent additional time on the ground.
“Further samples from known structures and dumps at Djupedal confirm the potential for higher grade mineralisation which the geologists have now vectored in on and further increase our confidence of completing our fully permitted and low-cost drill programme in H2 2024.
“We anticipate the drill programme could confirm our assumption that the Olserum REE project is a district scale system with potential to be a significant REE project in Europe.”