European Green Transition plc reported positive results from the final five drill holes at the Olserum rare earth element project in Sweden.
TARGETS
The company, which previously confirmed the district-scale potential of its licence, has intersected mineralisation in all 13 drill holes.
Recent results are for three holes at Djupedal prospect and two holes from the same drill pad at Olserum West.
EGT said it had several low-risk targets at Djupedal to seek dilations and higher-grade zones.
There were also similar structures with rare earth mineralisation exposed 900m to the south of Djupedal at the 500m-long Stora Lockerum zone.
All the prospects offer a pipeline of targets to progress.
Results from Olserum West show “significant mineralisation” in the area 300m from the historic resource previously not drill tested.
The company added that there was a “pinch and swell” nature to the mineralised zones, with varied widths and assay grades, typically associated with many shear zone hosted deposits.
EGT still aims to monetise Olserum through a sale or partnership while focusing on revenue generating opportunities in the “green economy”.
“Several mineralised structures have been encountered at Djupedal and Olserum West and the drilling has demonstrated vertical continuity from surface mineralised outcrops up to 150m vertical depth,” said chief executive Aiden Lavelle.
“The drill results have validated our exploration model and the directors believe that the Olserum REE project could be attractive to a range of potential acquirers or partners.”