European Green Transition plc returned positive results from the first four drill holes at the Olserum rare earth element project in southern Sweden.
DERISK
Completed in September, the diamond core drilling programme comprised 13 holes for 1,500 metres.
The company confirmed “significant” REE mineralisation within a shear zone structure at Djupedal, which it said validated the structural model and district scale potential of the project.
Results include hole OLS24-01 intersecting 1.5m grading 3.48% total rare earth oxides (TREO) (32% heavy rare earth oxides (HREO)) including 0.5m grading 7.7% TREO within the target structure.
Remaining results are expected during Q4 2024.
“The objective of our drill programme at the Olserum REE project was to derisk the project and support the monetisation of the project in the near future,” said chief executive Aiden Lavelle.
“The initial results provide strong validation of the project’s district scale REE potential.
“We look forward to receiving the remainder of the results later this year, which will be crucial as we look to realise value through a sale or partnership of the project, enabling EGT to direct its focus towards revenue generating opportunities in the green energy transition.”