European Green Transition plc expects to begin a 42 drill hole programme for 9,000m during H2 at its flagship 6.5km2 Olserum rare earth elements project in southern Sweden.
POTENTIAL
The company said it received approval for two years following consultation with landowners and the Kalmar County Board.
Work will include resource infill at the existing Olserum resource, further drilling to expand the project at the Olserum West and the Djupedal prospects.
Djupedal has shown assays of to 20.45% total rare earth oxides.
EGT additionally has permission to conduct further low impact geophysical surveys on the ground surface and in boreholes, if required.
The company is also awaiting channel sampling results from Djupedal, expected before the end of H1 2024.
EGT hosted a site visit by Swedish Geological Survey (SGU) which plans a new regional mapping programme in the Olserum region.
The company noted that Olserum was one of “only a handful of known REE deposits in Europe” designated by the SGU as one of Sweden’s projects of national interest.
Chief executive Aiden Lavelle added that Olserum had the potential to become a “significant” European REE resource.
“In addition to the Djupedal prospect nearby, our activities in the area will create jobs in the community and investment in the region, as well as potentially providing Europe’s industry with indigenous critical rare earth elements.”
Listed on 8 April, EGT also owns the three-licence Pajala project targeting up to 5Mt high grade graphite with copper potential in northern Sweden, and the Eichitg and Marienburg polymetallic licences in Saxony, Germany.