European Green Transition reports encouraging drilling results from Olserum
By Josh White
Date: Tuesday 17 Dec 2024
(Sharecast News) - European Green Transition announced encouraging final results on Tuesday from its drilling programme at the Olserum Rare Earth Element (REE) project in Sweden.
The AIM-traded firm said the results confirmed district-scale mineralisation potential, with all 13 drill holes intersecting mineralised structures, supporting the company's strategy to monetise the project through sale or partnership.
It said the final drill holes delivered significant mineralised intersections, with hole OLS24-05 recording five metres grading 0.48% total rare earth oxides (TREO), including 18.7% heavy rare earth oxides (HREO), between depths of 70.5 and 75.5 metres.
Hole OLS24-07 meanwhile intersected a broad mineralised zone of 22.5 metres averaging 0.58% TREO, including a higher-grade interval of 2.45 metres at 2.71% TREO, with 33.4% HREO.
In Hole OLS24-11, mineralisation was identified over 8.2 metres at 0.94% TREO, including a higher-grade section of 3.2 metres at 1.57% TREO.
Hole OLS24-12 also delivered notable intervals, including 2.25 metres at 1.33% TREO with 17.5% HREO and 2.85 metres at 1.03% TREO with 29% HREO.
European Green Transition said it would now focus on leveraging the results to attract strategic partners or buyers, as it prioritised revenue-generating opportunities within the green economy.
"This final batch of results from the Olserum REE project builds on the previously announced results confirming the district-scale potential of the REE-mineralised system at Olserum," said chief executive officer Aiden Lavelle.
"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."
Lavelle said the drill results had validated the company's exploration model, adding that the directors believed that the Olserum REE project could be attractive to a range of potential acquirers or partners.
"The company now looks forward to sharing these results with interested parties with the aim of monetising the Olserum asset as EGT focusses on identifying revenue-generating opportunities across the green economy."
At 1031 GMT, shares in European Green Transition were up 6.22% at 9.83p.
Reporting by Josh White for Sharecast.com.
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