European Green Transition PLC (AIM:EGT) has completed a drill programme at its Olserum Rare Earth Element (REE) project in Sweden with assay results expected later this year.
Thirteen holes covering around 1,500 metres of diamond core drilling were carried out as part of the programme, which EGT said was completed ahead of schedule and below budget.
Visual inspection of the drill core indicated broad alteration zones and intervals with intersections of visible phosphate mineralisation, which the directors believe host the REEs.
EGT believes the drilling will confirm the presence of a district-scale REE system at Olserum.
Aiden Lavelle, EGT’s chief executive, said: "The successful completion of our drilling programme ahead of schedule and below budget marks a significant milestone for the Olserum REE project.
“The initial findings are encouraging, and we look forward to the assay results, expected later this year, which will provide more information on the scale of the REE system at Olserum.
"This low-cost drill programme is a crucial step in our goal to monetise the Olserum REE project in the near future.”