European Green Transition PLC (AIM:EGT) has confirmed 'significant' rare earth (REE) mineralisation from drilling within a shear zone structure at Djupedal on its Olserum project in Sweden.
Results from the first four diamond holes indicated widths of up to 7.25m with one hole grading 3.48% and including a section at 7.7% total rare earth oxides (TREO).
The programme is part of a 13-hole scout drilling campaign with these first holes targeted collared close to small-scale historic iron workings and dumps and targeting an interpreted REE-mineralised structure beneath the workings.
EGT added that the results represented a major milestone in its strategy to monetise the project through sales or partnerships.
The remainder of the drill programme results are expected this quarter, said the statement.
Aiden Lavelle, EGT’s chief executive, added: “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.
"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."