European Green Transition PLC (AIM:EGT) has confirmed the continuity of mineralisation at the Olserum rare earth element (REE) project in Sweden with its latest batch of positive drill results.
The results confirm REE mineralization across all four newly reported drill holes from the Djupedal and Olserum West prospects.
Drilling operations are ongoing at Olserum.
"The second batch of drill results from the Olserum REE project confirm that mineralisation is present across both the Djupedal and Olserum West prospects and de-risks the Olserum REE project for an incoming partner,” chief executive Aiden Lavelle said in a statement.
“These results build on the company's update announced last month … which confirmed the district scale potential for REE at Olserum.”
He added that results from Olserum West, near the historic resource, confirm that the zone is mineralised at depth with assay values of up to 8.83% total rate earth oxides (TREO) over 0.5 metres.
“These are encouraging results and we look forward to the results from the remaining five holes," he said.
“We expect these to be critical in supporting EGT to monetise the project as the company directs its focus towards revenue generating opportunities in the green energy transition."
Drill results in more detail
At the Djupedal prospect, Hole OLS24-06 intersected 2.55 meters grading 1.6% TREO, with 13.7% classified as heavy rare earth oxides (HREO).
Hole OLS24-08 reported multiple mineralized zones, including a highlight of 2.4 meters grading 1.18% TREO, of which 43.4% is HREO.
At Olserum West, Hole OLS24-13 delivered the project’s highest-grade assay to date, with 0.5 meters grading 8.83% TREO and 16.1% HREO.
Additionally, Hole OLS24-09 at Djupedal revealed 3.9 meters grading 0.68% TREO and a separate interval of 1.2 meters grading 2.03% TREO within a broader 16-meter zone.
These findings underline the district-scale potential of the Olserum REE system and are expected to support the company’s strategy to monetize the project through partnerships or sales.