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Commencement of Drilling at Olserum REE Project
Commencement of Drilling at Olserum REE Project.
About this update from European Green Transition Plc
[{"type":"text","content":"\n\n06 August 2024\nEuropean Green Transition plc\n(\"European Green Transition\", \"EGT\" or \"the Company\")\nCommencement of Drilling at Olserum REE Project in Sweden\n \n \nEuropean Green Transition (AIM: EGT), a company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, is pleased to announce that the Company has commenced drilling at its Olserum Rare Earth Project in Sweden.\n \nOverview\n \n· The initial low-risk programme totaling c.1,500m is targeting outcropping mineralisation at Djupedal, where previous sampling has shown assay values up to 20.45% total rare earth oxides (TREO), and Olserum West with outcropping mineralisation located closer to the historic resource.\n· Drill rig has been mobilised to the Olserum REE project with the first diamond drill hole underway at the Djupedal prospect.\n· The low-cost drill programme is aimed at derisking the project and confirming the district-scale potential for rare earth elements (REE) which the Company expects will support it in seeking to monetise the Olserum REE project by attracting a partner.\nAiden Lavelle, Chief Executive Officer of European Green Transition, said:\n \n\"Since the completion of our IPO in April this year, we have had a series of encouraging results from the Olserum REE project. Positive channel sampling results including three metres grading 1.58% TREO and one metre grading 2.27% TREO with c. 30% HREO in addition to high-grade samples assaying 4.79%, 5.8%,11.77% and 15.27% TREO, increase our confidence in the programme. More recently, test work has confirmed that the mineralisation style at Olserum is capable of producing a REE-rich concentrate from conventional and relatively simple processing techniques at a third party facility.\n \n\"This initial low-cost drill programme is mainly focused on the highly prospective 1km-long Djupedal trend, which we believe indicates that a district scale REE system is evident at Olserum. This is a crucial step which could support monetisation of the Olserum REE project.\"\n \nProposed Drill Programme\n \nThe initial programme at the Olserum REE project is focused on the Djupedal prospect where up to seven drill holes are planned to target newly dis...