European Green Transition (EGT) has commenced drilling at its Olserum rare earth project in Sweden.
The initial low-risk programme, totalling approximately 1,500 metres, is targeting two areas. First, outcropping mineralisation at Djupedal, where previous sampling has shown assay values up to 20.45% total rare earth oxides.
Second, Olserum West, where outcropping mineralisation is located closer to the historic resource.
The first diamond drill hole is underway at the Djupedal prospect.
In total, at Djupedal, up to seven drill holes are planned, targeting newly discovered outcropping mineralisation along the 1km trend. The first hole is in the vicinity of the historic magnetite iron workings, where high-grade samples of dump material assaying 4.79%, 5.8%, 11.77%, 15.27% and a maximum of 20.45% TREO were collected. Fieldwork involving mapping, ground magnetic surveys, rock chip and channel sampling at Djupedal has identified mineralised structures which are the target for drilling.
The total programme is estimated to be around 1,500 metres with two holes planned at the Olserum West prospect where channel sampling in 2023 previously confirmed broad zones of REE mineralisation in exposed outcrops located 300m northwest of the historic resource. The company will assess the geology and mineralisation encountered in each hole and adapt the programme, as required, to give the best chance of intersecting further mineralisation.
This low-cost drill programme is aimed at de-risking the project and confirming the district-scale potential for rare earth elements which EGT expects will support it in seeking to monetise the Olserum project by attracting a partner.
"Since the completion of our IPO in April this year, we have had a series of encouraging results from the Olserum rare earth elements project, said Aiden Lavelle, chief executive of European Green Transition.
“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.”
View from VOX
Investors in junior exploration respond to drilling more than anything else, and EGT has set itself up nicely to generate real interest in the autumn trading season as the results come in. If Olserum can move forward it will automatically become a strategic asset for the European Union, which has a dearth of rare earth projects. Amongst other things, rare earths are used in magnets in wind turbines, and are therefore likely to be much in demand as the world continues to wean itself off carbon.