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Highlights:
- EGT (LSE:EGT) confirms substantial rare earth mineralisation at Olserum’s Djupedal site in Sweden.
- Initial drill results show significant widths, including standout grades of up to 7.7% total rare earth oxides (TREO).
- The program marks a key step toward monetising Olserum through potential sales or partnerships.
European Green Transition PLC (LSE:EGT) has announced promising drill results from its rare earth element (REE) exploration at the Olserum Project’s Djupedal site in Sweden. The first four diamond drill holes in a 13-hole campaign have confirmed substantial REE mineralisation within a shear zone structure, with widths reaching up to 7.25 meters. Notably, one drill hole showed a grade of 3.48% total rare earth oxides (TREO), including an interval yielding a significant 7.7% TREO. These results provide encouraging insights into the mineral potential of the site and highlight the project’s progress toward monetisation.
The ongoing drill programme, structured as a 13-hole scout exploration, strategically targets areas near historic iron workings and dumps. These initial drill results reinforce the projected REE-mineralised structure, lying beneath the historically mined zones. European Green Transition has framed this campaign as a “major milestone” in advancing the Olserum Project, a venture that could create significant value for the company and potentially lead to either a sale or partnerships to expedite its development. With results expected from the remaining drill holes later this quarter, the company anticipates an even clearer view of Olserum’s mineral profile and economic viability.
Aiden Lavelle, Chief Executive of EGT, expressed optimism, stating, “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.” Lavelle also noted that the company eagerly awaits further results that will play a critical role in advancing potential sales or partnerships for Olserum.
The Olserum Project, particularly with its initial high-grade REE findings, positions EGT within a rapidly evolving market for rare earth elements. As global demand for REEs grows—especially for use in sustainable energy technologies like wind turbines, electric vehicles, and various high-tech applications—the successful development of Olserum could provide substantial returns while supporting European resource independence.
