European Green Transition completes drilling at Olserum
European Green Transition () has completed its drill programme at its Olserum rare earths project in Sweden.
The company drilled 13 holes for around 1,500 metres of diamond core drilling.
The drilling came in ahead of schedule and below budget.
Visual inspection of the drill core indicates the presence of broad alteration zones and intervals, with intersections of visible phosphate mineralisation.
EGT’s directors believe these host the rare earth elements.
Subject to assay results, the belief is that the drilling will confirm the presence of a district scale rare earths system at Olserum, increasing the ability to monetise Olserum with a third party.
Core logging is now complete and lab-based analysis to assess rare earth element concentration is due to commence in late September 2024, with results expected later in H2-2024.
"The successful completion of our drilling programme ahead of schedule and below budget marks a significant milestone for the Olserum REE project,” said Aiden Lavelle, chief executive of European Green Transition.
“The initial findings are encouraging, and we look forward to the assay results, expected later this year, which will provide more information on the scale of the REE system at Olserum. This low-cost drill programme is a crucial step in our goal to monetise the Olserum REE project in the near future, which, if successful would allow us to redirect our focus and resources to more advanced revenue or near revenue stage opportunities in the green energy transition. "
View from VOX
More progress from European Green Transition as it moves to package Olserum up nicely for a potential joint venture partner. So far, so good. The key will be the assay results, and how good they are. Having said that, Olserum is not EGT’s only project by any means. Success here could spur the company onto bigger and greater things. But a setback wouldn’t be the end of the world either. We shall watch and see.
Click here for a video interview in which Aiden Lavelle talks about this news
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