European Green Transition releases final set of drill results from Olserum
European Green Transition () has released results from the final five holes drilled as part of a recent campaign on its Olserum rare earths project in Sweden.
All results from the Olserum REE drill programme have now been received, with mineralisation intersected in all 13 drill holes.
Hole 05 intersected multiple mineralised structures, including five metres grading 0.48% total rare earth oxides (TREO), with 18.7% heavy rare earth oxides (HREO) from a depth of 70.5 metres to 75.5 metres.
Hole 07 intersected 2.45 metres grading 2.71% TREO from 40.0 metres to 42.45 metres within a broad mineralised zone averaging 22.5 metres grading 0.58% TREO.
Hole 11 intersected 8.2 metres grading 0.94% TREO from 44.55 metres to 52.75 metres, including 3.2 metres grading 1.57 % TREO.
Hole 12 intersected several vein zones including 2.25 metres grading 1.33% TREO from 102.95 metres to 105.2 metres, and 2.85 metres grading 1.03% TREO from 170.2 metres.
"This final batch of results from the Olserum REE project builds on the previously announced results confirming the district-scale potential of the REE-mineralised system at Olserum,” said Aiden Lavelle, chief executive of European Green Transition.
“Several mineralised structures have been encountered at Djupedal and Olserum West and the drilling has demonstrated vertical continuity from surface mineralised outcrops up to 150 metres vertical depth. The drill results have validated our exploration model and the directors believe that the Olserum REE project could be attractive to a range of potential acquirers or partners. The company now looks forward to sharing these results with interested parties with the aim of monetising the Olserum asset as EGT focusses on identifying revenue-generating opportunities across the green economy."
View from Vox
The latest results go a significant way towards confirming that Olserum is a district-scale play. That should play well in the negotiations with potential partners that EGT has consistently flagged. The grades are solid, the depth isn’t prohibitive, and the jurisdiction is mining-friendly and strategically located. All told, Olserum has plenty going for it, and with an up-to-date set of drill data could be packaged up nicely.
Watch: Vox's interview with Aiden Lavelle here
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