European Green Trns. (AIM: EGT) Commencement of Drilling at Olserum REE Project

European 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.

Overview

·    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.

·    Drill rig has been mobilised to the Olserum REE project with the first diamond drill hole underway at the Djupedal prospect.

·    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.

Aiden Lavelle, Chief Executive Officer of European Green Transition, said:

“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.

“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.”

Proposed Drill Programme

The initial programme at the Olserum REE project is focused on the Djupedal prospect where up to seven drill holes are planned to target newly discovered outcropping mineralisation along the 1km trend. The first hole is underway 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 1,500m 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.

Drilling is being carried out by Norse Diamond Drilling AS, an established local Scandinavian operator with a strong focus on ESG.

Investor Presentation

Aiden Lavelle, Chief Executive Officer, and Jack Kelly, Chief Financial Officer, will provide a live presentation via the London Stock Exchange’s Spark Live platform on Wednesday 7 August 2024 at 6.00 pm BST. The presentation is open to all existing and potential shareholders via the following link: Spark Live Registration

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Enquiries

European Green Transition plc