European Green Transition PLC on Monday said that it has completed a low-cost drill programme at the Olserum Rare Earth Element project in Sweden.
European Green is a company focused on developing green economy assets in Europe, and aims to capitalise on the opportunity created by the green energy transition.
The firm completed 13 holes for around 1,500 metres of diamond core drilling, ahead of schedule and below budget.
Visual inspection of the drill core indicates broad alteration zones and intervals with intersections of visible phosphate mineralisation, it added.
Subject to rare earth element assay results, the directors now believe that drilling will confirm the presence of a district scale rare earth element system at Olserum.
‘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,’ said Chief Executive Officer Aiden Lavelle.
‘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.’
Shares in European Green Transition were up 3.9% at 13.50 pence each in London on Monday afternoon.
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