21 November 2024
European Green Transition plc
("European Green Transition", "EGT" or "the Company")
Next Phase of Results from Olserum REE Project
Results provide further evidence of district scale REE system at Olserum
European Green Transition (AIM: EGT), a company developing green economy assets in Europe, reports further positive results for an additional four drill holes from its drill program at the Olserum Rare Earth Element ("REE") Project in Sweden ("Project").
Highlights
| l | REE mineralisation confirmed in all four holes building on the strong initial results announced on 29 October 2024. |
| l | Results provide further evidence of the district scale REE system at Olserum and support EGT's strategy to monetise the Project through sale or partnership as EGT continues to direct its focus towards revenue generating opportunities. |
| l | Hole OLS24-06 intersected 2.55m grading 1.6% Total Rare Earth Oxides (TREO), of which 13.7% are Heavy Rare Earth Oxides (HREO) from 25.95m to 28.5m and a lower zone of 1.65m grading 0.86% TREO (31.7% HREO) from 56.85m to 58.5m. |
| l | Hole OLS24-08 intersected four separate zones of mineralisation including 2.4m grading 1.18% TREO (43.4% HREO) from 64.8m to 67.2m. |
| l | Hole OLS24-09 intersected 3.9m grading 0.68% TREO (25% HREO) from near surface and a second zone of 1.2m grading 2.03% TREO within a broader zone of 16m grading 0.33% TREO. |
| l | Hole OLS24-13 intersected three narrow zones of mineralisation including the highest-grade drill core assay to date of 0.5m grading 8.83% TREO (16.1% HREO) from 41.9m to 42.4m. |
| l | Results from the final five holes are expected in December 2024, subject to laboratory turnaround times. |
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
"The second batch of drill results from the Olserum REE project confirm that mineralisation is present across both the Djupedal and Olserum West prospects and de-risks the Olserum REE project for an incoming partner. These results build on the Company's update announced last month, on 29 October, which confirmed the district scale potential for REE at Olserum.
Results from Olserum West, near the historic resource, confirm that this zone is mineralised at depth with assay values of up to 8.83% TREO over 0.5m. These are encouraging results and we look forward to the results from the remaining five holes. We expect these to be critical in supporting EGT to monetise the Project as the Company directs its focus towards revenue generating opportunities in the green energy transition."
Summary of Drill Results
EGT has received assay results for four further diamond drill holes drilled as part of a 13-hole scout drill program to test the district scale REE potential at the Olserum REE Project in August 2024. These results are for three holes at the Djupedal prospect, 2.5km northwest of the historic resource at Olserum, with a further hole at Olserum West, c.300m from the historic resource. Results for the first four holes from the east of the Djupedal prospect were announced on 29 October 2024 and are available here. The Company is awaiting results from a further five holes which are expected later this year, subject to laboratory turnaround times.
Figure 1 Olserum drill hole map showing EGT drill holes from 2024 drill program.
Djupedal Prospect
Hole OLS24-06 at Djupedal was located near OLS24-05 but drilled in the opposite direction to the southwest to test the alteration that was intersected at shallow depth in hole OLS24-05 (results still pending) and test the geological model in addition to investigating weathered out lineaments on surface. OLS24-06 intersected an upper mineralised zone with 1.6% TREO (13.7% HREO) over 2.55m from 25.95m to 28.5m and a lower zone of 1.65m grading 0.86% TREO (31.7% HREO) from 56.85m to 58.5m. The second intersection occurs in a zone of lower grade mineralised wallrock with 7.15m grading 0.35% TREO which is associated with strong alteration of the granite host rock. The foliation is variable and at shallow angles to the core axis in the top half of the hole as expected for this drill orientation. Therefore, the true width of mineralisation is likely less than indicated but the hole confirmed the presence of a structure containing fault rock with both mylonitised and heavily fractured granite from 90.65m to 91.6m and also at 93.8m to 94.7m. This fault, which may displace the alteration downdip to the south, explains why alteration and mineralisation is of lower intensity to the south of Djupedal and is consistent with surface mapping.
Hole OLS24-07 and OLS24-08 were drilled in the west of the Djupedal prospect to target the strong mineralisation in outcrop which was previously channel sampled with results of 3m @ 1.58% TREO and 1m @ 2.27% TREO. Results for hole OLS24-08 confirm vertical continuity of the surface mineralisation to 60m depth, with a downhole intersection of 1.18% TREO (43.4% HREO) over 2.4m from 64.8m to 67.2m. The REE are associated with bands and disseminations of monazite and xenotime in sheared and biotite-magnetite altered granite. Results for hole OLS24-07 with an intersection in the same structure at shallower depth are still pending. There were three other mineralised intersections in hole OLS24-08, confirming that there are multiple mineralised biotite-magnetite altered structures and veins across the Djupedal prospect. The other intersections are listed below:
· 1.0% TREO (19.4% HREO) over 0.8m from 75.7m to 76.5m
· 0.71% TREO (34.5% HREO) over 0.5m from 92.7m to 93.2m
· 0.52% TREO (16.9% HREO) over 1.0m from 96.35 to 97.35m
Hole OLS24-09 was located in the centre of the Djupedal prospect and drilled southwest across a strong magnetic anomaly, which is associated with a surface working and dumps, where a small number of grab samples assayed up to 1.04% TREO. The hole intersected 0.68% TREO (25% HREO) over 3.9m from 4.6m to 8.5m within a zone of 8.95m grading 0.42% TREO. This upper intersection is beneath the historic trench which was worked for magnetite iron ore.
A lower zone was intersected with 2.03% TREO (22.8% HREO) over 1.2m from 50.25m to 51.45m. This occurs within a broad altered low-grade zone grading 0.33% TREO over 16m which is assumed to be at a shallow angle to the core axis given the observed foliation.
The structures reported in the above three holes at Djupedal represent new structures that have not previously been drill tested, and they are different structures from those tested in the first four holes announced 29th October. The presence of multiple mineralised structures at Djupedal, some of which are associated with wide zones of anomalous or low-grade mineralisation, points to a system with scale which is favourable and confirms that there are numerous exploration targets with which any incoming partner can follow up.
Olserum West Prospect
OLS24-13 was the final hole of the 2024 program drilled at Olserum West, located over 300m northwest of the historic Olserum resource. Results are pending for two other holes at Olserum West. Hole OLS24-13 was located to test beneath an outcrop which had surface mineralisation with 12m grading 0.46% in a channel sample. Three separate zones were intersected, the first of which is associated with a low-grade alteration envelope of 0.27% TREO over 13.7m, and includes 0.81% TREO (19.5% HREO) over 1.75m from 30.45m to 32.2m. This zone is beneath the sampled surface outcrop. A second zone not fully exposed at surface contained a very high-grade sample with 8.83% TREO (16.1% HREO) over 0.5m from 41.9 to 42.4m. This is the highest-grade sample of drill core to date at the Olserum project surpassing a grade of 8.49% TREO over 0.43m in hole 12004 drilled in the Olserum resource in 2012. A third narrow intersection included a sample with 1.64% TREO (39% HREO) over 0.65m from 80.15 to 80.8m. This hole at Olserum West shows that the mineralisation extends for at least 300m northwest of the resource and that there is potential to find higher-grade mineralised material on the structure along strike or down-dip with further exploration.
Conclusion
The drill results received to date confirm that REE mineralisation extends well beyond the historic Olserum resource and point to further REE potential at both Olserum West and Djupedal. The multiple mineralised veins and altered and sheared structures confirmed in these drill holes add further evidence of a district-scale REE system at the Olserum project. It is encouraging in a scout drilling program to see both higher-grade samples such as 8.83% TREO at Olserum West and broad zones of mineralisation in the wallrock.
Shear zone hosted systems are known to often contain high-grade shoots which can be very rich and the greater number of mineralised structures present, the better chance of discovery for high-grade mineralisation associated with focused hydrothermal fluids in such a mineralised shoot. The similar style of alteration and mineralisation seen across the project leaves potential for further discovery by incoming partners.
Results are outstanding for three holes from Djupedal and two holes from Olserum West. These results are expected later this year, subject to laboratory turnaround times. The Company will provide updates as required.
To support the Company's ongoing outreach to potential partners, the results are being reported to JORC standard with the inclusion of further detailed information in the JORC tables at the end of this announcement.
Table 1: Coordinates and relevant information for EGT drill holes at the Olserum REE project.
| HOLE ID | PROSPECT | EASTING SWEREF 99TM | NORTHING SWEREF 99TM | ELEVATION (m) | AZIMUTH GYRO | DIP | TOTAL DEPTH (m) | ASSAY RESULTS |
| OLS24-01 | Djupedal | 578392 | 6425419 | 75 | 54.7 | -45 | 66.4 | 29th Oct |
| OLS24-02 | Djupedal | 578392.8 | 6425419.8 | 75 | 53.9 | -75 | 84.1 | 29th Oct |
| OLS24-03 | Djupedal | 578423 | 6425407 | 66 | 53.1 | -43 | 62.5 | 29th Oct |
| OLS24-04 | Djupedal | 578422.7 | 6425406.7 | 66 | 53.8 | -74.4 | 71.95 | 29th Oct |
| OLS24-05 | Djupedal | 578261 | 6425317 | 55 | 45 | -45 | 229.5 | Pending |
| OLS24-06 | Djupedal | 578287 | 6425332 | 55 | 224.5 | -44.6 | 101.8 | This RNS |
| OLS24-07 | Djupedal | 577843 | 6425501 | 47 | 35.2 | -45 | 89.55 | Pending |
| OLS24-08 | Djupedal | 577821 | 6425486 | 47 | 34.2 | -44.5 | 111.9 | This RNS |
| OLS24-09 | Djupedal | 578033 | 6425364 | 50 | 217.8 | -43.8 | 83.7 | This RNS |
| OLS24-10 | Djupedal | 578030 | 6425319 | 50 | 39.96 | -45.1 | 104.4 | Pending |
| OLS24-11 | Olserum West | 579730 | 6424040 | 65 | 235 | -45 | 162.9 | Pending |
| OLS24-12 | Olserum West | 579730.8 | 6424040.8 | 65 | 234.58 | -65 | 222.65 | Pending |
| OLS24-13 | Olserum West | 579694 | 6424069 | 43 | 238.66 | -44.9 | 111.75 | This RNS |
| TOTAL :13 | 1,503.1 | 8/13 | ||||||
Table 2: Summary of intersections from new EGT drill hole results at the Olserum REE project (Djupedal Prospect)
| HOLE ID | From (m) | To (m) | Interval (m) | TREO % | PMREO % | NdPr Oxides % | Dy ppm | Tb ppm |
| OLS24-06 | 18.8 | 19.3 | 0.5 | 1.14 | 0.49 | 0.22 | 171 | 34.1 |
| | 25.95 | 28.5 | 2.55 | 1.6 | 0.71 | 0.31 | 190 | 42.3 |
|
| 56.85 | 58.5 | 1.65 | 0.86 | 0.29 | 0.15 | 245 | 42.3 |
| (within low-grade zone*) | 51.35 | 58.5 | 7.15 | 0.35 | 0.12 | 0.06 | 89 | 15.9 |
| OLS24-08 | 64.8 | 67.2 | 2.4 | 1.18 | 0.34 | 0.16 | 388 | 60.1 |
|
| 75.7 | 76.5 | 0.8 | 1.01 | 0.41 | 0.19 | 153 | 30.3 |
|
| 92.7 | 93.2 | 0.5 | 0.71 | 0.24 | 0.11 | 182 | 27.6 |
|
| 96.35 | 97.35 | 1.0 | 0.52 | 0.22 | 0.1 | 62.8 | 12.05 |
| OLS24-09 | 4.6 | 8.5 | 3.9 | 0.68 | 0.29 | 0.14 | 143 | 25.4 |
| (within low-grade zone*) | 1.8 | 10.75 | 8.95 | 0.42 | 0.17 | 0.08 | 92 | 16 |
| | 50.25 | 51.45 | 1.2 | 2.03 | 0.79 | 0.35 | 377 | 69.2 |
| (within low-grade zone*) | 49.05 | 65.05 | 16 | 0.33 | 0.12 | 0.054 | 68.5 | 12.2 |
| OLS24-13 | 30.45 | 32.2 | 1.75 | 0.81 | 0.36 | 0.15 | 92 | 18.2 |
| (within low-grade zone*) | 25.0 | 38.7 | 13.7 | 0.27 | 0.11 | 0.048 | 38.5 | 7.1 |
|
| 41.9 | 42.4 | 0.5 | 8.83 | 3.87 | 1.59 | 1,065 | 199.5 |
|
| 80.15 | 80.8 | 0.65 | 1.64 | 0.5 | 0.21 | 552 | 92.7 |
*includes internal dilution >2m with <0.4% TREO
Figure 2 Section showing drillhole OLS24-06 at Djupedal based on initial logging. Results for OLS24-05 are pending. BMR - Biotite-magnetite rock +/-REEs (intense alteration), BMRW - Biotite-magnetite wall rock alteration. Location of historic hole DJU0301 cannot be verified and is assumed to have missed the structure.
Figure 3 Section showing drillhole OLS24-08 at Djupedal based on initial logging. Results for OLS24-07 are pending.
Figure 4: Section showing drillhole OLS24-09 at Djupedal based on initial logging. Results for OLS24-10 are pending.
Figure 5 Section showing drillhole OLS24-13 at Olserum West based on initial logging. Previous channel sample results on surface are also shown.
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of and reviewed and approved by EurGeol Aiden Lavelle, M.Sc., P.Geo., EGT's Chief Executive Officer. Mr Lavelle has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Mr Lavelle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
APPENDIX 1 JORC TABLE 1 - JORC CODE, 2012 EDITION - TABLE 1
Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
| Criteria | Explanation | Explanation | |
| Sampling techniques | Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | Samples from 4 diamond drill holes at the Djupedal prospect and one from Olserum West are reported here. The four holes totalling 409.15m had 197 samples incl. QAQC samples. 13 holes were drilled by EGT for a total of 1510.2m. Core was NQ2 (50.6mm diameter). All diamond drill core samples analysed were of half core cut by automated core saw. Approximately 1:30 samples were 1/4 core duplicates. The remaining half of the core was returned to the core box as a permanent record of the drill hole and will be stored at ALS or SGU archive facilities in Mala, north Sweden. Samples were generally 1m long across mineralised structures and on occasion where less than 1m to sample narrower veins. Where low grade or broad alteration was intersected in wallrock further from veins, samples of up to 2m were cut. Logging and sampling was carried out according to normal industry standards. Sampling extended into barren wallrock to close off mineralisation. | |
| Drilling techniques | Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | Diamond drilling retrieved full core of NQ2 (50.6mm) diameter using standard wireline drilling with a diamond bit and core barrel. The rig used was a DBC ESD9 MACHINA owned and operated by Norse Diamond Drilling AS. Core was orientated where possible and surveying was done with a Veracio TruGyro, a non-magnetic true north-seeking instrument due to the magnetic nature of the mineralisation. Downhole surveys measurements collected between 3 and 20m intervals. Downhole gamma surveys were conducted on hole OLS24-04 and all subsequent holes. | |
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. | Core recovery was excellent (>95% up to 100%) due to the hard crystalline nature of the rock in all holes. Only localised minor fracturing and core loss was noted with late faults which did not usually coincide with mineralised intersections. | |
| Logging |
| All core was logged for recovery, RQD, solid core %, lithology and alteration with structural measurements taken on oriented core where practical and useful. The logging was followed by markup for sampling and photography of core, both wet and dry. General coding was used for lithological logging and was kept simple as the host lithology seldom differs and it is mainly the degree of alteration and foliation of the granite that varies due to later cross-cutting mineralised shears. These exploration holes are not intended to be used as part of a mineral resource estimate at this stage but data was recorded to the standard to allow for future use in a resource estimate. | |
| Sub-sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. | All diamond drill core samples were of half core cut by trained operators using an automated diamond core saw at the ALS Pitea sample prep facility in North Sweden. Barcoded ALS tickets were stapled to the box at the start of each sample and clearly labelled by EGT geologists with cutting instructions provided. 1:30 samples were 1/4 core duplicates to test for grade variability. | |
| Quality of assay data and laboratory tests | • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | The assay technique is considered near total and has consistently been used for all samples at Olserum. | |
| Verification of sampling and assaying | • The verification of significant intersections by either independent or alternative company personnel. | Mrs Emer Blackwell, PGeo, consultant GIS and Database manager to the Company has also verified the intersections reported here. | |
| Location of data points | • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | Drill hole coordinates were recorded with a Garmin GPS Map 64 and also checked with iPhone and Swedish MyMap Lidar topography app on smart phone. | |
| Data spacing and distribution | • Data spacing for reporting of Exploration Results. | The scout drill program was not intended to define a resource. The spacing has shown that mineralisation is hosted in structures which are expected to extend beyond the area of drilling based on surface mapping albeit it is expected that grade will be variable within the structure. Further results are pending from other drillholes located across 600m of strike at the Djupedal prospect and also from two holes at Olserum West. | |
| Orientation of data in relation to geological structure | • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | Holes OLS24-08 and OLS24-013 were drilled near perpendicular to the mineralised structures and carried out to normal industry standards. Holes OLS24-06 and OLS24-09 were drilled in the opposite direction. OLS24-09 had space constraints and could not be drilled to the northeast across the magnetic anomaly. Hole OLS24-06 was drilled as a scissor hole to validate the exploration model and target another north dipping structure. Both holes OLS24-06 and OLS24-09 are at a shallow angle to the foliation and structure. | |
| Sample security | The measures taken to ensure sample security | Core was kept in a locked facility and securely strapped to pallets for transport direct to ALS Pitea for cutting and assay. | |
| Audits or reviews | • The results of any audits or reviews of sampling techniques and data. | Not applicable, these are initial results of a scout drilling program. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | Explanation | Explanation |
| Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | All permits relating to the Olserum project are 100%-owned by European Mineral Exploration AB (registered in Sweden) which is a 100%-owned subsidiary of European Green Transition Plc. The workplan and drilling reported here relates to the Olserum nr 21 permit (Ref 2017:91). The permit area is 1099.2546Ha and is valid to 08/06/2025 which is the next renewal date. This drill program and other works completed will qualify the permit for renewal. The total tenement area including contiguous permits is 102 sq. km. All permits are under 100% ownership by EGT and free of royalties. |
| Exploration done | Acknowledgment and appraisal of exploration by other parties. | Minimal fieldwork has been conducted by other operators in the past and the focus was on the Olserum resource area 2.3km southwest of Djupedal where a historic resource estimate was defined by IGE and Tasman Metals (2013). The first three holes drilled at the Olserum project was at Djupedal in 2003 but all 3 holes were drilled to the south, near parallel to the mineralised structures which they failed to intersect. The area has since been deforested with more exposure and a new deposit model. |
| Geology | Deposit type, geological setting and style of mineralisation. | REE mineralisation is hosted in biotite-magnetite altered shear zones crosscutting the red hematised Olserum granite, a peraluminous alkali-feldspar granite. The Olserum-Djupedal granite is interpreted to be an anatectic granite that was produced by partial melting at ~1.80 Ga. Major crustal scale structures, part of the Loftahammar-Linköping Deformation Zone occur within 10km. |
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: | Table included above. |
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. | Length weighted grades are reported for samples above a cut-off of 0.4% TREO and with no greater than 2m of internal dilution. Broader mineralised zone are also described but may be less than 0.4% TREO cut-off used in the historical resource estimate. |
| Relationship between mineralisation widths and intercept lengths | • These relationships are particularly important in the reporting of Exploration Results. | True width is estimated at 85-90% of the down hole length for -45 degree holes drilled across the structures (OLS24-08 and OLS24-13). The mineralised structure in OLS24-08 dips 70 degrees to the southwest. At Olserum West the dip is c.80-85 degrees to the north and true width is approximately 82% of the reported intersection. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Drill hole location map and sections included in the RNS above. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative | Samples are reported over the target structures of significant width and grade. Other samples away from these structures are not expected to have economic mineralisation and may be sampled to improve the understanding of the mineralisation/geochemistry etc. |
| Other | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | Previous metallurgical testwork on a composite sample from the Olserum resource has shown that monazite and xenotime can be concentrated with standard flotation after magnetite is removed using wet low-intensity magnetic separation. Deleterious elements are considered low on average and not directly proportional to REO grade. The highest-grade sample with 8.83% TREO reported here has 210ppm U and 95 ppm Th over 0.5m. The intersection in hole OLS24-08 with 1.18% TREO over 2.4m from (64.8m to 67.2m) has 36.9 ppm Th and 72.2ppm U. |
| Further work | • The nature and scale of planned further work (e.g. tests for lateral extensions or depth | The mineralisation is open along strike and at depth and is expected to be variable in thickness and grade along the shear zone structures. Further drilling along strike and downdip of these holes is warranted to expand the scale of the mineralisation and potentially locate higher grade shoots within the shear system. |
-ENDS-
Enquiries
European Green Transition plc
| Aiden Lavelle, CEO | +44 (0) 208 058 6129 |
| Jack Kelly, CFO | |
| | |
Panmure Liberum - Nominated Adviser and Broker
| James Sinclair-Ford / Dougie McLeod / Mark Murphy / Kieron Hodgson / Rauf Munir
| + 44 (0) 20 7886 2500 |
Camarco - Financial PR
| Billy Clegg, Elfie Kent, Lily Pettifar, Poppy Hawkins | europeangreentransition@camarco.co.uk + 44 (0) 20 3757 4980
|
Notes to Editors
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