European Green Transition PLC (AIM:EGT) CEO Aiden Lavelle joined Steve Darling from Proactive to announce promising results from recent grab samples taken at the Djupedal prospect, the nearby Bersummen area, and the newly identified Stora Lockerum structure, all located within the Olserum REE project in south Sweden.
High-grade samples of dump material at Djupedal assayed 4.79%, 5.8%, and 11.77% TREO (Total Rare Earth Oxides). This fieldwork has allowed the team to increase their understanding of the system, extending the strike length of the mineralization at Djupedal to 1 km, and 900 m to the south, extending the recently discovered Stora Lockerum structure to up to 500 m following its discovery in March.
Lavelle also told Proactive that a sample from the March sampling results, which exceeded the detection limits, was re-assayed by XRF methods and assayed 15.27% TREO, of which 3.67% is high-value NdPrDy oxides. Six rock chip samples collected at the newly identified Stora Lockerum structure, 900 m south of Djupedal, assayed up to 3.88% TREO with an average of 1.73% TREO.
Historic trial workings for iron were also discovered, confirming the link between the magnetite iron and REE mineralization in the district. Four samples from the Bersummen area assayed between 0.9% TREO and 2.51% TREO, with samples up to 290 m apart, defining a potential new mineralized trend northwest of Bersummen. With these positive results, the company believes that EGT’s fully permitted low-cost drill program, scheduled for H2-2024, could confirm a district-scale system and further project upside. This would support the aim of attracting a partner to fund a larger-scale program, enhancing the project's development potential.
Lavelle emphasized that the continued success of their fieldwork is critical for expanding the understanding of the mineralized systems within the Olserum REE project. The recent discoveries and high-grade assays underscore the potential for significant rare earth element deposits in the region, which could play a crucial role in meeting the increasing global demand for these critical minerals.
