European Green Transition has begun drilling at its Olserum rare earth project in Sweden, in a bid to confirm potential for rare earth elements that would help attract a partner for the project.
The company, which focuses on assets required for the green transition, said it was undertaking a low-risk programme totalling about 1,500m, targeting outcropping mineralisation at Djupedal.
This follows a series of encouraging results from the Olserum rare earth elements. Test work has also indicated that the mineralisation style at Olserum is capable of producing a rare earth element-rich concentrate from conventional 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,” said chief executive Aiden Lavelle. “This is a crucial step which could support monetisation of the Olserum REE project.”
EGT, which was floated by serial entrepreneur Cathal Friel in London in April, raised £6.46 million (€7.51 million) of fresh funds in its initial public offering. The company was floated with a seed portfolio that included three exploration projects – two in Sweden and one in Germany – for critical metals such as lithium, used for electric vehicle batteries, and rare-earth metals such as dysprosium and terbium, used in the manufacturing of wind turbines.
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