REG - European Green Trns. - Commencement of Drilling at Olserum REE Project

European Green TransitionAnnouncement

06/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240806:nRSF2512Za&default-theme=true

RNS Number : 2512Z  European Green Transition PLC  06 August 2024

06 August 2024

European Green Transition plc

("European Green Transition", "EGT" or "the Company")

Commencement of Drilling at Olserum REE Project in Sweden

 

 

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
(https://sparklive.lseg.com/EUROPEANGREENTRANSITION/events/2c2378af-579f-47a2-a9e2-08f48182ab40/european-green-transition-plc-developing-green-economy-projects-for-europe)

 

 

-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 / Ivo Macdonald  + 44 (0) 20 7886 2500

 Mark Murphy /  Kieron Hodgson / Rauf Munir

 

Camarco - Financial PR

 Billy Clegg, Elfie Kent, Lily Pettifar, Poppy Hawkins  europeangreentransition@camarco.co.uk
                                                        (mailto:europeangreentransition@camarco.co.uk) + 44 (0) 20 3757 4980

Notes to Editors

 

European Green Transition plc (listed on the AIM London Stock Exchange under
the ticker "EGT") is a business operating in the green economy transition
space in Europe. EGT intends to capitalise on the opportunities created by
Europe's transition away from fossil fuels to a green, renewables-focused
economy. The Company plans to expand its existing portfolio of green economy
assets through M&A, targeting what it believes to be distressed and
undervalued projects. EGT sees substantial opportunities to deliver value from
its M&A pipeline, which includes critical material, wind, solar,
processing and recycling projects.

 

EGT's highly experienced leadership team has a strong track record of building
successful public companies through the acquisition of distressed assets. EGT
plans to replicate this approach, creating a sustainable and profitable
business while generating shareholder returns.

 

The Company's current portfolio of green economy assets includes the Olserum
Rare Earth Project in Sweden. The Olserum project is one of Sweden's projects
of "National Interest" and has the potential to become Europe's first
operating REE mine. EGT has taken an exclusive option over a copper tailings
recycling project in Cyprus with the potential to generate meaningful amounts
of copper, and with the site and surroundings offering an excellent long-term
location to establish a potential solar power facility. EGT has taken a
further exclusive option to develop a peatland carbon sink programme and in
turn generate carbon credits at Altan in Donegal in the northwest of Ireland.
EGT owns additional projects in northern Sweden and Germany which have defined
and tangible upside with potential to realise near-term inflection points in a
cost effective manner. EGT's objective is to build a profitable business while
aiming to monetise some of its assets through sale or partnership with larger
industry players or European end users. The team is focused on success while
remaining committed to its defined ESG strategy, ensuring excellent
development practices across all projects in addition to regular local
community engagement.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUPUGGRUPCGQA