REG - European Green Trns. - Completion of Olserum Drill Programme

European Green TransitionAnnouncement

09/09/2024 07:00

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RNS Number : 3923D  European Green Transition PLC  09 September 2024

09 September 2024

European Green Transition plc

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

Completion of Olserum Drill Programme

 

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, announces that it has completed the low-cost drill
programme at its Olserum Rare Earth Element ("REE") Project in Sweden.

 

Highlights

 

·    Successful completion of 13 holes for c.1,500 metres of diamond core
drilling ahead of schedule and below budget at the Olserum REE project in
Sweden.

·    The Directors are encouraged by the work performed with visual
inspection of the drill core indicating broad alteration zones and intervals
with intersections of visible phosphate mineralisation, which the Directors
believe host the REEs.

·    Subject to REE assay results, the Directors believe that the drilling
will confirm the presence of a district scale REE system at Olserum,
increasing the ability to monetise the Olserum REE project with a third party.

·    Core logging is now complete and lab-based analysis to assess REE
concentration is due to commence in late September 2024, with results expected
later in H2-2024.

 

Aiden Lavelle, Chief Executive Officer of European Green Transition, said:

 

"The successful completion of our drilling programme ahead of schedule and
below budget marks a significant milestone for the Olserum REE project. 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.

 

"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. "

 

 

 

 

Figure 1: Olserum REE project summary map showing new EGT drill holes and
prior work completed

 

Investor Presentation

 

Aiden Lavelle, Chief Executive Officer, and Jack Kelly, Chief Financial
Officer, will provide a live presentation via Mello Monday on Monday 9
September 2024 at 6.00 pm BST. Investors can register to attend here
(https://melloevents.com/mm090924/) .

 

 

 

-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 / Mark Murphy / Kieron   + 44 (0) 20 7886 2500
 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 that are at or close to revenue generation. EGT sees
substantial opportunities to deliver value from its M&A pipeline across
the green economy space.

 

EGT's highly experienced leadership team has a strong track record of building
successful public companies through the acquisition of distressed assets via
M&A. 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 also taken an exclusive option over a copper
tailings recycling project in Cyprus with the potential to generate meaningful
amounts of copper, and the site and surroundings offer 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.
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.

 

For more information, please go to  www.europeangreentransition.com
(https://www.europeangreentransition.com/)  or follow us on X (formerly
Twitter ) (https://twitter.com/EuropeanGreenT) and LinkedIn
(https://www.linkedin.com/company/european-green-metals-ltd) .

 

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