REG - European Green Trns. - Final Olserum Drilling Results
17/12/2024 07:00
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RNS Number : 3040Q European Green Transition PLC 17 December 2024
17 December 2024
European Green Transition plc
("European Green Transition", "EGT" or "the Company")
Final Olserum Drilling Results
Final results from the Olserum REE project
European Green Transition (AIM: EGT), a company developing green economy
assets in Europe, is pleased to report positive results from the final five
drill holes from its drill programme at the Olserum Rare Earth Element ("REE")
project in Sweden ("Project").
Highlights
· All results from the Olserum REE drill programme have now been
received with mineralisation intersected in all 13 drill holes confirming the
district scale potential of the project.
· Results support EGT's strategy to monetise the Project through sale or
partnership as the Company continues to direct its focus towards revenue
generating opportunities in the green economy.
· Hole OLS24-05 intersected multiple mineralised structures including
5m grading 0.48% Total Rare Earth Oxides (TREO) with 18.7% Heavy Rare Earth
Oxides (HREO) from 70.5m to 75.5m.
· Hole OLS24-07 intersected 2.45m grading 2.71% TREO (33.4% HREO)) from
40.0m to 42.45m within a broad mineralised zone averaging 22.5m grading 0.58%
TREO.
· Hole OLS24-11 intersected 8.2m grading 0.94% TREO (22% HREO) from
44.55 to 52.75m including 3.2m grading 1.57 % TREO.
· Hole OLS24-12 intersected several vein zones including 2.25m grading
1.33% TREO (17.5% HREO) from 102.95m to 105.2m and 2.85m grading 1.03% TREO
(29% HREO) from 170.2m.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
"This final batch of results from the Olserum REE project builds on the
previously announced results confirming the district-scale potential of the
REE-mineralised system at Olserum. Several mineralised structures have been
encountered at Djupedal and Olserum West and the drilling has demonstrated
vertical continuity from surface mineralised outcrops up to 150m vertical
depth.
The drill results have validated our exploration model and the Directors
believe that the Olserum REE project could be attractive to a range of
potential acquirers or partners. The Company now looks forward to sharing
these results with interested parties with the aim of monetising the Olserum
asset as EGT focusses on identifying revenue-generating opportunities across
the green economy."
Summary of Drill Results
EGT has received the final batch of assay results from five 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.
Results from seven holes from the Djupedal prospect and one from the Olserum
West prospect were previously announced in two batches on the 29(th) October
and the 21(st) November 2024. The final results released as part of this
announcement are for three holes at Djupedal and two holes from the same drill
pad at Olserum West. REE mineralisation has been intersected across all 13
holes with multiple mineralised structures discovered and broad anomalous to
low-grade wallrock mineralisation encountered around higher-grade veins.
Figure 1 Olserum drill hole map showing EGT drill holes from the 2024 drill program.
Djupedal Prospect
Hole OLS25-05 at Djupedal was located 167m southwest of holes OLS24-01 and
OLS24-02 and 215m southwest of the historic workings. The hole was a deep,
angled hole to test the mineralised structure at greater depth beneath the
workings and to determine if there was continuity from the intersections in
hole OLS24-01 (1.5m grading 3.48% TREO) and OLS24-02 (7.25m grading 0.72%
TREO). The deeper hole successfully intersected the mineralised structure with
3.35m grading 0.4% TREO from 192.35m downhole depth. This intersection
demonstrates vertical continuity from surface of >150m. Another vein zone
from 221.3m, which may be a splay of this structure, had an intersection of
1.75m grading 0.72% TREO and was notably rich in heavy rare earths (72% HREO)
and Yttrium (Y) with a peak value of 0.41% Y.
Drill hole OLS24-05 also intersected another mineralised zone at shallower
depth which is outcropping 110m southwest of the historic workings and from
which eight grab samples on surface averaged 0.86% TREO. The intersections on
this structure are within a broad altered and anomalous to low-grade zone
which grades 0.26% TREO over 35.15m from 57.5m to 92.65m and includes multiple
sub 1% TREO samples. The intersections are set out in the tables below.
Hole OLS24-07 and OLS24-08 were drilled 450m west of hole OLS24-05, in the
west of the Djupedal prospect, to target the strong mineralisation in outcrop
which was previously channel sampled with results of 3m grading 1.58% TREO and
1m grading 2.27% TREO across a 5m partially exposed zone. Assays received for
hole OLS24-07 show that it intersected a strongly mineralised zone with 2.45m
grading 2.71% TREO (33.4% HREO) on the main structure which lies within a much
broader zone averaging 22.5m grading 0.58% TREO that consists of both
high-grade veins with interspersed lower grade wallrock. This intersection on
the main structure is superior to the result in OLS24-08 (1.18% TREO over
2.4m) which was previously announced. These two intersections also confirm
vertical continuity of the structure to >60m depth at this location and
potentially point to a higher-grade shoot within the district-scale
mineralised shear system. Other significant intersections in this hole are
included in the table below.
Hole OLS24-10 was located in the centre of the Djupedal prospect within a
strong magnetic anomaly and approximately 50m east of a surface magnetite iron
working and dumps. The hole was drilled to the northeast and intersected
several alteration zones with associated monazite and xenotime mineralisation.
The best intersections were 0.5m grading 1.02% TREO (15% HREO) from 22.15m to
22.65m which occurs within a low-grade zone of 3.15m grading 0.32% TREO, and
1.55m grading 0.98% TREO (22% HREO) from 46.75m to 48.3m which occurs within a
low-grade zone of 13.65m grading 0.32% TREO (30% HREO) from 43.85 to 57.5m.
Olserum West Prospect
OLS24-11, located near the centre of the Olserum West zone, was drilled at
-45° to the southwest to test beneath a broad mineralised outcrop which was
previously channel sampled (OLS-CH-03) and which had 14m grading 0.496% TREO
across the outcrop. The hole intersected numerous zones of alteration which
contain broad low-grade mineralisation and some higher-grade intercepts
including the best intersection beneath the channel sampled outcrop which is
3.2m grading 1.57 % TREO (20% HREO) from 45.55m to 48.75m. This intersection
occurs within a broader zone of 8.2m grading 0.94% TREO (22% HREO) from 44.55
to 52.75m which is substantially higher than the outcrop grade and comparable
to some of the intersections within the historic resource 300m to the
southeast of this hole.
Other intersections in the same hole are as follows:
· 1.25m grading 0.53% TREO (26.5% HREO) from 59.75m to 61.0m
· 0.7m grading 2.84% TREO (28% HREO) from 127.9m to 128.6m.
· Other low-grade zones associated with biotite-magnetite alteration
occur over broad widths including 0.2% TREO over 7m from 96.5m and 0.34% TREO
over 5m from 110.5m including 1m grading 0.53% TREO (28% HREO).
OLS24-12 was drilled from the same pad as hole OLS24-11 but at a steeper angle
of -65° to test the continuity and dip of the mineralised structures. Several
narrow zones were intersected in this hole with some variable geology at the
top of this hole compared to OLS24-11. The intersection beneath the
outcropping mineralisation is of lower-grade with 10m grading 0.15% TREO
beneath the channel sampled outcrop and post-mineral shearing was observed in
this hole which may explain the variation in grade and thickness, however
there are a number of notable intersections in the hole including the
following:
· 0.6m grading 2.56% TREO (13% HREO) from 86.05m to 86.65m
· 2.25m grading 1.33% TREO (17.5% HREO) from 102.95m to 105.2m
including 1.05m grading 2.57% TREO
· 1.15m grading 0.51% TREO (18% HREO) from 116.85m to 118.0m
· 2.85m grading 1.03% TREO (29% HREO) from 170.2m to 173.05 including
0.5m grading 3.57% TREO
Summary of Results from the Djupedal and Olserum West Prospects
The latest results from Djupedal build on the previous results, confirming the
presence of multiple mineralised structures and de-risk the prospect for a
potential incoming partner. There are now several low-risk targets at Djupedal
to step out along and drill test in order to seek dilations and higher-grade
zones giving potential partners a range of options to advance the prospect. In
addition, there are similar structures with REE mineralisation exposed 900m to
the south of Djupedal at the recently discovered Stora Lockerum zone which is
itself approximately 500m long. This and other prospects provide a pipeline of
targets to advance.
The results for the three holes drilled at Olserum West show that there is
significant mineralisation in the area 300m from the historic resource which
was not previously drill tested. This includes the highest-grade drill assay
to date of 0.5m grading 8.83% TREO in hole OLS24-13 in addition to 8.2m
grading 0.94% TREO in OLS24-11. The edge of the historic resource lies 300m to
the southeast of holes OLS24-11 & OLS24-12 suggesting that there is
undiscovered potential within this gap. Based on drilling to date, the
mineralisation along the altered shear-zone structures does appear to have
good continuity which is evident from the high-success rate of the scout drill
program with no barren holes reported. There is a pinch and swell nature to
the mineralised zones giving some variability to the width and the assay
grades but this is a typical feature of many shear zone hosted deposits. The
coarse nature of the REE phosphate mineralisation leads to some sample
variability given the relatively narrow core diameter and sample volume,
however, the coarse REE-phosphate mineralisation is favourable from a
metallurgical point of view allowing good recoveries during flotation which
has been demonstrated with the preliminary metallurgical study results
announced on the 17(th) July 2024. Furthermore, the mineralisation style and
alteration across all prospects at the Olserum Project is similar and REE
phosphates such as monazite and xenotime have a known process route.
Next Steps
The Company believes that there are many positive attributes to the Olserum
REE Project which could make it an attractive project for a potential
acquirer. These include the district-scale REE potential of the project, the
pipeline of additional targets to test, the presence of the defined historic
Olserum resource, the project's location on commercial forestry lands with
excellent infrastructure and the positive metallurgical characteristics.
Olserum is an important European REE project which has been designated a
National Interest project for potential REE exploitation by the Swedish
Geological Survey in May 2023. The project could, in the future, be a
meaningful supplier of REE minerals to the EU which is now taking action to
secure supplies of critical raw materials such as REEs which are crucial for
the green energy transition. It is the Company's intention to capitalise on
this opportunity by monetising the Olserum REE project as it directs its focus
on revenue opportunities across the green economy.
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 29(th) Oct
OLS24-02 Djupedal 578392.8 6425419.8 75 53.9 -75 84.1 29(th) Oct
OLS24-03 Djupedal 578423 6425407 66 53.1 -43 62.5 29(th) Oct
OLS24-04 Djupedal 578422.7 6425406.7 66 53.8 -74.4 71.95 29(th) Oct
OLS24-05 Djupedal 578261 6425317 55 45 -45 229.5 This RNS
OLS24-06 Djupedal 578287 6425332 55 224.5 -44.6 101.8 21(st) Nov
OLS24-07 Djupedal 577843 6425501 47 35.2 -45 89.55 This RNS
OLS24-08 Djupedal 577821 6425486 47 34.2 -44.5 111.9 21(st) Nov
OLS24-09 Djupedal 578033 6425364 50 217.8 -43.8 83.7 21(st) Nov
OLS24-10 Djupedal 578030 6425319 50 39.96 -45.1 104.4 This RNS
OLS24-11 Olserum West 579730 6424040 65 235 -45 162.9 This RNS
OLS24-12 Olserum West 579730.8 6424040.8 65 234.58 -65 222.65 This RNS
OLS24-13 Olserum West 579694 6424069 43 238.66 -44.9 111.75 21(st) Nov
TOTAL :13 1,503.1 13/13
Table 2: Summary of intersections from the latest EGT drill hole results at
the Olserum REE Project.
HOLE ID From (m) To (m) Interval (m) TREO % PMREO % NdPr Oxides % Dy ppm Tb ppm
OLS24-05 64.5 65.5 1 0.72 0.28 0.13 133 23.4
(within low-grade zone*) 57.5 68.5 11 0.23 0.09 0.04 45 7.8
70.5 75.5 5 0.48 0.2 0.09 74 14.5
78.4 79.4 1 0.53 0.2 0.087 110 19.8
91.4 91.65 0.25 3.717 1.64 0.74 362 87.5
All above within anomalous zone* 57.5 92.65 35.15 0.26 0.1 0.04 46 8.3
197.25 200.6 3.35 0.4 0.15 0.07 74 13
(within low-grade zone*) 192.35 200.6 8.25 0.35 0.11 0.05 89 13.8
221.3 223.05 1.75 0.72 0.11 0.05 332 45.2
OLS24-07 30.4 30.9 0.5 1.5 0.55 0.25 306 54.4
33.85 35.0 1.15 1.21 0.52 0.24 149 32.8
40 42.45 2.45 2.71 0.91 0.41 672 113
49.3 50.9 1.6 0.6 0.25 0.11 90 16.6
(all above within mineralised zone*) 30.4 52.9 22.5 0.58 0.22 0.1 119 21
OLS24-10 22.15 22.65 0.5 1.03 0.45 0.2 141 31.1
(within low-grade zone*) 20.35 23.5 3.15 0.33 0.14 0.06 58.1 11.5
46.75 48.3 1.55 0.98 0.38 0.18 190 36.8
(within low-grade zone*) 43.85 57.5 13.65 0.28 0.1 0.05 63 11.4
OLS24-11 45.55 48.75 3.2 1.57 0.65 0.29 243 46.6
(within broader zone*) 44.55 52.75 8.2 0.94 0.38 0.17 159 30
59.75 61.0 1.25 0.53 0.19 0.09 127 23
127.9 128.6 0.7 2.84 1.06 0.44 645 114
OLS24-12 86.05 86.65 0.6 2.56 1.14 0.48 262 59.9
102.95 105.2 2.25 1.33 0.55 0.24 227 44.8
including 102.95 104.0 1.05 2.57 1.06 0.46 450 88.6
116.85 118.0 1.15 0.51 0.21 0.09 73 15.3
170.2 173.05 2.85 1.03 0.39 0.18 204 37.9
190.45 190.95 0.5 0.72 0.27 0.12 165 30.4
213.2 213.6 0.4 1.00 0.45 0.21 69 18.2
*includes internal dilution >2m with <0.4% TREO
Figure 2 Section showing drillhole OLS24-05 at Djupedal based on initial
logging. New results and other significant intersections for nearby holes are
labelled.
Figure 3 Section showing drillhole OLS24-07 and OLS24-08 at Djupedal based on
initial logging with significant intersections in drill core and channel
samples labelled.
Figure 4 Section showing drillhole OLS24-09 and OLS24-10 at Djupedal based on
initial logging with significant intersections in drill core labelled.
Figure 5 Section showing drillhole OLS24-10 and OLS24-11 at Olserum West based
on initial logging with significant intersections in drill core and channel
samples labelled.
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 Samples from three diamond drill holes at the Djupedal prospect and two from
specialised industry standard measurement tools appropriate to the minerals Olserum West are reported here. The five holes totalling 809.0m had 478
under investigation, such as down hole gamma sondes, or handheld XRF samples incl. QAQC samples. 13 holes were drilled by EGT for a total of
instruments, etc). These examples should not be taken as limiting the broad 1503.1m. Core was NQ2 (50.6mm diameter). All diamond drill core samples
meaning of sampling. analysed were of half core cut by automated core saw. Approximately 1:30
• Include reference to measures taken to ensure sample representivity and samples were 1/4 core duplicates. The remaining half of the core was returned
the appropriate calibration of any measurement tools or systems used. to the core box as a permanent record of the drill hole and will be stored at
•Aspects of the determination of mineralisation that are Material to the the SGU archive facilities in Mala, north Sweden. Samples were generally 1m
Public Report. In cases where 'industry standard' work has been done this long across mineralised structures and on occasion where less than 1m to
would be relatively simple (e.g. 'reverse circulation drilling was used to sample narrower veins. Where low grade or broad alteration was intersected in
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for wallrock further from veins, samples of up to 2m were cut. Logging and
fire assay'). In other cases more explanation may be required, such as where sampling was carried out according to normal industry standards. Sampling
there is coarse gold that has inherent sampling problems. Unusual commodities extended into barren wallrock to close off mineralisation.
or mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information
Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air Diamond drilling retrieved full core of NQ2 (50.6mm) diameter using standard
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or wireline drilling with a diamond bit and core barrel. The rig used was a DBC
standard tube, depth of diamond tails, face-sampling bit or other type, ESD9 MACHINA owned and operated by Norse Diamond Drilling AS. Core was
whether core is oriented and if so, by what method, etc). 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 Core recovery was excellent (>95% up to 100%) due to the hard crystalline
results assessed. nature of the rock in all holes. Only localised minor fracturing and core loss
• Measures taken to maximise sample recovery and ensure representative was noted with late faults which did not usually coincide with mineralised
nature of the samples. intersections.
• Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been geologically and geotechnically All core was logged for recovery, RQD, solid core %, lithology and alteration
logged to a level of detail to support appropriate Mineral Resource with structural measurements taken on oriented core where practical and
estimation, mining studies and metallurgical studies. useful. The logging was followed by markup for sampling and photography of
• Whether logging is qualitative or quantitative in nature. Core (or core, both wet and dry. General coding was used for lithological logging and
costean, channel, etc) photography. was kept simple as the host lithology seldom differs and it is mainly the
• The total length and percentage of the relevant intersections logged. 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
• If non-core, whether riffled, tube sampled, rotary split, etc and using an automated diamond core saw at the ALS Pitea sample prep facility in
whether sampled wet or dry. North Sweden. Barcoded ALS tickets were stapled to the box at the start of
• For all sample types, the nature, quality and appropriateness of the each sample and clearly labelled by EGT geologists with cutting instructions
sample preparation technique. provided. 1:30 samples were 1/4 core duplicates to test for grade variability.
• Quality control procedures adopted for all sub-sampling stages to
Sample preparation was ALS method PREP-31BY (Crusher/rotary splitter combo -
maximise representivity of samples. Crush to 70% less than 2mm, rotary split off 1kg, pulverise split to better
• Measures taken to ensure that the sampling is representative of the than 85% passing 75 microns). Analysis was by ALS method ME-MS81h (fusion
in-situ material collected, including for instance results for field ICP-MS/ICP-AES) which is an appropriate method for ore-grade REEs and
duplicate/second-half sampling. resistive minerals.
• Whether sample sizes are appropriate to the grain size of the material
Sample size is appropriate for the grain size of the mineralisation at the
being sampled. exploration drilling stage. Some larger diameter core should be considered for
resource drilling.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory The assay technique is considered near total and has consistently been used
procedures used and whether the technique is considered partial or total. for all samples at Olserum.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the Blanks (marble chips) and CRMs certified for REEs from Geostats Pty in
parameters used in Australia were submitted every 30th sample in the sample stream. A 1/4 core
determining the analysis including instrument make and model, reading times, duplicate was also submitted for every 30 samples. Results for QAQC samples
calibrations are acceptable. Results for fifteen ¼ core duplicate pairs in these batches
factors applied and their derivation, etc. show good results with 9 pairs with <20 % variability, 4 pairs between 20
• Nature of quality control procedures adopted (e.g. standards, blanks, and 40% variability, and two pairs with >100% variability due to coarse REE
duplicates, external laboratory checks) and whether acceptable levels of phosphate mineralisation.
accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying • The verification of significant intersections by either independent or Mrs Emer Blackwell, PGeo, consultant GIS and Database manager to the Company
alternative company personnel. has also verified the intersections reported here.
• The use of twinned holes. No twinned holes were drilled. Two holes per drill fence on some sections
• Documentation of primary data, data entry procedures, data verification, (OLS24-07/08 and OLS24-11/12) give confidence on continuity of mineralised
data storage (physical and electronic) protocols. structures and confirm the dip of the structures as steep to the southwest at
• Discuss any adjustment to assay data. Djupedal and near vertical to steep to the north and Olserum West. Hole
OLS24-05 also confirms the dip of structures intersected in OLS24-01 and
OLS24-02.
There have been no adjustments to assays data. Assays less than detection
limit (DL) are set to half the DL for display purposes. Any values >DL are
capped at the DL.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and Drill hole coordinates were recorded with a Garmin GPS Map 64 and also checked
down-hole surveys), trenches, mine workings and other locations used in with iPhone and Swedish MyMap Lidar topography app on smart phone.
Mineral Resource estimation.
Grid system used is the Swedish National grid, SWEREF99TM.
• Specification of the grid system used.
The Company has acquired detailed lidar data for topography control and
• Quality and adequacy of topographic control. checks.
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
• Whether the data spacing and distribution is sufficient to establish the shown that mineralisation is hosted in structures which are expected to extend
degree of geological and grade continuity appropriate for the Mineral Resource beyond the area of drilling based on surface mapping albeit it is expected
and Ore Reserve estimation procedure(s) and classifications applied. that grade will be variable within the structure. Intersections are reported
• Whether sample compositing has been applied. based on length-weighted grades of mineralised intervals.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible All holes reported here were drilled at either -45 or -65 degrees and as near
structures and the extent to which this is known, considering the deposit perpendicular as possible to the mineralised structures and drilling was
type. carried out to normal industry standards.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
Previous grab samples mentioned in this RNS may show bias due to limited
exposure which represent the centre of a structure compared to hard wallrock
mineralisation which is competent and difficult to sample with a hammer.
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.
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.
• If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material
being sampled.
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.
Sample preparation was ALS method PREP-31BY (Crusher/rotary splitter combo -
Crush to 70% less than 2mm, rotary split off 1kg, pulverise split to better
than 85% passing 75 microns). Analysis was by ALS method ME-MS81h (fusion
ICP-MS/ICP-AES) which is an appropriate method for ore-grade REEs and
resistive minerals.
Sample size is appropriate for the grain size of the mineralisation at the
exploration drilling stage. Some larger diameter core should be considered for
resource drilling.
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.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in
determining the analysis including instrument make and model, reading times,
calibrations
factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established.
The assay technique is considered near total and has consistently been used
for all samples at Olserum.
Blanks (marble chips) and CRMs certified for REEs from Geostats Pty in
Australia were submitted every 30th sample in the sample stream. A 1/4 core
duplicate was also submitted for every 30 samples. Results for QAQC samples
are acceptable. Results for fifteen ¼ core duplicate pairs in these batches
show good results with 9 pairs with <20 % variability, 4 pairs between 20
and 40% variability, and two pairs with >100% variability due to coarse REE
phosphate mineralisation.
Verification of sampling and assaying
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
Mrs Emer Blackwell, PGeo, consultant GIS and Database manager to the Company
has also verified the intersections reported here.
No twinned holes were drilled. Two holes per drill fence on some sections
(OLS24-07/08 and OLS24-11/12) give confidence on continuity of mineralised
structures and confirm the dip of the structures as steep to the southwest at
Djupedal and near vertical to steep to the north and Olserum West. Hole
OLS24-05 also confirms the dip of structures intersected in OLS24-01 and
OLS24-02.
There have been no adjustments to assays data. Assays less than detection
limit (DL) are set to half the DL for display purposes. Any values >DL are
capped at the DL.
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.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
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.
Grid system used is the Swedish National grid, SWEREF99TM.
The Company has acquired detailed lidar data for topography control and
checks.
Data spacing and distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.
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. Intersections are reported
based on length-weighted grades of mineralised intervals.
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.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
All holes reported here were drilled at either -45 or -65 degrees and as near
perpendicular as possible to the mineralised structures and drilling was
carried out to normal industry standards.
Previous grab samples mentioned in this RNS may show bias due to limited
exposure which represent the centre of a structure compared to hard wallrock
mineralisation which is competent and difficult to sample with a hammer.
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 All permits relating to the Olserum project are 100%-owned by European Mineral
material issues with third parties such as joint ventures, partnerships, Exploration AB (registered in Sweden) which is a 100%-owned subsidiary of
overriding royalties, native title interests, historical sites, wilderness or European Green Transition Plc. The workplan and drilling reported here relates
national park and environmental settings. to the Olserum nr 21 permit (Ref 2017:91). The permit area is 1099.2546Ha
• The security of the tenure held at the time of reporting along with any and is valid to 08/06/2025 which is the next renewal date. This drill program
known impediments to obtaining a licence to operate in the area. 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
by other parties focus was on the Olserum resource area 2.3km southwest of Djupedal, and 300m
from Olserum West, 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. Drilling of
holes OLS24-01 to 04 successfully intersected the structure drilling to the
northeast.
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.
Monazite and xenotime (REE phosphates) host the REEs with some associated
apatite. Monazite and xenotime vary from fine to very coarse-grained and
usually occur within vein zones with coarse flaky biotite. The mineralisation
has many features in common with iron-oxide-apatite-REE systems. Hydrothermal
alteration and a mylonitic shear fabric is extensive within the prospective
zones of the Olserum granite.
Drill hole Information A summary of all information material to the understanding of the exploration Table included in the RNS above.
results including a tabulation of the following information for all Material
drill holes:
• easting and northing of the drill hole collar
• elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
• dip and azimuth of the hole
• down hole length and interception depth
• hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum Length weighted grades are reported for samples above a cut-off of 0.4% TREO
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off and with no greater than 2m of internal dilution. Broader mineralised zones
grades are usually Material and should be stated. are also described but may be less than 0.4% TREO cut-off used in the
• Where aggregate intercepts incorporate short lengths of high grade results historical resource estimate. These are marked in the table above.
and longer lengths of low grade results, the procedure used for such Individual REE assays in ppm are converted to individual rare earth oxide
aggregation should be stated and some typical examples of such aggregations ('REO') assays based on standard oxide conversion factors shown below. The 15
should be shown in detail. individual REO assays are summed to give a total REO (TREO). Scandium (Sc) is
• The assumptions used for any reporting of metal equivalent values should not included in the TREO. The REEs analysed are Ce, Dy, Er, Eu, Gd, Ho, La,
be clearly stated. Lu, Nd, Pr, Sm, Tb, Tm, Y and Yb is included.
Table of Conversion Factors:
CeO2 1.2284 Nd2O3 1.1664
Dy2O3 1.1477 Pr2O3 1.1703
Er2O3 1.1435 Sm2O3 1.1596
Eu2O3 1.1579 Tb4O7 1.1762
Gd2O3 1.1526 Tm2O3 1.1421
Ho2O3 1.1455 Y2O3 1.2699
La2O3 1.1728 Yb2O3 1.1387
Lu2O3 1.1371
Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of True width is estimated at 85-90% of the down hole length for -45 degree holes
Exploration Results. drilled across the structures e.g. the mineralised structure in OLS24-07 dips
• If the geometry of the mineralisation with respect to the drill hole angle c.70 degrees to the southwest. At Olserum West the dip is c.80-85 degrees to
is known, its nature should be reported. the north and true width is approximately 82% of the reported intersections
• If it is not known and only the down hole lengths are reported, there for OLS24-11 and 57% for OLS24-12.
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Drill hole location map and sections included in the RNS above. Note that
should be included for any significant discovery being reported These should sections are preliminary in nature and based on leapfrog modelling. Further
include, but not be limited to a plan view of drill hole collar locations and refinement of the 3D model is required.
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, Samples are reported over the target structures of significant width and
representative grade. Other samples away from these structures are not expected to have
reporting of both low and high grades and/or widths should be practiced to economic mineralisation and may be sampled to improve the understanding of the
avoid misleading mineralisation/geochemistry etc.
reporting of Exploration Results.
Other Other exploration data, if meaningful and material, should be reported Previous metallurgical testwork on a composite sample from the Olserum
substantive including (but not limited to): geological observations; geophysical survey resource has shown that monazite and xenotime can be concentrated with
exploration data results; geochemical survey results; bulk samples - size and method of standard flotation after magnetite is removed using wet low-intensity magnetic
treatment; metallurgical test results; bulk density, groundwater, geotechnical separation. Deleterious elements are considered low on average and not
and rock characteristics; potential deleterious or contaminating substances. directly proportional to REO grade. The highest value for uranium in any
sample reported in the intersections in this RNS is 336ppm over 0.45m in
OLS24-07 (42m to 42.45m). The highest value of uranium encountered in this
drill program is 1275ppm U over 0.45m in OLS24-09 at Djupedal and is outside
of any reported intersections for REEs.
Further work • The nature and scale of planned further work (e.g. tests for lateral The mineralisation is open along strike and at depth and is expected to be
extensions or depth variable in thickness and grade along the shear zone structures. Further
extensions or large-scale step-out drilling). drilling along strike and downdip of these holes is warranted to expand the
• Diagrams clearly highlighting the areas of possible extensions, scale of the mineralisation and potentially locate higher grade shoots or
including the main geological interpretations and future drilling areas, dilations within the shear system.
provided this information is not commercially sensitive.
Relationship between mineralisation widths and intercept lengths
• These relationships are particularly important in the reporting of
Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
True width is estimated at 85-90% of the down hole length for -45 degree holes
drilled across the structures e.g. the mineralised structure in OLS24-07 dips
c.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 intersections
for OLS24-11 and 57% for OLS24-12.
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. Note that
sections are preliminary in nature and based on leapfrog modelling. Further
refinement of the 3D model is required.
Balanced reporting
Where comprehensive reporting of all Exploration Results is not practicable,
representative
reporting of both low and high grades and/or widths should be practiced to
avoid misleading
reporting of Exploration Results.
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
substantive
exploration data
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 value for uranium in any
sample reported in the intersections in this RNS is 336ppm over 0.45m in
OLS24-07 (42m to 42.45m). The highest value of uranium encountered in this
drill program is 1275ppm U over 0.45m in OLS24-09 at Djupedal and is outside
of any reported intersections for REEs.
Further work
• The nature and scale of planned further work (e.g. tests for lateral
extensions or depth
extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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 or
dilations 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 + 44 (0) 20 7886 2500
Mark Murphy / Kieron Hodgson / Rauf Munir
Camarco - Financial PR
Billy Clegg, Elfie Kent, Poppy Hawkins europeangreentransition@camarco.co.uk
(mailto:europeangreentransition@camarco.co.uk) + 44 (0) 20 3757 4980
Notes to Editors
European Green Transition plc (quoted on the AIM market of the London Stock
Exchange under the ticker "EGT") is a business operating in the green
transition space in Europe. EGT intends to capitalise on the opportunities
created by Europe's transition to a green, renewables-focused economy and
plans to expand its existing portfolio of green economy assets through
M&A, targeting revenue generating businesses that support the green
transition.
For more information, please go to www.europeangreentransition.com
(https://www.europeangreentransition.com/) or follow us on X (formerly
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