REG - European Green Trns. - Next Phase of Results from Olserum REE Project
21/11/2024 07:00
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RNS Number : 0530N European Green Transition PLC 21 November 2024
21 November 2024
European Green Transition plc
("European Green Transition", "EGT" or "the Company")
Next Phase of Results from Olserum REE Project
Results provide further evidence of district scale REE system at Olserum
European Green Transition (AIM: EGT), a company developing green economy
assets in Europe, reports further positive results for an additional four
drill holes from its drill program at the Olserum Rare Earth Element ("REE")
Project in Sweden ("Project").
Highlights
l REE mineralisation confirmed in all four holes building on the strong initial
results announced on 29 October 2024
(https://polaris.brighterir.com/public/european_green_transition/news/rns/story/xe3qvjr)
.
l Results provide further evidence of the district scale REE system at Olserum
and support EGT's strategy to monetise the Project through sale or partnership
as EGT continues to direct its focus towards revenue generating opportunities.
l Hole OLS24-06 intersected 2.55m grading 1.6% Total Rare Earth Oxides (TREO),
of which 13.7% are Heavy Rare Earth Oxides (HREO) from 25.95m to 28.5m and a
lower zone of 1.65m grading 0.86% TREO (31.7% HREO) from 56.85m to 58.5m.
l Hole OLS24-08 intersected four separate zones of mineralisation including 2.4m
grading 1.18% TREO (43.4% HREO) from 64.8m to 67.2m.
l Hole OLS24-09 intersected 3.9m grading 0.68% TREO (25% HREO) from near surface
and a second zone of 1.2m grading 2.03% TREO within a broader zone of 16m
grading 0.33% TREO.
l Hole OLS24-13 intersected three narrow zones of mineralisation including the
highest-grade drill core assay to date of 0.5m grading 8.83% TREO (16.1% HREO)
from 41.9m to 42.4m.
l Results from the final five holes are expected in December 2024, subject to
laboratory turnaround times.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
"The second batch of drill results from the Olserum REE project confirm that
mineralisation is present across both the Djupedal and Olserum West prospects
and de-risks the Olserum REE project for an incoming partner. These results
build on the Company's update announced last month, on 29 October, which
confirmed the district scale potential for REE at Olserum.
Results from Olserum West, near the historic resource, confirm that this zone
is mineralised at depth with assay values of up to 8.83% TREO over 0.5m. These
are encouraging results and we look forward to the results from the remaining
five holes. We expect these to be critical in supporting EGT to monetise the
Project as the Company directs its focus towards revenue generating
opportunities in the green energy transition."
Summary of Drill Results
EGT has received assay results for four further 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. These results are for three holes
at the Djupedal prospect, 2.5km northwest of the historic resource at Olserum,
with a further hole at Olserum West, c.300m from the historic resource.
Results for the first four holes from the east of the Djupedal prospect were
announced on 29 October 2024 and are available here
(https://www.londonstockexchange.com/news-article/EGT/initial-olserum-drilling-results/16736358)
. The Company is awaiting results from a further five holes which are expected
later this year, subject to laboratory turnaround times.
Figure 1 Olserum drill hole map showing EGT drill holes from 2024 drill
program.
Djupedal Prospect
Hole OLS24-06 at Djupedal was located near OLS24-05 but drilled in the
opposite direction to the southwest to test the alteration that was
intersected at shallow depth in hole OLS24-05 (results still pending) and test
the geological model in addition to investigating weathered out lineaments on
surface. OLS24-06 intersected an upper mineralised zone with 1.6% TREO (13.7%
HREO) over 2.55m from 25.95m to 28.5m and a lower zone of 1.65m grading 0.86%
TREO (31.7% HREO) from 56.85m to 58.5m. The second intersection occurs in a
zone of lower grade mineralised wallrock with 7.15m grading 0.35% TREO which
is associated with strong alteration of the granite host rock. The foliation
is variable and at shallow angles to the core axis in the top half of the hole
as expected for this drill orientation. Therefore, the true width of
mineralisation is likely less than indicated but the hole confirmed the
presence of a structure containing fault rock with both mylonitised and
heavily fractured granite from 90.65m to 91.6m and also at 93.8m to 94.7m.
This fault, which may displace the alteration downdip to the south, explains
why alteration and mineralisation is of lower intensity to the south of
Djupedal and is consistent with surface mapping.
Hole OLS24-07 and OLS24-08 were drilled in the west of the Djupedal prospect
to target the strong mineralisation in outcrop which was previously channel
sampled with results of 3m @ 1.58% TREO and 1m @ 2.27% TREO. Results for hole
OLS24-08 confirm vertical continuity of the surface mineralisation to 60m
depth, with a downhole intersection of 1.18% TREO (43.4% HREO) over 2.4m from
64.8m to 67.2m. The REE are associated with bands and disseminations of
monazite and xenotime in sheared and biotite-magnetite altered granite.
Results for hole OLS24-07 with an intersection in the same structure at
shallower depth are still pending. There were three other mineralised
intersections in hole OLS24-08, confirming that there are multiple mineralised
biotite-magnetite altered structures and veins across the Djupedal prospect.
The other intersections are listed below:
· 1.0% TREO (19.4% HREO) over 0.8m from 75.7m to 76.5m
· 0.71% TREO (34.5% HREO) over 0.5m from 92.7m to 93.2m
· 0.52% TREO (16.9% HREO) over 1.0m from 96.35 to 97.35m
Hole OLS24-09 was located in the centre of the Djupedal prospect and drilled
southwest across a strong magnetic anomaly, which is associated with a surface
working and dumps, where a small number of grab samples assayed up to 1.04%
TREO. The hole intersected 0.68% TREO (25% HREO) over 3.9m from 4.6m to 8.5m
within a zone of 8.95m grading 0.42% TREO. This upper intersection is beneath
the historic trench which was worked for magnetite iron ore.
A lower zone was intersected with 2.03% TREO (22.8% HREO) over 1.2m from
50.25m to 51.45m. This occurs within a broad altered low-grade zone grading
0.33% TREO over 16m which is assumed to be at a shallow angle to the core axis
given the observed foliation.
The structures reported in the above three holes at Djupedal represent new
structures that have not previously been drill tested, and they are different
structures from those tested in the first four holes announced 29(th) October.
The presence of multiple mineralised structures at Djupedal, some of which are
associated with wide zones of anomalous or low-grade mineralisation, points to
a system with scale which is favourable and confirms that there are numerous
exploration targets with which any incoming partner can follow up.
Olserum West Prospect
OLS24-13 was the final hole of the 2024 program drilled at Olserum West,
located over 300m northwest of the historic Olserum resource. Results are
pending for two other holes at Olserum West. Hole OLS24-13 was located to test
beneath an outcrop which had surface mineralisation with 12m grading 0.46% in
a channel sample. Three separate zones were intersected, the first of which is
associated with a low-grade alteration envelope of 0.27% TREO over 13.7m, and
includes 0.81% TREO (19.5% HREO) over 1.75m from 30.45m to 32.2m. This zone is
beneath the sampled surface outcrop. A second zone not fully exposed at
surface contained a very high-grade sample with 8.83% TREO (16.1% HREO) over
0.5m from 41.9 to 42.4m. This is the highest-grade sample of drill core to
date at the Olserum project surpassing a grade of 8.49% TREO over 0.43m in
hole 12004 drilled in the Olserum resource in 2012. A third narrow
intersection included a sample with 1.64% TREO (39% HREO) over 0.65m from
80.15 to 80.8m. This hole at Olserum West shows that the mineralisation
extends for at least 300m northwest of the resource and that there is
potential to find higher-grade mineralised material on the structure along
strike or down-dip with further exploration.
Conclusion
The drill results received to date confirm that REE mineralisation extends
well beyond the historic Olserum resource and point to further REE potential
at both Olserum West and Djupedal. The multiple mineralised veins and altered
and sheared structures confirmed in these drill holes add further evidence of
a district-scale REE system at the Olserum project. It is encouraging in a
scout drilling program to see both higher-grade samples such as 8.83% TREO at
Olserum West and broad zones of mineralisation in the wallrock.
Shear zone hosted systems are known to often contain high-grade shoots which
can be very rich and the greater number of mineralised structures present, the
better chance of discovery for high-grade mineralisation associated with
focused hydrothermal fluids in such a mineralised shoot. The similar style of
alteration and mineralisation seen across the project leaves potential for
further discovery by incoming partners.
Results are outstanding for three holes from Djupedal and two holes from
Olserum West. These results are expected later this year, subject to
laboratory turnaround times. The Company will provide updates as required.
To support the Company's ongoing outreach to potential partners, the results
are being reported to JORC standard with the inclusion of further detailed
information in the JORC tables at the end of this announcement.
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 Pending
OLS24-06 Djupedal 578287 6425332 55 224.5 -44.6 101.8 This RNS
OLS24-07 Djupedal 577843 6425501 47 35.2 -45 89.55 Pending
OLS24-08 Djupedal 577821 6425486 47 34.2 -44.5 111.9 This RNS
OLS24-09 Djupedal 578033 6425364 50 217.8 -43.8 83.7 This RNS
OLS24-10 Djupedal 578030 6425319 50 39.96 -45.1 104.4 Pending
OLS24-11 Olserum West 579730 6424040 65 235 -45 162.9 Pending
OLS24-12 Olserum West 579730.8 6424040.8 65 234.58 -65 222.65 Pending
OLS24-13 Olserum West 579694 6424069 43 238.66 -44.9 111.75 This RNS
TOTAL :13 1,503.1 8/13
Table 2: Summary of intersections from new EGT drill hole results at the
Olserum REE project (Djupedal Prospect)
HOLE ID From (m) To (m) Interval (m) TREO % PMREO % NdPr Oxides % Dy ppm Tb ppm
OLS24-06 18.8 19.3 0.5 1.14 0.49 0.22 171 34.1
25.95 28.5 2.55 1.6 0.71 0.31 190 42.3
56.85 58.5 1.65 0.86 0.29 0.15 245 42.3
(within low-grade zone*) 51.35 58.5 7.15 0.35 0.12 0.06 89 15.9
OLS24-08 64.8 67.2 2.4 1.18 0.34 0.16 388 60.1
75.7 76.5 0.8 1.01 0.41 0.19 153 30.3
92.7 93.2 0.5 0.71 0.24 0.11 182 27.6
96.35 97.35 1.0 0.52 0.22 0.1 62.8 12.05
OLS24-09 4.6 8.5 3.9 0.68 0.29 0.14 143 25.4
(within low-grade zone*) 1.8 10.75 8.95 0.42 0.17 0.08 92 16
50.25 51.45 1.2 2.03 0.79 0.35 377 69.2
(within low-grade zone*) 49.05 65.05 16 0.33 0.12 0.054 68.5 12.2
OLS24-13 30.45 32.2 1.75 0.81 0.36 0.15 92 18.2
(within low-grade zone*) 25.0 38.7 13.7 0.27 0.11 0.048 38.5 7.1
41.9 42.4 0.5 8.83 3.87 1.59 1,065 199.5
80.15 80.8 0.65 1.64 0.5 0.21 552 92.7
*includes internal dilution >2m with <0.4% TREO
Figure 2 Section showing drillhole OLS24-06 at Djupedal based on initial
logging. Results for OLS24-05 are pending. BMR - Biotite-magnetite rock
+/-REEs (intense alteration), BMRW - Biotite-magnetite wall rock alteration.
Location of historic hole DJU0301 cannot be verified and is assumed to have
missed the structure.
Figure 3 Section showing drillhole OLS24-08 at Djupedal based on initial
logging. Results for OLS24-07 are pending.
Figure 4: Section showing drillhole OLS24-09 at Djupedal based on initial
logging. Results for OLS24-10 are pending.
Figure 5 Section showing drillhole OLS24-13 at Olserum West based on initial
logging. Previous channel sample results on surface are also shown.
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 4 diamond drill holes at the Djupedal prospect and one from
specialised industry standard measurement tools appropriate to the minerals Olserum West are reported here. The four holes totalling 409.15m had 197
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 1510.2m. 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 ALS or 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 All core was logged for recovery, RQD, solid core %, lithology and alteration
• Whether core and chip samples have been geologically and geotechnically with structural measurements taken on oriented core where practical and
logged to a level of detail to support appropriate Mineral Resource useful. The logging was followed by markup for sampling and photography of
estimation, mining studies and metallurgical studies. core, both wet and dry. General coding was used for lithological logging and
• Whether logging is qualitative or quantitative in nature. Core (or was kept simple as the host lithology seldom differs and it is mainly the
costean, channel, etc) photography. degree of alteration and foliation of the granite that varies due to later
• The total length and percentage of the relevant intersections logged. 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 ¼ core duplicates pairs in these batches show
factors applied and their derivation, etc. mixed results with 3 pairs with <20 % variability but two pairs with
• Nature of quality control procedures adopted (e.g. standards, blanks, >50% variability due to coarse REE phosphate mineralisation.
duplicates, external laboratory checks) and whether acceptable levels of
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) give confidence on continuity of mineralised structures and
data storage (physical and electronic) protocols. confirm the dip of the structures as steep to the southwest.
• Discuss any adjustment to assay data. 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. Further results are pending
• Whether sample compositing has been applied. from other drillholes located across 600m of strike at the Djupedal prospect
and also from two holes at Olserum West.
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 Holes OLS24-08 and OLS24-013 were drilled near perpendicular to the
structures and the extent to which this is known, considering the deposit mineralised structures and carried out to normal industry standards. Holes
type. OLS24-06 and OLS24-09 were drilled in the opposite direction. OLS24-09 had
• If the relationship between the drilling orientation and the orientation space constraints and could not be drilled to the northeast across the
of key mineralised structures is considered to have introduced a sampling magnetic anomaly. Hole OLS24-06 was drilled as a scissor hole to validate the
bias, this should be assessed and reported if material. exploration model and target another north dipping structure. Both holes
OLS24-06 and OLS24-09 are at a shallow angle to the foliation and structure.
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 ¼ core duplicates pairs in these batches show
mixed results with 3 pairs with <20 % variability but two pairs with
>50% 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) give confidence on continuity of mineralised structures and
confirm the dip of the structures as steep to the southwest.
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. Further results are pending
from other drillholes located across 600m of strike at the Djupedal prospect
and also from two holes at Olserum West.
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.
Holes OLS24-08 and OLS24-013 were drilled near perpendicular to the
mineralised structures and carried out to normal industry standards. Holes
OLS24-06 and OLS24-09 were drilled in the opposite direction. OLS24-09 had
space constraints and could not be drilled to the northeast across the
magnetic anomaly. Hole OLS24-06 was drilled as a scissor hole to validate the
exploration model and target another north dipping structure. Both holes
OLS24-06 and OLS24-09 are at a shallow angle to the foliation and structure.
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 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.
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 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 zone are
grades are usually Material and should be stated. also described but may be less than 0.4% TREO cut-off used in the historical
• Where aggregate intercepts incorporate short lengths of high grade results resource estimate.
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 oxide conversion factors. The 15 individual REO assays
should be shown in detail. are summed to give a total REO (TREO). Scandium (Sc) is not included in the
• The assumptions used for any reporting of metal equivalent values should TREO. The REEs analysed are Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Nd, Pr, Sm, Tb,
be clearly stated. Tm, Y and Yb is included.
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 (OLS24-08 and OLS24-13). The mineralised
• If the geometry of the mineralisation with respect to the drill hole angle structure in OLS24-08 dips 70 degrees to the southwest. At Olserum West the
is known, its nature should be reported. dip is c.80-85 degrees to the north and true width is approximately 82% of the
• If it is not known and only the down hole lengths are reported, there reported intersection.
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.
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.
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-grade sample with 8.83% TREO
reported here has 210ppm U and 95 ppm Th over 0.5m. The intersection in hole
OLS24-08 with 1.18% TREO over 2.4m from (64.8m to 67.2m) has 36.9 ppm Th and
72.2ppm U.
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 within
including the main geological interpretations and future drilling areas, the shear system.
provided this information is not commercially sensitive.
-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 / Mark Murphy / Kieron Hodgson / Rauf + 44 (0) 20 7886 2500
Munir
Camarco - Financial PR
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(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
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transition.
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. END DRLDXBDBUUDDGSGRecent news on European Green Transition
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