REG - European Green Trns. - High-Grade Sample Results from Olserum REE Project

European Green TransitionAnnouncement

05/06/2024 07:00

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RNS Number : 1245R  European Green Transition PLC  05 June 2024

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018. With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

 05 June 2024

European Green Transition plc

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

 New High-Grade Grab Sample Results from the Olserum REE Project

 

 

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 further results, in addition
to the results announced on 15 May 2024, from recent grab samples taken at the
Djupedal prospect, the nearby Bersummen area, and the newly identified Stora
Lockerum structure, all located within the Olserum Rare Earth Elements ("REE")
project in south Sweden.

 

Highlights

 

·    High-grade samples of dump material at Djupedal assayed 4.79%, 5.8%
and 11.77% TREO ("Total Rare Earth Oxides").

·    A sample from the March 2024 sampling results, which exceeded the
detection limits, was re-assayed by X-ray fluorescence ("XRF") methods and
assayed 15.27% TREO of which 3.67% is high value NdPrDy oxides.

·    Further rock chip samples within the Djupedal prospect confirm
continuity and extend mineralisation to 1km strike length with an outcrop
sample further to the northwest assaying 0.74% TREO.

·    Six rock chip samples collected at the newly identified Stora
Lockerum structure, 900m south of Djupedal, assayed up to 3.88% TREO with an
average of 1.73% TREO while historic trial workings for iron were also
discovered confirming the link between the magnetite iron and REE
mineralisation in the district.

·    Four samples from the Bersummen area assayed between 0.9% TREO and
2.51% TREO with samples up to 290m apart defining a potential new mineralised
trend northwest of Bersummen.

·   Encouraging results support the Directors' belief that EGT's fully
permitted low-cost drill programme scheduled for H2-2024 could confirm
district scale system and further project upside, supporting the aim of
attracting a partner to fund a larger scale programme.

 

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

 

"We believe that the Olserum REE Project has potential to be expanded into a
district-scale REE system. With additional time spent on the ground and
results from this batch of samples collected in April, the team has increased
our knowledge of the system, increased the strike length of the mineralisation
at Djupedal to 1km, and 900m to the south extended the recently discovered
Stora Lockerum structure to up to 500m following its discovery in March.
Additional samples from the Bersummen area also define a potential new trend
over c.300m and reaffirm our belief that this is a district scale REE system.

 

"Further samples from known structures and dumps at Djupedal confirm the
potential for higher grade mineralisation which the geologists have now
vectored in on and further increase our confidence of completing our fully
permitted and low-cost drill programme in H2-2024. We anticipate the drill
programme could confirm our assumption that the Olserum REE project is a
district scale system with potential to be a significant REE project in
Europe. Completing the programme should support the Company's aim of
attracting a partner to fund its future development and potential
commercialisation."

 

Rock Sample Results

The Company has received additional rock sample results for 25 rock chip
samples taken at the Djupedal prospect, the Bersummen area and the newly
identified Stora Lockerum structure, all located within the Olserum REE
project.

 

Figure 1: Distribution of sample results across Olserum REE project showing
district scale system and new Stora Lockerum trend

Figure 2: New sample highlights shown at the Djupedal prospect with purple
shading representing magnetic anomalies spatially associated with REE
mineralisation

 

Djupedal Results

Fifteen of the samples in the latest batch were taken in the Djupedal prospect
area with the aim of increasing sampling coverage and testing the grade of
outcropping alteration and structures and other dump material surrounding the
old magnetite iron workings. A newly located dump, exposed due to recent
forestry activity, was sampled 115m northwest of the previously sampled dumps.
This sample, OLS-112, assayed 11.77% TREO with 2.41% NdPrDy (Neodymium,
Praseodymium, Dysprosium) Oxides. Another dump sample located 20m southwest of
this and adjacent to small trial workings or trenches over a few metres length
assayed 4.79% TREO with 0.88% NdPrDy Oxides.

A sample which exceeded the detection limit for certain REEs, namely Ce and
Pr, as part of the previous sampling batch was re-assayed by XRF methods in
the ALS Brisbane lab and a new result of 15.27% TREO was determined, of which
3.67% is high value NdPrDy oxides. This sample which came from a dump adjacent
to the iron workings at Djupedal also had 461 ppm Terbium (Tb) which is
currently the most valuable REE.

These samples support the presence of higher-grade mineralisation beyond the
original known dumps at the Djupedal prospect, and are consistent with the
structural model for the Djupedal prospect. Of the 15 samples from Djupedal,
10 are from outcrop and the four best assays in outcrop were 3.91%, 2.64%,
1.83% and 0.74% TREO. Significantly, the outcrop sample OLS-100 with 0.74%
TREO is located to the west of the prospect and extends the known
mineralisation to 1km strike length compared to the >800m reported
previously. This limited outcrop is altered with magnetite and highly sheared
with coarse biotite bands and is interpreted as wallrock alteration to the
target structure. A nearby boulder sample, OLS-101, assayed 0.54%. These
samples add to the evidence of a significant mineralised zone at Djupedal with
steep to moderate, southerly dipping structures that have never been tested by
drilling.

Stora Lockerum Structure

Six grab samples from the newly discovered shear zone structure at Stora
Lockerum which is roughly on trend but northwest of the Bersummen samples
returned very encouraging mineralisation over 500m.  Four samples were of
dump material from historic iron trial workings located 30m apart with results
of 0.36%, 1.05%, 2.75% and 3.88% TREO while two samples with 1.07% and 1.29%
TREO were outcrop samples.

Sample OLS-094 with 2.75% TREO (0.64% NdPrDy oxides) was a grab sample of
sheared pink granite containing veins of biotite and magnetite from a spoil
heap located on the structure. Sample OLS-095 from a separate spoil heap had
3.88% TREO (0.897% NdPrDy oxides) with banded biotite, magnetite and quartz.
The samples taken to date at Stora Lockerum are along a 490m trend exhibiting
similar mineralogy and textures to Olserum and Djupedal and these samples are
further evidence of district-scale REE system with potential for higher grade
mineralisation located along altered shear zones.

The Company previously announced a single rock chip sample over a one metre
width in this area which assayed 1.77% TREO with 0.393% NdPrDy oxides. The
Company anticipates that there is a good chance of expanding the strike length
of these mineralised structures once the trend is mapped. These initial
results from the Stora Lockerum target are further evidence of a
district-scale REE system in this prospective and under-explored region of
Sweden.

Bersummen Area

Four samples from the Bersummen area northwest of Bersummen lake assayed 0.9%,
1.06%, 1.16% and 2.51% TREO. Two samples, including the sample OLS-104 with
2.51% TREO (0.56% NdPrDy Oxides) were located up to 290m apart defining a
potential new mineralised trend parallel to regional strike while two other
samples were located in a large dome-shaped outcrop with visible apatite just
south of this trend.  It was around this outcrop that a previous sample with
0.73% TREO was taken by the Company while historic samples taken by the
previous operator had results of up to 3.73% TREO.

 

OLS-104, from a new sample location, was a 60cm chip sample in small cliff
above the field edge and contained coarse biotite and apatite with minor
visible xenotime and quartz.  The strike length between the initial samples
from Stora Lockerum in the northwest to the Bersummen samples in the southeast
is 1.4km. Further low-cost work will confirm if this represents a single
structure or two near parallel or offset structures.

 

Sample Information, Quality Assurance / Quality Control

All samples were securely bagged, cable tied, boxed, and shipped by courier to
ALS Minerals in Malå, Sweden. Pulps were prepared and dispatched to ALS
Minerals in Loughrea, Ireland and analysed by method ME-MS81h for ore-grade
rare earth elements. The Company submitted blind REE reference standards
provided by Geostats Pty and blanks within the sample stream to ALS and
monitors the results for accuracy. ALS also performs its own internal QA/QC
procedures to assure the accuracy and integrity of results. The rock chip and
grab samples reported here may not be representative of more systematic
sampling methods such as channel sampling and drilling over broad intervals
but are considered an indication of the presence and potential for further
mineralisation.

 

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.

 

 

-ENDS-

 

 

Enquiries

European Green Transition plc

 Aiden Lavelle, CEO  +44 (0) 208 058 6129
 Jack Kelly, CFO

Panmure Gordon - Nominated Adviser and Broker

 James Sinclair-Ford / Dougie McLeod / Ivo Macdonald  + 44 (0) 20 7886 2500

 Mark Murphy / Hugh Rich / 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 have 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.

 

 

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