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 update on certain developments relating to its principal asset, the Olserum Rare Earth Project in Sweden.
Drill Permitting Update
The Company has concluded consultation with landowners and the Kalmar County Board and has been permitted to execute its work plan for drilling at the Olserum Rare Earth Project, which the Company expects to commence in H2 2024. The Company now has a valid work plan for an initial drilling program of up to 9,000m across 42 drill holes, with flexibility to alter the program within the approved working areas.
The work plan approval is valid for two years and includes a resource infill program at the existing Olserum resource. It also includes further drilling to expand the scale of the project at the Olserum West prospect and the Djupedal prospect, which has shown assay values up to 20.45% total rare earth oxides (TREO). The Company expects channel sampling results from the Djupedal prospect before the end of H1 2024. Furthermore, the work plan permits the Company to carry out additional low impact geophysical surveys within the working areas, both on the ground surface and in boreholes, if they are deemed necessary.
Olserum Project Community Engagement Meeting
The Company held a public meeting for local stakeholders on 10 April 2024 at a public venue in Gamleby, Kalmar County, Sweden, in close proximity to the Olserum Rare Earth Project. The meeting was part of the Company’s open and transparent community engagement policy, and follows an earlier meeting held in September 2023 when the Company first presented its plans to local stakeholders. Both meetings were well attended and well received.
The Company also discussed the importance of the Olserum Rare Earth Element (REE) deposit as one of only a handful of known REE deposits in Europe and REE’s critical role in the green energy transition. The Directors believe that the Olserum Rare Earth Project is particularly important in light of the recently adopted European Critical Raw Materials Act (CRMA) which seeks to secure domestic critical raw materials in Europe for Europe.
Swedish Geological Survey Site Visit
The Company also hosted a site visit by geologists from the Swedish Geological Survey (SGU) who plan a new regional mapping programme in the Olserum region. This programme is aimed at improving the understanding of the geology of this underexplored region which is highly prospective for critical metals such as REEs. In 2023, the SGU designated the Olserum Rare Earth Project as one of Sweden’s projects of “National Interest” and the Company is supportive of the SGU’s ongoing initiatives to increase its understanding of the geology of the region.
Aiden Lavelle, Chief Executive Officer of European Green Transition, said:
“We welcome the approval for our drilling programme at our principal asset, the Olserum Rare Earth Project, which is a key step on the project development timeline. Olserum was designated a project of National Interest by the Swedish Geological Survey and has the potential to become a significant European Rare Earth Element (REE) resource. In addition to the Djupedal prospect nearby, our activities in the area will create jobs in the community and investment in the region, as well as potentially providing Europe’s industry with indigenous critical rare earth elements.”
“Engaging with the local community is a priority for us as we progress development on this asset. Thank you to all those who attended; your feedback and that of all stakeholders is greatly valued.”
