Olserum is a rare earths project in southern Sweden, initially covering 6.5 sq km of permits acquired from two local private companies and subsequently expanded by EGT. It has a defined 43-101 compliant resource from 2013 consisting of an Indicated Resource of 4.5Mt grading 0.6% Total Rare Earth Oxides and Inferred Resource of 3.3Mt grading 0.63% Total Rare Earth Oxides using a 0.4% cut-off. The resource has a high contribution of high value critical REE namely dysprosium, neodymium and terbium.
Beneficiation test work reported in 2019 shows that a proven flowsheet can generate strong recoveries of REE. The estimated cumulative cost for all work conducted to date at Olserum is estimated by the Board to be in the region of £2 million. The resource covers a strike of 400m by 100-150m wide and is tested to a depth of 250m. It remains open at depth and laterally with significant potential to expand the resource based on new outcropping discoveries and positive channel sampling results 250m – 375m northwest of the historic resource. The nearby prospects of Djupedal and Bersummen present upside to the project with exciting high-grade targets at Djupedal (max assay values up to 20.45% TREO).
There are currently no REE mines in Europe. The value of developing Olserum in Europe is potentially extremely significant and valuable to end users on the continent.