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
29th October and the 21st 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 17th 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
|
29th Oct
|
|
OLS24-02
|
Djupedal
|
578392.8
|
6425419.8
|
75
|
53.9
|
-75
|
84.1
|
29th Oct
|
|
OLS24-03
|
Djupedal
|
578423
|
6425407
|
66
|
53.1
|
-43
|
62.5
|
29th Oct
|
|
OLS24-04
|
Djupedal
|
578422.7
|
6425406.7
|
66
|
53.8
|
-74.4
|
71.95
|
29th 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
|
21st 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
|
21st Nov
|
|
OLS24-09
|
Djupedal
|
578033
|
6425364
|
50
|
217.8
|
-43.8
|
83.7
|
21st 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
|
21st 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 specialised industry standard measurement tools
appropriate to the minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments, etc). These examples
should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement
tools or systems used.
•Aspects of the determination of mineralisation that are Material
to the Public Report. In cases where 'industry standard' work has
been done this would be relatively simple (e.g. 'reverse
circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay'). In other
cases more explanation may be required, such as where there is
coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (e.g. submarine nodules) may
warrant disclosure of detailed information
|
Samples from three diamond drill
holes at the Djupedal prospect and two from Olserum West are
reported here. The five holes totalling 809.0m had 478 samples
incl. QAQC samples. 13 holes were drilled by EGT for a total of
1503.1m. Core was NQ2 (50.6mm diameter). All diamond drill core
samples analysed were of half core cut by automated core saw.
Approximately 1:30 samples were 1/4 core duplicates. The remaining
half of the core was returned to the core box as a permanent record
of the drill hole and will be stored at the SGU archive facilities
in Mala, north Sweden. Samples were generally 1m long across
mineralised structures and on occasion where less than 1m to sample
narrower veins. Where low grade or broad alteration was intersected
in wallrock further from veins, samples of up to 2m were cut.
Logging and sampling was carried out according to normal industry
standards. Sampling extended into barren wallrock to close off
mineralisation.
|
|
Drilling techniques
|
Drill type (e.g. core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core
diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and if
so, by what method, etc).
|
Diamond drilling retrieved full core
of NQ2 (50.6mm) diameter using standard wireline drilling with a
diamond bit and core barrel. The rig used was a DBC ESD9 MACHINA
owned and operated by Norse Diamond Drilling AS. Core was
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 results
assessed.
• Measures
taken to maximise sample recovery and ensure representative nature
of the samples.
•
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.
|
Core recovery was excellent (>95%
up to 100%) due to the hard crystalline nature of the rock in all
holes. Only localised minor fracturing and core loss was noted with
late faults which did not usually coincide with mineralised
intersections.
|
|
Logging
|
|
• Whether core and chip samples have
been geologically and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
• Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc)
photography.
• The
total length and percentage of the relevant intersections
logged.
|
|
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.
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Sub-sampling techniques and sample
preparation
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• 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.
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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.
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Quality of assay data and laboratory tests
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• 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.
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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.
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|
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.
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|
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.
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|
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.
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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 material issues with
third parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
• The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the
area.
|
All permits relating to the Olserum
project are 100%-owned by European Mineral Exploration AB
(registered in Sweden) which is a 100%-owned subsidiary of European
Green Transition Plc. The workplan and drilling reported here
relates to the Olserum nr 21 permit (Ref 2017:91). The permit
area is 1099.2546Ha and is valid to 08/06/2025 which is the next
renewal date. This drill program 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
by other parties
|
Acknowledgment and appraisal of
exploration by other parties.
|
Minimal fieldwork has been conducted
by other operators in the past and the 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.
|
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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.
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Drill hole Information
|
A summary of all information
material to the understanding of the exploration 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.
|
Table included in the RNS
above.
|
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Data aggregation methods
|
In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade
truncations (e.g. cutting of high grades) and cut-off grades are
usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in
detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
|
Length weighted grades are reported
for samples above a cut-off of 0.4% TREO and with no greater than
2m of internal dilution. Broader mineralised zones are also
described but may be less than 0.4% TREO cut-off used in the
historical resource estimate. These are marked in the table
above.
Individual REE
assays in ppm are converted to individual rare earth oxide ('REO')
assays based on standard oxide conversion factors shown below. The
15 individual REO assays are summed to give a total REO (TREO).
Scandium (Sc) is not included in the TREO. The REEs analysed are
Ce, Dy, Er, Eu, Gd, Ho, La, 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 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
Mark Murphy / Kieron Hodgson / Rauf
Munir
|
+ 44 (0) 20 7886 2500
|
Camarco - Financial PR
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
or follow us on X
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Twitter ) and LinkedIn.