Initial Olserum Drilling Results

European Green Transition PLC

29 October 2024

 

29 October 2024

European Green Transition plc

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

Initial Olserum Drilling Results

Positive initial results at  Olserum REE project

European Green Transition (AIM: EGT), a company developing green economy assets in Europe, is pleased to report positive results of the first four drill holes from its drill programme at the Olserum Rare Earth Element ("REE") project in Sweden ("Project").

Highlights

·    Significant REE mineralisation confirmed within a shear zone structure at Djupedal validating the structural model and district scale potential of the Olserum REE Project.

·    Results represent a major milestone in EGT's strategy to monetise the Project through sale or partnership as EGT continues to direct its focus towards revenue generating opportunities.

·    Hole OLS24-01 intersected 1.5m grading 3.48% Total Rare Earth Oxides (TREO) (32% Heavy Rare Earth Oxides (HREO)) including 0.5m grading 7.7% TREO within the target structure.

·    Hole OLS24-02 intersected 7.25m grading 0.72% TREO (25% HREO) including 2.0m grading 1.18% TREO across the same structure.

·    Hole OLS24-03 intersected 1.6m grading 1.45% TREO (28% HREO) including 0.7m grading 2.3% TREO.

·    Remainder of results expected in Q4-2024 subject to laboratory turnaround times.

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

 "The objective of our drill programme at the Olserum REE project was to derisk the Project and support  the monetisation of the Project in the near future. The initial results  provide strong validation of the Project's district scale REE potential. We look forward to receiving the remainder of the results later this year, which will be crucial as we look to realise value through a sale or partnership of the Project, enabling EGT to direct its focus towards revenue generating opportunities in the green energy transition."

Summary of Drill Results 

EGT has received assay results for the first four 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. The first four holes were collared close to small-scale historic iron workings and dumps and targeted an interpreted REE-mineralised structure beneath the workings. EGT had previously sampled high-grade and coarse REE-phosphate (monazite and xenotime) mineralisation in the surface dumps with sample results of up to 20.45% TREO.

Figure 1: Olserum drill hole map showing recent EGT drill holes and holes with results reported here.

Hole OLS24-01 and OLS24-02 were located at the same drill pad and drilled at -45 and -75 degrees respectively to target the structure with two intersections beneath the northern workings. Both holes intersected altered and sheared granite before intersecting the main target structure which dips 70 degrees to the southwest. Hole OLS24-03 and OLS24-04 were located at a drill pad 30m east-southeast of the first two holes and drilled at -43 and -74 degrees respectively to target the same structure beneath the southerly surface workings.

Hole OLS24-01 intersected 1.5m grading 3.48% TREO from 41.0 to 42.5m including 0.5m grading 7.7% TREO consistent with the main zone of visible coarse monazite and xenotime. The HREO grade is 1.5m grading 1.12% HREO representing 32% HREO/TREO. This intersection occurs within a lower grade broader zone averaging 0.85% TREO over 7.9m. A single sample from a biotite-magnetite vein with visible monazite crystals at 54.1m had a grade of 1.79% TREO (27% HREO) from 54.0 to 54.5m.

Hole OLS24-02 intersected 7.25m grading 0.72% TREO from 63.6 to 70.85m including 2.0m grading 1.18% TREO. The HREO grade is 0.18% HREO representing 25% HREO/TREO. This hole had a wider zone of strong pervasive biotite-magnetite alteration from 57.2m to 76.06m around the core of the mineralised zone. Within the centre of this zone is a vein with visible coarse monazite and xenotime at 67.1m.

Hole OLS24-03 intersected 1.6m grading 1.45% TREO from 32.95m to 34.55m including 0.7m grading 2.3% TREO. The HREO grade is 0.4% HREO representing 28% HREO/TREO. The main mineralised structure consists of a broad alteration zone in sheared biotite-magnetite altered granite and some stronger zones of biotite and magnetite from 20cm to 70cm in core at 32.95m, 33.85m and 35.2m.

OLS24-04 intersected diffuse zones with lower grade including 4.05m grading 0.16% TREO (33% HREO) from 8.25m to 12.3m, 0.5m grading 0.22% TREO (71.45% HREO) on the main structure from 42.0m to 42.55m and a separate sample from 62.9m to 63.4m grading 0.52% TREO (43.9% HREO). Alteration around the main zone was more broad from 31.1m to 42m but lacking a strong or focused vein of high-grade mineralisation. It is to be expected that there will be some variability in widths and grades of veins within the mineralised shear structure and this is a common feature of shear-zone hosted mineral deposits.

All four holes generally intersected a broad zone of biotite-altered and sheared granite in the hanging wall above the structure which included some narrow biotite-magnetite veins. Beneath the main structure, in the footwall, the holes intersected weakly altered to unaltered red Olserum granite consistent with surface mapping.

In summary, the mineralised structure where the workings are located is a bounding structure (on the northeast side) to the strong alteration and shearing at the 1km-long Djupedal prospect. The first drill results here in the eastern part of the prospect give proof of concept for shear zone hosted REE mineralisation which has been tested to a vertical depth of 65m beneath the workings. Results for the deeper hole OLS24-05, once received, are expected to increase the depth extent of mineralisation to >150m on this structure. These results bode well for confirming a district-scale REE system in the wider Olserum project area.

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	This RNS
OLS24-02	Djupedal	578392.8	6425419.8	75	53.9	-75	84.1	This RNS
OLS24-03	Djupedal	578423	6425407	66	53.1	-43	62.5	This RNS
OLS24-04	Djupedal	578422.7	6425406.7	66	53.8	-74.4	71.95	This RNS
OLS24-05	Djupedal	578261	6425317	55	45	-45	229.5	Pending
OLS24-06	Djupedal	578287	6425332	55	224.5	-44.6	101.8	Pending
OLS24-07	Djupedal	577843	6425501	47	35.2	-45	89.55	Pending
OLS24-08	Djupedal	577821	6425486	47	34.2	-44.5	111.9	Pending
OLS24-09	Djupedal	578033	6425364	50	217.8	-43.8	83.7	Pending
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	Pending
TOTAL :13							1,503.1	4/13

 Table 2: Summary of intersections from the first four EGT drill holes at the Olserum REE project (Djupedal Prospect)

HOLE ID	From (m)	To (m)	Interval (m)	TREO %	PMREO %	NdPr Oxides %	Dy ppm	Tb ppm
OLS24-01	41.0	42.5	1.5	3.48	0.76	0.66	816	137
including	42.0	42.5	0.5	7.70	1.77	0.78	1,570	281
(within anomalous zone*)	37.15	45.05	7.9	0.86	0.188	0.162	194	32.8
OLS24-02	63.6	70.85	7.25	0.72	0.153	0.134	135	23.6
including	64.85	66.85	2.0	1.18	0.26	0.23	178	33.3
OLS24-03	32.95	34.55	1.6	1.45	0.38	0.33	333	58.2
including	33.85	34.55	0.7	2.3	0.58	0.51	548	66.3
OLS24-04	8.25	12.30	4.05	0.16	0.033	0.028	40	26.9
and	62.9	63.4	0.5	0.52	0.095	0.075	148	22

*includes internal dilution >2m with <0.4% TREO

Figure 1 Section showing drillholes OLS24-01 and OLS24-02 beneath the historic workings at Djupedal. BMR - Biotite-magnetite rock +/-REEs (intense alteration), BMRW - Biotite-magnetite wall rock alteration.

Figure 2 Section showing drillholes OLS24-03 and OLS24-04 beneath the historic workings at Djupedal. BMR - Biotite-magnetite rock +/-REEs (intense alteration), BMRW - Biotite-magnetite wallrock alteration.

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 the first 4 diamond drill holes at the Djupedal prospect are reported here. The four holes totalling 284.95m had 121 samples incl. QAQC samples. 13 holes were drilled by EGT for a total of 1510.2m. 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 ALS or 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.
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 show that there is some variability (>20%) in two of the three duplicates analysed as part of this batch and this is likely due to presence of 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 used but two holes per drill fence are reported here to give confidence on continuity of mineralised structures and confirm the dip of the structures. 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 up to 600m away from the holes reported here. 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.	Assays reported here are from holes drilled near perpendicular to the mineralised structures and carried out to normal industry standards.
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 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 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 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.
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. Individual REE assays in ppm are converted to individual rare earth oxide ('REO') assays based on oxide conversion factors. 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.
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 90% of the down hole length for -45 degree holes and 64% for - 70 degree holes assuming a 70 degree dip for the structure. Mineralised structures dip steeply 70-80 degrees to the southwest.
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.
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. The highest-grade intersection reported here has 69ppm weighted average U and 127ppm weighted average Th over the 1.5m intersection grading 3.48% TREO.
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 structure. Further drilling along strike and downdip of these holes is warranted to expand the scale of the mineralisation and potentially locate higher grade shoots within the shear system.

-ENDS-

Enquiries

European Green Transition plc

Aiden Lavelle, CEO	[phone]
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

Billy Clegg, Elfie Kent, Poppy Hawkins

[e-mail] + 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 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 (formerly Twitter ) and LinkedIn.

 

END