RNS Number : 3040Q
European Green Transition PLC
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.

65.5

1

0.72

0.28

0.13

133

68.5

11

0.23

0.09

0.04

45

75.5

5

0.48

0.2

0.09

74

79.4

1

0.53

0.2

0.087

110

91.65

0.25

3.717

1.64

0.74

362

92.65

35.15

0.26

0.1

0.04

46

200.6

3.35

0.4

0.15

0.07

74

200.6

8.25

0.35

0.11

0.05

89

223.05

1.75

0.72

0.11

0.05

332

30.9

0.5

1.5

0.55

0.25

306

35.0

1.15

1.21

0.52

0.24

149

42.45

2.45

2.71

0.91

0.41

672

50.9

1.6

0.6

0.25

0.11

90

52.9

22.5

0.58

0.22

0.1

119

22.65

0.5

1.03

0.45

0.2

141

23.5

3.15

0.33

0.14

0.06

58.1

48.3

1.55

0.98

0.38

0.18

190

57.5

13.65

0.28

0.1

0.05

63

48.75

3.2

1.57

0.65

0.29

243

52.75

8.2

0.94

0.38

0.17

159

61.0

1.25

0.53

0.19

0.09

127

128.6

0.7

2.84

1.06

0.44

645

86.65

0.6

2.56

1.14

0.48

262

105.2

2.25

1.33

0.55

0.24

227

104.0

1.05

2.57

1.06

0.46

450

118.0

1.15

0.51

0.21

0.09

73

173.05

2.85

1.03

0.39

0.18

204

190.95

0.5

0.72

0.27

0.12

165

213.6

0.4

1.00

0.45

0.21

69

*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.

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 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.

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.

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. 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.

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.

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.

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.

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. 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-

 



Notes to Editors

 

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