European Green Transition PLC (AIM:LON:) chief executive Aiden Lavelle talks through the latest Olserum drill results and plans beyond exploring for rare earths.
Aiden Lavelle: We’ve announced the results for another five holes [at Olserum] which makes a total of 13 across the Olserum West and Djupedal prospects at the project in South Sweden. And, again, all five holes that we announced this morning have hit mineralisation.
We had two very good intersections. One of the holes at Djupedal intercepted 2.45m grading 2.71% total rare earth oxide in a broader zone of 22.5m at 0.68%.
Another hole at Olserum West, about 300m from the historic resource, had 8.2m at 0.94% total rare earth oxide, which is comparable to intersections in the historic resource estimates.
Overall, we’re quite pleased. The results validate our exploration model and show continuity to depth up to 150m in hole five, the deepest hole drilled in the project.
Proactive: What exactly does this mean for the project when all the results are considered?
Aiden Lavelle: It’s quite positive. We’ve intersected mineralization in multiple structures across all 13 holes.
This demonstrates significant upside for the project. We now see continuity at depth and along strike. There’s potential to expand mineralization and tonnage around the tested drill targets in the future.
Additionally, we’ve de-risked the exploration model. The metallurgy is positive, confirming that we can generate a concentrate from this type of mineralisation.
Proactive: What do these results mean for European Green Transition’s plans to sell or partner the Olserum Rare Earth project?
Aiden Lavelle: The next step is to engage with the parties we’ve been speaking to over the past couple of months.
We’ll share the final results and data to explore partnering opportunities or monetizing the asset.
We’ve confirmed the district-scale control of the mineralization, supported by strong metallurgy, excellent infrastructure, and the project’s strategic location in Europe.
These factors make Olserum a highly attractive rare earth project. We expect significant interest.
Proactive: Why are rare earth elements so important in the energy transition?
Aiden Lavelle: Rare earths have unique properties, particularly four of the 17 elements, which have super-magnetic properties.
They’re used in high-efficiency motors, crucial for wind turbines and EVs, as well as defence, drones, medical devices, and robotics.
Looking ahead, global dynamics could also affect the rare earth market.
For instance, China’s dominance in processing rare earths and potential geopolitical developments, like tariffs, could drive attention to rare earths in 2025.
The EU’s Critical Raw Materials Act aims to boost local rare earth production and processing. This presents potential catalysts for a project like Olserum, highlighting its strategic importance and value.
Proactive: Looking ahead, European Green Transition is focusing on revenue-generating opportunities in the green energy transition. Can you outline what you’re looking at there?
Aiden Lavelle: We’re exploring a broad range of opportunities. Although we started with metals at the IPO, we’ve since expanded to the green economy. The aim is to transition the business into a cash-generating model.
We’re evaluating opportunities in areas like wind farms, service companies managing green assets, and solar energy. The focus is on finding revenue-generating projects to support the company’s future growth.
