The Olserum Rare Earth project has the potential to become Europe’s first operating rare earth elements (REE) mine, European Green Transition (EGT) reported in April.
REEs are metallic elements used in technology including electric vehicles and wind turbines.
Following the collection of samples, EGT said in a statement that the site now has the potential to be expanded into a district-scale REE system.
EGT’s chief executive Aiden Lavelle said that additional time spent on the ground, as well as results from samples collected earlier this year, has offered insights into the system.
“We anticipate the drill programme could confirm our assumption that the Olserum REE project is a district scale system with potential to be a significant REE project in Europe,” he said.
“Completing the programme should support the company’s aim of attracting a partner to fund its future development and potential commercialisation,” he added.
EGT reported in April that it had created a work plan for an initial drilling program of up to 9,000 metres across a total of 42 drill holes. The company can also change the program within the approved working areas.
This work plan approval is valid for two years.
The REE deposit at this site is one of a handful of known deposits in Europe, with EGT describing these deposits as critical in the green energy transition.
The directors of EGT also pointed to the recently adopted European Critical Raw Materials Act which looks to secure these materials directly in Europe.
The company plans to develop a portfolio of green economy assets in Europe.
EGT made its stock market debut on London’s Alternative Investment Market in March, raising £6.4m (€7.5m) before expenses from institutional investors and family offices.
It has offered an additional £500,000 in shares to retail investors.
This is the fifth flotation on the AIM undertaken by Cathal Friel, managing director of Raglan Capital. Mr Friel, a former stock broker, is director and co-founder of EGT and is becoming well-known for raising equity via public markets for relatively early-stage businesses.
Oil executive Michael Nolan – who made a fortune when he sold stock market-listed exploration company Cove Energy to Shell in 2012 – is also behind the plans for EGT.
