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23/04/2024
Mining News

EGM expands Olserum rare earth element project in Sweden

European Green Metals Ltd (EGM) has acquired the 71 km2 Olserum 22 Licence area, significantly expanding its land position around its Olserum rare earth element (REE) project in Southern Sweden.

Olserum, designated a ‘project of national interest’ with an historical resource and proven metallurgy and recoveries, is a key focus in the company’s strategy to build a portfolio of advanced critical minerals projects in Europe to supply the continents energy transition related industries.

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Overview

Olserum 22 covers approximately 71 km2 and significantly increases EGM’s land position around its existing 6.5 km2 Olserum licence.

Acquisition provides district scale control in a highly prospective rapidly emerging REE district in Southern Sweden, where other international resource companies are also staking ground.

Existing Olserum Licence has an historical 43-101 Indicated Resource of 4.5 million t grading 0.6% total rare earth oxides (TREO) and an inferred resource of 3.3 million t grading 0.63% TREO using a 0.4% cut-off.

Multiple anomalies already identified on Olserum 22, with an exploration plan now being finalised.

Sweden represents a highly supportive mining jurisdiction with established infrastructure and is close to end user markets for REE.

David Hall, EGM Chief Executive Officer, said:

“We are delighted to have strengthened our land position at Olserum in Southern Sweden 10-fold, as we look to deepen our understanding of this highly prospective area and build a substantial REE resource inventory. Olserum 22 has already yielded highly promising targets and complements our existing Olserum Project in what we believe is a new rare earths district with potential for numerous new discoveries.

“As is increasingly apparent, the supply of critical minerals such as REE is acutely important to industry within Europe, especially those related to energy transition. Accordingly, there is an imperative need to build resource inventory and develop projects within the continent, which is currently totally dependent on imports. We are therefore extremely excited about this new REE district and are looking forward to advancing the project area for the benefit of all stakeholders and supporting the European green energy transition.”

 

Source: Global Mining Review

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