European Lithium (ASX:EUR) said assay results of historical diamond drill holes at the Tanbreez project in Greenland confirmed the presence of deep and heavy mineralized total rare earth oxides, according to a Tuesday Australian bourse filing.
The company started re-assaying historical pulps for confirmation and to check assay reconciliation. It added that there is no guarantee the entire 4.7 billion tonne host rock contains economic mineralization.
The drill holes ranged from 0.4% to 0.5% grade of total rare earth oxide, containing 26% heavy rare earth oxides.
The company applied to the Greenland authorities for a program of works for the 2025 resource drilling programs aimed at upgrading the inferred resource to the indicated resource category and extending the size of the Tanbreez Fjord and Hill Zone deposits.
The project is currently under the ownership of Nasdaq-listed Critical Metals, which currently holds a 42% interest with the right to earn a 93% interest, while European Lithium holds a 7.5% interest. European Lithium currently holds around 68% of the issued capital in Critical Metals.
European Lithum's shares jumped over 6% in recent trading on Tuesday.
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