European Lithium's (ASX:EUR) Critical Metals said that drilling results show significant and extensive mineralization potential across Area B, within its Tanbreez rare earths project in Greenland, according to a Tuesday filing with the Australian bourse.

The area within the Fjord deposit remains open along strike and consistently confirms mineralization, the filing said.

Additional drilling across Area B and the Fjord area is required to further define scale, continuity, and potential resource growth, the filing said.

In 2022, the company agreed to merge with Sizzle, a US special purpose acquisition company, and sell down its interest in the project to create Critical Metals.

European Lithium currently owns 48 million shares in Critical Metals.

Shares of the company rose 5% in recent Tuesday trade.