Ragnar Metals (ASX:RAG) is planning to conduct a drone-supported airborne magnetic survey in February 2024 to uncover drill targets at its Olserum North Project in Sweden.
Upon completing this work, the $10.90 million market capitalisation company aims to test the identified drill targets in mid-2024.
Further, a gravity survey over a 2.8km heavy rare earth element (HREE) mineralisation trend is scheduled to be conducted this month at the Olserum project.
This news comes after fieldwork assay results uncovered ‘encouraging’ rare earth elements (REE), with assays up to 1.2% total rare earth oxide (TREO) with an ‘abnormally’ high ratio of valuable heavy rare earth elements (HREE) up to 93%, as previously reported.
Ragnar says it completed an ‘extensive’ review of airborne magnetic data in the area, which highlighted 17km of prospective magnetic high linear anomalies that trend south towards the Olserum deposit and could potentially represent further potential HREE mineralisation.
Due to one REE occurrence and 2 iron occurrences being identified along this trend, Ragnar has now secured this area as a second exploration licence, covering 29km-square.
Executive Director Eddie King says: “Recent encouraging field results support the prospectivity of the expanded Olserum North Project, adjacent to the Olserum REE deposit which has been designated a ‘Project of National Interest’ by the Swedish Geological Survey.”
The Olserum North area covers a 50km-square area of ‘highly prospective’ ground and sits in the southwest Fennoscandian Shield in Sweden.
“Recent encouraging field results support the prospectivity of the expanded Olserum North Project”
Ragnar Metals is a nickel, copper, lithium, and rare earths explorer focused on its diverse portfolio across Sweden and its 2 gold projects in Western Australia.
As of 30 September 2023, the company had $1.269 million cash and cash equivalents at hand, according to its latest quarterly report. This does not account for the recent $9.8 million sale of some assets to BHP (ASX:BHP).
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals