Ragnar Metals (ASX:RAG) has uncovered three drill-ready targets across multiple prospects after conducting a field trip at the Orrvik Lithium Project in Sweden.
Rock geochemistry from pegmatites shows several chemical and mineral fractionation trends, suggesting regional zonation and strong vectors towards fertile and potential lithium-mineralised pegmatites.
As a result of the field trip, lithium specialist consultant Stuart Kerr from OMNI GeoX identified the three targets across the Anundsbole, Stenback, and Orrvik prospects.
Ragnar Metals, which has a market capitalisation of $9.47 million, has secured all approvals needed to begin drilling at the prospects. The company will obtain quotes for drilling contractors and expects to update the market regarding planning and developments in due course.
At Orrvik, there is an 8m wide east-northeast trending exposure of a mineralised pegmatite and very coarse 10-30cm spodumene crystals.
The company says previously reported samples have returned up to 1.2% lithium oxide. Further, historical drilling is considered ineffective on east-northeast trending pegmatites.
At Stenback, field analysis and mapping suggest a northwest trending sub-vertical stacked en-echelon swarm of four exposed pegmatites, with the central two pegmatites displaying higher fertility and coincident spodumene mineralisation potentially up to 20m thick.
Ragnar Metals says previously reported samples have returned up to 1.7% lithium oxide. Historical drilling is also interpreted to be ineffective.
Meanwhile, at Anundsbole, the prospect consists of a “large” pegmatite outcrop exposure 50m wide and 100m long, where historically, lithium phosphate minerals were noted.
The company says the prospect’s pegmatite shows there is potential for a concealed spodumene zone at depth and is considered a high priority drill target.
Executive director Eddie King says the company’s strategic position is considered “highly advantageous” and the work done to date positions Ragnar well to drill the targets.
“The recent geochemical review and field trip with independent consultants have strengthened our confidence in the potential presence of multiple lithium discoveries within a fertile, resource-rich province,” King says.
Global lithium demand is projected to rise by 17% a year between 2023 to 2026, driven by the rising adoption of EVs. However, weak Chinese demand and shifting policies in the US and European Union could see EV sales growth continue to remain slow.
According to the Department of Industry, Science and Resources’ (DISR) latest issue of its Resources and Energy Quarterly: June 2024, a rise in global lithium supply will see the lithium market remain in surplus for the outlook period.
The Orrvik Lithium Project covers 36km2 and lies in a “highly prospective” district that is believed to represent the western extent of the well-known Kaustinen lithium province in Finland.
Ragnar Metals is a mineral explorer focused on unlocking the vast potential of Sweden’s promising mining landscape.
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals
