Ragnar Metals (ASX:RAG) says it has uncovered a “potential large” heavy rare earth- (HREE) bearing syenite intrusive at the Melson prospect in southern Sweden.
The announcement comes after Ragnar conducted a second field program at the Olserum North Heavy Rare Earth Project, during which rock chip samples were taken to follow-up outcropping HREE mineralisation reported in 2023.
Ragnar, which has a market capitalisation of $8.53 million, reports a large hematite-altered syenite with variable HREE mineralisation was uncovered, extending for at least 50m and 20m thick. The syenite is likely to be larger since the western, northern, and eastern contacts have not been defined yet.
Assay results in the syenite include 5,856 parts per million (ppm) total rare earth oxide (TREO), with up to 35% of high-value heavy rare earth oxide (HREO); and 6,416ppm TREO with up to 39% of high-value HREO.
Meanwhile, a northwest-trending biotite-magnetite altered shear zone with variable HREE mineralisation to the northeast of the syenite was uncovered, extending for at least 10m to 20m. It is also open to the southeast.
Assay results in the shear zone include 17,511ppm TREO with up to 71% of high-value HREO; and 17,407ppm TREO with up to 40% of high-value HREO.
Executive Director Eddie King says the summer fieldwork campaigns unveiled a possible new target style for high-value HREE deposits.
“Discovering syenite intrusive hosted heavy rare earth mineralisation for the first time in the area is incredibly exciting given the scale of this deposit style already known in Sweden,” King says.
Ragnar Metals says this new style of mineralisation at Melson provides compelling evidence for targeting a different deposit style since alkalic and syenite-hosted REE deposits are known to be large tonnage deposits with many examples known worldwide and even in Sweden at the Norra Karr deposit.
Further geochemical and petrographic work is required to support the company’s hypothesis. At Melson, further fieldwork is also warranted to initially focus on sampling and mapping work to try to trace out the extent of the HREE-bearing syenite intrusive in the field.
Ragnar has engaged with consultants specialising in rare earths deposits in Scandinavia to visit Melson and other rare earths occurrences to advance its technical understanding of important mineralisation sites. This work is expected to begin in early October 2024.
A ground or drone-based magnetic and radiometric survey across the area is also proposed to define the extent of the mineralised syenite at the prospect and try to find additional mineralised syenites along strike in the area.
The Olserum North Project comprises 50.9km2 and lies 8.5km north of the Olserum HREE deposit.
Ragnar Metals is a junior explorer focused on unlocking the vast potential of Sweden’s ‘highly promising’ mining landscape. The company is focused on rare earths, lithium, and nickel.
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals
