Ragnar Metals (ASX:RAG) is seeking to conduct a 3D inversion of the gravity and magnetics data at the Olserum North Rare Earth Project in Sweden to support drill target definition work.
As previously reported, recent geophysical results have been touted as a “crucial milestone” in the company’s exploration at Olserum North.
Results demonstrate heavy rare earth element (HREE) mineralisation that returned up to 1.2% total rare earth oxide (TREO) with up to 93% heavy rare earth oxide (HREO).
The $8.53 million market capitalisation company has also planned a work program to conduct regional reconnaissance rock sampling across several new target areas within Olserum North, which will complement the channel sampling planned across the known HREE mineralisation at the Hylleled and Flaken prospects.
The channel sampling program will be conducted before the pending regulatory approvals from the Department of Mines in Sweden.
The trenching work aims to assess the thickness of mineralisation at each prospect area to support defining drill targets for these prospects.
At the Orrvik Lithium Project in Sweden, several programs are in progress based on previously returned results from a resistivity survey, where a notable anomaly was identified in correlation with exposed spodumene-bearing pegmatites.
Ragnar is continuing data processing and interpretation at Orrvik and Olserum, as well as an airborne drone survey over priority areas within both projects and the Bergom Lithium Project.
At Orrvik, the company says the survey aims to elucidate structural controls on pegmatite emplacement and establish connections between shear, fault, and dilational zones with known mineral and geochemical anomalies.
Meanwhile, a biogeochemistry survey is set to kick off at Orrvik, which uses dead tree bark as a natural sampling tool. Ragnar says tree bark absorbs trace elements from soil, bedrock, and water — providing insights into geochemical compositions in regions where desired rocks may be obscured by glacial terrain.
Ragnar notes the amalgamation of all collected geophysical data and an upcoming field season in summer positions the company’s optimally for its inaugural and/or drilling campaigns on its lithium assets.
Executive Director Eddie King says the March quarter was filled with consolidation for Ragnar after selling Swedish nickel interests to BHP (ASX:BHP).
“Where they identified new targets, we will consider when planning our exploration program for the impending drier season. We are committed to Sweden, and with a strong cash balance, we will consider all possible options before deploying our resource.”
As of 31 March 2024, the company had $9.825 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar
