Ragnar Metals expands Scandinavian kingdom with acquisition of 2 new lithium projects, Sweden

Ragnar Metals (ASX:RAG) has secured 2 new lithium projects in a ‘highly prospective’ region following a recent review of nationwide datasets in Sweden. 

The company says the Halleberget Lithium and Bergom Lithium projects are situated within an area considered ‘highly prospective’ for lithium pegmatite deposits since the district represents the western extent of the same belt that contains the largest lithium deposits in Scandinavia, the Kaustinen Lithium province in Finland. 

Ragnar reports previous work undertaken by international mining and minerals group LKAB demonstrates the area has potential for discovering lithium pegmatites, with ‘extensive’ and ‘high-grade’ tin mineralisation, in conjunction with assays up to 0.47% Li2O indicating a transition into the more lithium-rich zonation of the pegmatite systems. 

Additionally, Ragnar announces it is undertaking an initial field reconnaissance and sampling program to assess the regional potential of the tenure and surrounding areas. 

This program will look to relocate the known lithium-caesium-tantalum (LCT) pegmatites and track out the strike extents to evaluate the metal’s zonation trends in order to vector into the spodumene-rich parts of the system.  

As of 4pm AEST Ragnar’s share price had increased by 40% to $0.028. 

Commenting on the acquisition, Ragnar Metals Executive Director Eddie King says: “We are excited to expand our exploration portfolio with highly prospective lithium projects, in one of the world’s best mining jurisdictions. 

We believe Sweden’s lithium potential is still to be unlocked…”

We believe Sweden’s lithium potential is still to be unlocked, so we remain very committed to continued success as one of Sweden’s most active and effective explorers for critical minerals.” 

Meanwhile, the company notes it has moved forward with plans to raise about $1.89 million through a non-renounceable entitlement issue. 

Under the entitlement issue, shareholders can expect to receive 1 fully paid ordinary share in the capital of the company for every 4 shares held by shareholders registered at the record date at an issue price of $0.02 cents per share, together with 1 option to acquire a share each with an exercise price of $0.03 and an expiry date of 30 September 2024 for every entitlement share issued. 

Funds are expected to be funnelled towards activities at both the new Swedish assets, costs of divestment of Ragnar Metals Sweden AB, and general working capital. 

The company also notes that it proposes to issue a total of 13 million options to its directors comprising 5 million to Steve Formica, 5 million to Eddie King, and 3 million to David Wheeler, with each option having an exercise price of $0.03 and an expiry date of 3 years from the date of issue. 

With both assets now acquired and the entitlement issue now announced, Ragnar Metals also intends to conduct hyperspectral surveys and high-resolution air photographs to identify further outcropping pegmatites, as well as high-resolution magnetic surveys to map out of the pegmatites. 

This work is expected to be conducted ahead of planning for a drill program scheduled for the last quarter of 2023. 

Ragnar Metals is an ASX-listed company with a portfolio of ‘highly prospective’ nickel, copper, and gold assets across Sweden. The company’s Halleberget Lithium Project is located about 10km north of the Jarkvissle lithium pegmatite deposit and is host to outcropping lithium-bearing pegmatites over 500m strike. 

Meanwhile, the Bergom Lithium Project is located within this same ‘highly prospective’ area and is characterised by an area of widespread yet unexplored pegmatite outcrops with only 1 historical assay returning 0.172% Li2O, 95 parts per million tantalum, and 0.38% tin (Sn).

In Scandinavian lore, Ragnar Lodbrok was a Viking hero, as well as a Swedish and Danish king.

Write to Adam Drought at Mining.com.au

Images: Ragnar Metals Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.