Ragnar Metals (ASX:RAG) is eyeing fresh field sampling work at its Gruvhagen Project in Sweden following the discovery of rare earths mineralisation with ‘significant’ gallium.
The company, which has a market capitalisation of $10.90 million, says this additional fieldwork is required to establish the interpretation of neodymium-praseodymium (NdPr)-gallium mineralisation that potentially occurs for a 7km strike along the southern edge of a magnetic anomaly in the area, which is mapping iron mineralisation.
The news comes after Ragnar reported new assay results from the Gruvhagen Project of up to 19.7% total rare earth oxide (TREO) with a ‘high’ NdPr ratio of 31%, together with 169g/t gallium, 0.8% copper, and 490g/t cobalt mineralisation at the Morkens prospect.
Ragnar says these ‘encouraging’ results indicate that the NdPr-rich rare earth element (REE) mineralisation, with ‘significant’ gallium and copper, occurs over a strike of at least 700m in the area where REEs have been assayed.
Commenting on the drill results, Ragnar Metals Executive Director Eddie King says: “We are delighted to announce early confirmation of significant NdPr and gallium mineralisation over the potential 700m strike.
“We continue to be impressed with the potential for critical minerals on our projects in Sweden”
We continue to be impressed with the potential for critical minerals on our projects in Sweden, and we look forward to continuing our exploration program following this compelling result from Gruvhagen.”
The company is also engaging with the Geological Survey of Sweden to acquire more detailed airborne magnetic data to assist in mapping the prospective southern connection of the magnetite mineralisation.
Further, Ragnar will consider acquiring its own more detailed magnetic data to explore the project more effectively.
Ragnar Metals is an ASX-listed company focused primarily on its portfolio of assets prospective for nickel, copper, and gold across Sweden.
As of 30 June 2023, the company had $196,000 cash and cash equivalents at hand, according to its latest quarterly report, though this does not account for the funds received under a $1.89 million entitlement issue completed in July.
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals