Diversified explorer Ragnar Metals (ASX:RAG) has all systems in place to kickstart exploration across two Sweden-based lithium projects in mid-August this year.
The company, which has a $9.95 million market capitalisation, says exploration will be conducted at both its wholly owned Hӓlleberget and Bergom Lithium projects in Sweden, following the recent confirmation of ‘extensive’ lithium-caesium-tantalum (LCT) pegmatites.
Ragnar reports exploration is being undertaken after the expansion of the ground holdings on both lithium projects.
At Hӓlleberget, Ragnar notes an ‘extensive’ sampling program will be undertook by geologists GeoVista and Axray Scientific, and comes after the recent confirmation of tourmaline and beryl-bearing pegmatites in the field.
The company states compilation work at this project identified at least 47 additional mapped pegmatites by the Geological Survey of Sweden, including an area further south where Ragnar has lodged a new application which, if granted, will expand the project ground holding from 21km-square to 52km-square.
Meanwhile at Bergom, Geovista is expected to conduct an additional ‘extensive’ sampling program. A second application has been lodged at this project that will expand the tenure from 27km-square to 75km-square, if granted.
These activities are expected to be funded from a recent equity raise that Ragar completed in July, as announced by Ragnar on 26 July 2023.
Ragnar reported an entitlement issue that closed on 20 July 2023 offered eligible shareholders the chance to subscribe for 1 new share for every 4 held at an issue price of $0.02 per share, and raised about $1.023 million.
Addressing the upcoming exploration, Ragnar Metals Executive Director Eddie King says: “After completing our rights issue and placement of the shortfall, we are now funded and excited to commence our extensive sampling programs across two highly prospective lithium projects in Sweden.
“we are now funded and excited to commence our extensive sampling programs across two highly prospective lithium projects in Sweden”
Previous assays and recent fieldwork confirm the extensive potential for spodumene-bearing pegmatites across our extensive ground position.”
Ragnar Metals is an ASX-listed, Perth-based explorer focused on its portfolio of nickel, copper, and gold assets across Sweden. This portfolio comprises the Granmuren Nickel prospect, Gaddebo Project, Hӓlleberget project, and the Bergom project.
Both the Hӓlleberget and Bergom projects are located within an area that is interpreted to represent the western extent of the same geological terrain that contains the largest lithium deposits in Scandinavia – the Kaustinen Lithium province in Finland.
Write to Adam Drought at Mining.com.au
Images: Ragnar Metals Ltd