Ragnar Metals (ASX:RAG) is looking to tackle airborne magnetics surveys in November across its Orrvik, Bergom, and Hälleberget lithium projects in Sweden after making some ‘encouraging’ new field observations.
The $10.9 million market capitalisation company says in addition to the existing spodumene pegmatites observed by its geologists at both Orrvik and Stenback, as reported earlier this month, several other ‘highly encouraging’ rare metal pegmatites have been uncovered.
Ragnar reports the new pegmatites have been named Orrvik East, Orrvik North, and Dyngselet, respectively, with the latter considered prospective for lithium-caesium-tantalum (LCT)-style pegmatites.
The company says Orrvik East displays lithium phosphate minerals that share similarities with those seen at Stenback, while Orrvik North displays outcrop occurrences about 1km-1.5km to the northeast of the Orrvik spodumene occurrence that are exposed at surface up to 12km wide.
The upcoming surveying of this zone will investigate a 10km by 4km ‘high-priority’ area to highlight the structures controlling the pegmatite dyke intrusions.
Ragnar has scheduled a gravity survey to occur over the Orrvik spodumene deposit in December following the completion of the airborne surveys.
At Hälleberget, Ragnar has conducted ‘extensive’ work on the LCT pegmatite systems uncovered in August, with results showing that the mineralogy is indicative of ‘highly fractionated’ pegmatites approaching the spodumene zone.
The upcoming survey for Hälleberget will be conducted within a 31.5km-square area and has been designed to highlight structures controlling the pegmatite dyke intrusions.
Ragnar states assays from rock samples will be received within the next week and will be reported thereafter.
The upcoming exploration activities follow Ragnar pocketing just under $10 million from the recent sale of its Swedish nickel assets to a subsidiary of mining giant BHP (ASX:BHP), as reported last week (19 October 2023).
Ragnar Metals Executive Director Eddie King says the company has enough work to keep it busy over the coming months.
“Recent encouraging field results support the prospectivity of our expanded lithium portfolio, so we will be extremely active on our lithium projects over the coming months.
“Recent encouraging field results support the prospectivity of our expanded lithium portfolio”
“These programs aim to lead into our maiden drill program for lithium in Sweden in early 2024.”
In a recent interview with Mining.com.au, King said the company won’t shy away from opportunities in other commodities and jurisdictions.
Ragnar Metals is focused primarily on its portfolio of assets considered prospective for copper, gold, and lithium across Sweden.
The company had $196,000 cash and cash equivalents at hand as of 30 June 2023 prior to the $9.8 million sale of its nickel assets to a subsidiary of BHP.
Write to Adam Drought at Mining.com.au
Images: Ragnar Metals