Ragnar Metals (ASX:RAG) says drilling is required to evaluate the potential of the Flaken prospect at its Olserum North Heavy Rare Earth (HREE) Project in southern Sweden, following results supporting the potential for rare earths mineralisation.
A recent channel and rock sampling program in April added further context to a 3D modelling program conducted earlier this year. The company says the observations support the potential for a future discovery of a heavy rare earth oxide (HREO) deposit in the area.
Ragnar, which has a market capitalisation of $8 million, says modelling has uncovered several new targets for HREO, including a large magnetic isosurface target, which extends from near-surface to a depth of 1,400m to the north of the Hylleled prospect and two others to the south.
The company says more fieldwork is required in close proximity to these newly identified targets to assess drilling permitting and testing.
Results from the channel sampling at Flaken outlined a 6.3m mineralised outcrop measuring up to 10,198 parts per million (ppm) total rare earth oxide (TREO) over 0.38m within an average grade of 4,824ppm TREO in surface channel T2.
At the T1 channel, Ragnar reported a 9.3m outcrop measuring up to 11,384ppm TREO over 0.65m within an average grade of 4,063ppm TREO.
All channel samples were taken on exposed rock outcrops, since earthworks were not available to expose further outcrops undercover.
As a result, all channel sampling composite assay intervals are open at both ends of each channel, where mineralisation extends under cover. Ragnar says this suggests widths could be much wider.
Rock samples were also taken along strike northwest of Flaken, with results from OSR02 returning up to 24,813ppm TREO.
Executive Director Eddie King says the channel samples support the potential for “significant” widths for the HREE mineralisation.
“More importantly, the 3D inversion supports good continuity and significant depth potential, further confirming the scale potential of the project. We look forward to the next phase of exploration work at Olserum North this summer.”
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals
