Ragnar Metals (ASX:RAG) has unveiled plans to conduct regional reconnaissance rock sampling across several new target areas at its Olserum North HREE Project in Sweden.
The $9.47 million market capitalisation company says this work will complement the channel sampling that has been planned across the known heavy rare earth element (HREE) mineralisation at the Hylleled and Flaken prospects. This will be conducted before the pending regulatory approvals from the Department of Mines in Sweden.
Trenching work aims to assess the thickness of mineralisation at each prospect area to assist in defining the drill target for these prospect areas.
Another proposed work program will be to conduct a 3D inversion of the gravity and magnetics data to assist in drill target definition work.
Ragnar today (19 March 2024) has posted ‘significant’ geophysical results at Olserum North, which the company has flagged as a ‘crucial milestone’ in its exploration at the project.
Results, generated from comprehensive magnetic and gravity geophysical surveys, demonstrate HREE mineralisation that returned up to 1.2% total rare earth oxide (TREO) with up to 93% heavy rare earth oxide (HREO).
According to Raganr, results also demonstrate multiple ‘highly magnetic’ trends over a well-defined corridor measuring 4.5km long and 500m to 1km wide, where no previous sampling has been completed, as well as 6 magnetic trends coincident with gravity anomalies, indicative for HREE mineralisation.
Executive Director Eddie King says: “We are delighted with recently completed geophysics work, which validates the previous field observations and is one step closer towards proving Olserum’s potential scale.
We are planning further field reconnaissance across the new targets, which will provide confidence to delineate a potential drill campaign. The goal of the drilling program will be to demonstrate Olserum’s district-scale potential for high-grade critical minerals in Sweden.”
The geophysical surveys proposed for Olserum followed field observations made in 2023 by Ragnar geologists. These observations, which identified three distinct types of mineralisation (massive, vein, and disseminated style magnetite mineralisation), were a ‘significant milestone’. They also revealed the presence of substantial, heavy rare earth element (HREE) minerals.
Project tenure at Olserum North comprises 50.3km-square strategically located 8.5km north of the Olserum HREE deposit.
Ragnar Metals is an ASX-listed company focused primarily on its portfolio of assets prospective for nickel, copper, and gold across Sweden.
Write to Adam Drought at Mining.com.au
Images: Ragnar Metals
