Ragnar Metals (ASX:RAG) is looking to the next phase of exploration after rock chip assays confirmed the prospectivity of its Olserum North Heavy Rare Earths Project in southern Sweden.
The rock chip samples, collected during a recent field trip, returned up to 65% heavy rare earth oxides (HREO) and support the need for further exploration work.
At the Melsjon prospect, samples returned up to 1.7% total rare earth oxides (TREO), with up to 40% HREO.
Ragnar, which has a market capitalisation of $8 million, says the rock chips taken from the Flaken prospect returned up to 4.1% TREO and up to 40% HREO.
Meanwhile, at the Hylleled prospect, assays returned up to 2.3% TREO and up to 65% HREO.
Executive Director Eddie King says these results reinforce the company’s confidence in the region and the potential for a substantial critical mineral deposit.
“We will commence the next phase of exploration work at Olserum North during the summer season,” he says.
The company plans to follow up on the results with a more detailed program of channel sampling across the Flaken and Hylleled prospects.
A field trip is also planned to follow-up on the results from the Melsjon prospect, where only a handful of samples have been taken to date. The results of these work programs will be reported in the coming months.
Olserum North covers 20.8km2 and lies 8.5km north of the Olserum heavy rare earths deposit.
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals
