Ragnar Metals (ASX:RAG) has reported new assays that support its planned studies to launch an initial drilling program across its Hӓlleberget, Bergom, and Orrvik lithium projects in Sweden.
The $12.32 million market capitalisation company now aims to define drill targets for testing in 2024 through detailed magnetics, satellite, and multispectral surveys.
Ragnar is also planning to conduct a small orientation ground gravity survey over Orrvik to support the tracking of spodumene pegmatites identified through a recent biogeochemistry survey.
The latest round of Ragnar assays comes from a series of rock sampling campaigns across its Swedish project areas.
Ragnar reports the results confirm a widespread potential for spodumene mineralisation across Orrvik and the Stenback prospect, as well as 6 other ‘high-priority’ areas with confirmed lithium-caesium-tantalum (LCT) minerals and corresponding elevated lithium and pathfinder elements.
At Stenback, results included up to 1.7% lithium oxide (Li2O) and 27.9 parts per million (ppm) tantalum pentoxide (Ta2O5).
At Orrvik, results included up to 1.2% Li2O and 262ppm Ta2O5.
Meanwhile, at the Hӓlleberget project, Ragnar reports newly discovered lithium mineralisation of up to 0.13% Li2O and 46.1ppm Ta2O5.
Ragnar Metals Executive Director Eddie King says: “Confirmation of widespread lithium and other rare metals is a pleasing result, and the next steps involve further detailed magnetics and a ground gravity survey to determine the scale of a maiden drill program next year.
“This is an exciting project for Ragnar to be a part of, and we look forward to efficiently deploying the capital received from the recent sale of our nickel interests for $9.8 million, plus an NSR worth up to $10 million”
This is an exciting project for Ragnar to be a part of, and we look forward to efficiently deploying the capital received from the recent sale of our nickel interests for $9.8 million, plus an NSR worth up to $10 million.”
Ragnar Metals has a diverse portfolio considered ‘highly prospective’ for nickel, copper, lithium, and rare earths across Sweden. The company also has 2 gold projects in Western Australia.
As of 30 September 2023, the company had $1.269 million cash and cash equivalents at hand, according to its latest quarterly report, though this does not account for the $9.8 million from the sale of some assets to BHP (ASX:BHP).
Write to Aaliyah Rogan at Mining.com.au
Images: Ragnar Metals
