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Ragnar take aim at Swedish sulphides

15 February 2023 09:34
ASX: RAG

Ragnar Metals are closing in on Granmuren’s nickel-copper-cobalt promise, with returns from an extensive survey program held at the Swedish project identifying three new high-priority targets.

The company has just received results from both a Downhole Induced Polarisation and Resistivity survey completed in September last year and a widespread Downhole Transient Electromagnetic survey wrapped up last month, alongside assays for a recently completed drill hole.

Target one was interpreted off a large DHTEM plate, measuring 300 metres by 250 metres and located at depth below previous drilling holes which returned assays including 31m at 0.8% nickel & 0.5% copper and 0.55m at 1.74% nickel & 0.80% copper — with new evidence indicating this target area may represent a whole new mineralised body.

Similar to target one, target two is a large DHTEM plate, 200m by 250m and lying directly below a drill hole that intersected 7m at 1.2% Ni & 0.8% Cu and resting 200 metres southwest of a 146.3m at 0.6% Ni & 0.5% Cu strike, and the company believe the plate could be an extension of known mineralisation to the West.

While smaller than the other two targets, target three has a unique allure, with this new area along strike from a previous hole which indicated cobalt mineralisation with the return of 30m at 0.8% Ni, 0.5% Cu & 0.1% Co.

The company said new IP and EM models provide more evidence supporting its ore-forming model.

“We are very excited about the new target areas defined by these new cutting-edge downhole geophysics technologies that provide evidence the Granmuren nickel-copper-cobalt system continues to expand in several directions at depth,” executive director Eddie King said.

Ragnar has earmarked target one for future drill testing to explore the extent of the possible new body and its potential to contain extensive nickel sulphide mineralisation.

RAG’s Australian Stock Exchange-listed share price has risen 6.67 per cent today, currently selling at 1.6c (9.25 am UTC+ 8 hours).

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