Just over two weeks after acquiring the promising project, Ragnar Metals have made good on the Olserum North Heavy Rare Earth Element Project’s potential with the identification of a potential 1.1km metre strike of HREE mineralisation at the Swedish Project’s surface.
Striking at Rare Earth
The newly unveiled mineralisation was identified following an 11-sample rockchip program undertaken at the Project’s Flaken and Hylled Prospects which showed high-grade rockchip assays up to 11,991 ppm TREO and 9,012 ppm TREO respectively, with Flaken being an entirely new discovery outlined by this program from the sampling of historical iron ore workings.
Heavy rare earth oxides comprised up to 93 per cent of a 4,967 ppm TREO returned from Flaken and up to 86 per cent of an 8,286 ppm hit from Hylleled, both of which were described as abnormally high, with further assays indicating that HREEs comprise the majority of total REE content in most samples.
Figure 2: Airborne Magnetic Map (tilt derivative) showing the location of recent rock sample results (*TREO includes all rare earth elements plus Y and Sc)
These results are highly significant as when combined with airborne magnetic data indicate that magnetite-HREO mineralisation at the two Prospects is potentially connected, with field measurements of the veining within samples supporting this magnetic interpretation.
What makes these finds particularly significant is that the two Prospects sit just 1.1km apart, providing that entire distance as potential strike length for follow-up, with additional magnetic anomalies extending approximately 5 kilometres and giving Ragnar new avenues to unearth the extent of the Project’s HREE mineralisation.
What makes Olserum North a particularly compelling project is its proximity to the massive 7.8mt @ 0.6 per cent TREO Olserum HREE deposit, which is located just 8.5 kilometres to the north of Olserum North and boasts a considerable HREE composition of 34 per cent.
Due to this, Sweden has defined the Olserum REE deposit and the surrounding area as a resource of national importance for critical minerals, due to HREEs critical importance to the ongoing energy transition.
Olerum North was strategically located due to this fact, with the two Projects bearing a number of strong similarities in terms of mineralisation style.
Ragnar is already at work planning a follow-up sampling program for the 20.8 square kilometre project, in addition to further magnetic and radiometric geophysics program as the explorer zero’s in on the Project’s potential to host a significant HREE deposit, minerals that will be critical in the ongoing green energy transition.
The Company said that the rock sampling work combined with the review of airborne magnetic data indicates that the Olserum North Project is highly prospective for discovering a heavy rare earth element deposit.
“We are thrilled with our first heavy rare earth rock assay results, particularly for dysprosium and terbium. These results strongly support Ragnar’s view that a wealth of critical minerals is yet to be uncovered in Sweden. We look forward to the next phase of exciting exploration work at Olserum North this summer” Executive Director Eddie King said.
The explorer will be well-funded to continue exploration, having raised $9.8m from the disposal of its Swedish subsidiary to Australian Mining Giant BHP to fund the exploration of its four newly acquired critical metal projects, of which Olserum North is one.
The Company is also awaiting the results of rock sampling at Olserum’s sister REE project Gruvhen, at which NdPr is the primary focus, with Ragnar expecting to receive these results in the coming weeks.
RAG’s Australian Stock Exchange-listed share price is currently selling at 2.4c (12:43 pm UTC+ 8 hours).