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Ragnar Metals Yields Impressive Assay Results from Gruvhagen Project

16 August 2023 10:52
ASX: RAG

Ragnar Metals Limited (ASX:RAG) has unveiled encouraging assay results from its Gruvhagen Project in Sweden, showcasing substantial neodymium and praseodymium (NdPr) mineralisation alongside significant gallium, copper, and cobalt mineralisation, including assays featuring 19.7% TREO (31% NdPr) and 169 g/t gallium.

Assay Highlights

Carried out at the recently acquired Gruvhagen Project in Sweden, the primary objective of the extensive field reconnaissance program was to rediscover historical rare earth element (REE) occurrences and conduct comprehensive multi-element assays, with the goal of identifying the metal composition and mineralisation characteristics, as well as determining the potential scope and strike capacity to guide upcoming exploration efforts.

The program involved the collection of 17 rock samples, 16 of which underwent detailed laboratory assays, with the most noteworthy assay results obtained from the Morkens Prospect, where highly altered rocks with visible pyrite-chalcopyrite mineralisation were observed in the waste pile.

Importantly, the rocks are so altered that the original rock type is as-yet unidentified.

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Figure 1: (left) photograph of pyrite (5%)-chalcopyrite (2%)-altered rock from Morkens Prospect that returned 19.7% TREO and 169 g/t Ga in sample 23GRUGS013; & (right) magnetite-rich rock that assayed 32% Fe2O3, 1433 ppm TREO and 10 g/t Ga in sample 23GRUGS008.

Of particular interest were the results from sample 23GRUGS013, which displayed concentrations of 19.7% total rare earth oxides (TREO) with a substantial NdPr ratio of 31%. Additionally, this sample exhibited an impressive 169 grams per tonne of gallium, 0.8% copper, and 490 parts per million (ppm) of cobalt. Other notable samples included 23GRUGS016 and 23GRUGS017, each containing varying levels of TREO, copper, and cobalt.

Extending the Prospective Strike Length

Earlier this year, Ragnar Metals conducted an extensive review of geochemical and geophysical datasets across Sweden, identifying potential areas for critical minerals discovery. Notably, Sweden already boasts significant REE deposits like Norma Karr and Olserum.

While historical REE mineralisation had been identified at the Gruvhagen Project, locating it in the field has remained a challenge. Nevertheless, it has been established that historical assays showcased high-grade gallium with up to 369 g/t Ga associated with 3.7% TREE at the Morkens Prospect.

Assessments reveal that REE-gallium mineralisation extends across a potential 700-metre strike at the Morkens Prospect, and an additional elevated area of REO-gallium assays was identified at Morkens East, situated roughly 270 metres east of Morkens.

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Figure 2: Interpreted bedrock geology of the Gruvhagen prospect highlighting the airborne magnetic anomaly

Future Outlook

The data shed light on the relationship between mineralisation and the magnetic anomaly, with the southern edge of a 7-kilometre-long magnetic anomaly displaying an association with mineralised zones, specifically neodymium, praseodymium, gallium, and copper. This observation has prompted further exploration along the southern contact of the magnetic anomaly, with plans to acquire detailed airborne magnetic data to enhance the understanding of this potential zone.

Ragnar Metals’ Executive Director Eddie King expressed enthusiasm about the significant mineralisation identified, commenting “We are delighted to announce early confirmation of significant NdPr and gallium mineralisation over the potential 700m strike. We continue to be impressed with the potential for critical minerals on our projects in Sweden, and we look forward to continuing our exploration program following this compelling result from Gruvhagen.”

RAG’s Australian Stock Exchange-listed share price is currently selling at 2.3c (9:33 pm UTC+ 8 hours).

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