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Ragnar Metals Advances Swedish Lithium Suite

9 November 2023 14:35
ASX: RAG

Ragnar Metals Limited (ASX:RAG) has released positive assay results from several areas within its Sweden lithium portfolio with the results further highlighting the potential of the area as the Company plans its initial drilling program.

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Figure 1: Interpreted bedrock geology map of the Bergom and Orrvik Project areas and highlighted assay results from new rock sampling programs

Orrvik & Bergom Lithium

Throughout the year, the Company has completed a series of rock sampling campaigns at the Bergom and recently acquired Orrvik Projects, with a total of 83 samples collected.

The returned assays have been highly encouraging, with high-grade lithium mineralisation being confirmed in two areas along with elevated pathfinder metals, which are believed to indicate highly fractionated rare metals pegmatites identified in three additional locations.

The highlights reported:

  • Stenback Prospect: Up to 1.7% Li2O and 27.9 ppm Ta2O5
  • Orrvik Prospect: Up to 1.2% Li2O and 262 ppm Ta2O5
  • Orrvik East: Up to 417 ppm Li2O and 64.7 ppm Ta2O5
  • Dyngselet: Up to 348 ppm Li2O and 52.6 ppm Ta2O5
  • Anundsbole: Pegmatite outcrop 100 m strike and 30m wide
    • Up to 402 ppm Li2O and 48.4 ppm Ta2O5

Ragnar reports all five of these high-priority target areas correspond with K/Rb ratios that range between 14 to 50, which is indicative of fractionated LCT pegmatite systems.

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Figure 2: Outcrop rock sample observed by Ragnar showing 10cm long pale spodumene crystal (red outline) corresponds with sample OVLH14 and assays of 1.7% Li2O

Hälleberget Lithium Project

The Company also completed various rock sampling campaigns at its Hälleberget Project area, collecting 64 assays.

Various LCT minerals were observed at the Project, including lithium phosphates, tantalite and cassiterite, supporting the prospectivity of the area.

From the assays received, Ragnar has identified three priority areas:

  • H1: Up to 348 ppm Li2O and 190.9 ppm Ta2O5
  • H2: Up to 0.13% Li2O and 46.1 ppm Ta2O5
  • H3: Thick ridges of pegmatites measuring 400m in strike by 30m width
    • Up to 495 ppm Li2O and 56.6 ppm Ta2O5

Future Outlook

The promising results released today have given Ragnar confidence in the widespread potential for spodumene mineralisation at not only Orrvik and Stenback, but at the additional identified high-priority areas with confirmed LCT minerals and corresponding elevated lithium and pathfinder metals.

On the back of these assays, Ragnar plans to complete detailed magnetics over the priority areas, additional Satellite and Multispectral Surveys and Digital Elevation Modelling (DEM) .

The Company is also planning to conduct a small orientation ground gravity survey over Orrvik to assist in tracking the spodumene pegmatites intruding amphibolite at depth and along the strike.

The aim of these programs is to accurately define all drill targets for drill testing planned for 2024.

Company Comments

Ragnar Metals Executive Director Eddie King commented on the progress.

“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,” he said.

“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.”

RAG’s Australian Stock Exchange-listed share price is currently trading at $0.024 (2:23pm UTC+ 8 hours).

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