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Ragnar Metals unveils high-grade HREE targets in Sweden

20 March 2024 14:18
ASX: RAG

Ragnar Metals (ASX:RAG) has announced grounbreaking geophysical findings from its Olserum North Heavy Rare Earth Project, marking a pivotal moment in the company’s exploration efforts in southern Sweden.

Given Ragnar’s promising Swedish lithium portfolio, the results come as no surprise.

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Figure 1: Photograph of rock sample OLSGS003 with massive magnetite veins (mt-v) that returned 8,286 ppm TREO (86% HREO) as
well as disseminated magnetite-altered (mt-d) augen gneiss (A) (left) | Photograph of rock sample OLSGS001 of biotite-altered augen
gneiss with magnetite (mt-v) veins that returned 9,012 ppm TREO (right)

Prospective targets emerged

The company concluded comprehensive Magnetic and Gravity geophysical surveys at Olserum, building upon prior field observations that identified highly magnetic and dense samples of HREE mineralisation, boasting up to 1.2% TREO with up to 93% HREO.

These surveys unveiled significant findings, including multiple highly magnetic trends spanning a 4.5km corridor and six new magnetic trends aligning with gravity anomalies.

These discoveries suggest high-density targets with strong prospects for HREE mineralisation, marking a notable advancement in the exploration efforts at Olserum.

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Figure 2: Interpreted bedrock geology map showing Ragnar’s newly acquired Olserum North project concerning the Olserum HREE
deposit.

Following 2023 observations, it was advised that detailed magnetic surveys would simplify tracking various mineralisation styles, facilitating the identification of massive sulphide.

Moreover, vein-style mineralisation, capable of yielding high tenor HREE up to 9,012 ppm TREO, would be discernible through subtler magnetic anomalies.

Given the abundance of highly dense magnetite and REE minerals at Olserum, gravity surveys were also recognised as a highly effective direct detection technique based on the 2023 observations.

Airborne Magnetic Survey

In November 2023, an airborne magnetic survey spanning 469 line kilometres extensively covered a significant portion of the Olserum Project’s north.

The outcomes were promising, notably showcasing the substantial magnetic trends at the Flaken and Hylleled REE-magnetite occurrences, extending 900m and 500m in strike length, respectively.

Moreover, the survey revealed a noteworthy discovery of 20 additional magnetic trends, each ranging from 200 to 800 metres in strike length within a well-defined northwest-trending corridor measuring 4.5 kilometres long and 500 metres to 1 kilometre wide.

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Figure 3: Airborne Magnetic Map (TMIRTP_1VDAGC) showing REE-magnetite occurrences (pink triangles) and interpreted magnetic trends
(red dash).

Confirming anomalies

In January 2024, a gravity survey was conducted spanning priority areas with known HREE occurrences.

Processed data indicated promising prospects, with anomalies detected at the Olserum’s Hylleled Prospect and the Flaken Prospect.

Assays returned up to 0.9 percent at Hylleled and up to 1.2 percent TREO at Flaken, correlating with solid linear gravity anomalies.

Project discoveries

Spanning 50.3 square kilometres, the Olserum North Project strategically neighbours the Olserum HREE deposit, sharing similar geological settings and promising mineralisation potential.

Sweden’s acknowledgment of the Olserum REE Project as an area of national significance for critical minerals underscores its importance in the global mineral landscape.

What sets the Olserum deposit apart is its unique magnetite-biotite-altered rock, which gives rise to coarse crystals of REE-bearing xenotime minerals.

The abundant reserves of heavy rare earth metals, including terbium, dysprosium, and neodymium, within the Olserum deposit amplify its significance, given their pivotal role in manufacturing technologically sustainable solutions for clean energy.

Company commentary

Ragnar Metals’ Executive Director, Eddie King, sees the geophysical findings as a significant enhancement to Olserum’s already impressive portfolio.

“We are delighted with recently completed geophysics work, which validates the previous field observations and is one step closer towards proving Olserum’s potential scale,” he said.

“We are planning further field reconnaissance across the new targets, which will provide confidence to delineate a potential drill campaign.

“The goal of the drilling program will be to demonstrate Olserum’s district-scale potential for high-grade critical minerals in Sweden.”

RAG’s Australian Security Exchange-listed share price is currently trading at $0.02 (02:15 pm UTC+ 8 hours).

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