Ragnar Metals Identifies Potential Large HREE-Bearing Syenite Intrusive at Melson, Sweden
RAG (RAG) Share Update September 2024 Monday 23rd
Ragnar Metals Unveils Promising HREE Findings in Sweden
Ragnar Metals Limited (ASX: RAG) has announced promising assay results from their second field program at the Olserum North Heavy Rare Earth (HREE) Project in southern Sweden. The findings suggest significant potential for HREE within a syenite intrusive at the Melson prospect.
Instant Summary:
- Biotite-magnetite-altered shear zone with assays up to 1.75% TREO with up to 71% HREO.
- Several outcrops of magnetite-poor HREE-bearing syenite intrusive rock with up to 0.6% and 0.5% TREO with 35% to 38% HREO.
- Mineralised syenite mapped at surface for at least 50m by 20m and open to the west, north, and east.
- HREE-bearing syenite host rocks identified for the first time in the area, suggesting a new target style for large alkaline and syenite intrusive hosted HREE deposits.
Field Program and Assay Results
Ragnar Metals conducted a second field program at the Olserum North HREE Project, collecting 38 rock samples from the Melson prospect. The assays revealed a biotite-magnetite-altered shear zone with up to 1.75% Total Rare Earth Oxides (TREO) and 71% Heavy Rare Earth Oxides (HREO). Several outcrops of magnetite-poor HREE-bearing syenite intrusive rock showed up to 0.6% and 0.5% TREO with 35% to 38% HREO.
The mineralised syenite has been mapped at the surface for at least 50m by 20m and remains open to the west, north, and east. This discovery marks the first identification of HREE-bearing syenite host rocks in the area, suggesting a new target style for large alkaline and syenite intrusive hosted HREE deposits.
Geological Context and Future Work
The Olserum North project spans 50.9km2 and is strategically located 8.5km north of the Olserum HREE deposit. The geological setting is characterized by Palaeoproterozoic Svekokarelian metasedimentary rocks and Palaeoproterozoic alkalic granite and syenite rocks.
Ragnar Metals plans to conduct further geochemical and petrographic work to support the hypothesis of a new deposit style. Additional fieldwork will focus on further sampling and mapping to trace the extent of the HREE-bearing syenite intrusive. The company has engaged highly experienced consultants specializing in rare earth deposits in Scandinavia to advance their technical understanding, with work commencing in early October.
Strategic Importance of HREE
Heavy Rare Earth Elements (HREE) such as terbium and dysprosium are critical components in manufacturing performance technology solutions for clean energy. These metals are essential for advanced electronics and permanent magnets in electric motors, making them increasingly significant in the global economy.
Ragnar Metals remains committed to exploration in Sweden, a country consistently ranked in the top 10 of the Fraser Institute’s Annual Survey of Mining Investment Attractiveness.
The discovery of HREE-bearing syenite host rocks at Melson is a significant development for Ragnar Metals. This finding could potentially increase the company's resource base and attract investment interest. The identification of a new deposit style may also open up further exploration opportunities in the region.
Investor Reaction:
Analysts are likely to view these results positively, given the strategic importance of HREE in the clean energy sector. The potential for a large-scale deposit could enhance Ragnar Metals' market position and drive stock price appreciation. However, investors will be keen to see further validation through additional fieldwork and assays.
Conclusion:
Ragnar Metals' recent assay results at Melson highlight the potential for significant HREE mineralisation in southern Sweden. Investors should monitor the company's upcoming fieldwork and further assay results, which could provide more insights into the scale and economic viability of the deposit.