More work ‘justified’ after Ragnar hits big with uranium, vanadium at Swedish digs

Ragnar Metals Ltd (ASX:RAG) has confirmed significant uranium mineralisation at three new Swedish projects, with rock assays from the 39 square-kilometre Flugen revealing up to 1,185 parts per million (ppm) (0.12%) triuranium octoxide (U3O8).

The company carried out maiden reconnaissance rock sampling at the Flugar, Viken East, and Viken South plays, with petrographic work at the first confirming uraninite and other uranium minerals are present and hosted in metasedimentary rock.

The latter two – whose prospectivity is suggested by their location adjacent to the mammoth Viken and Häggån uranium-vanadium deposits – have been subject to Ragnar’s analysis of historical drill data as well as rock sampling.

The surveying of drill data showed Viken South had hosted strong intersections of uranium and vanadium, including 95.6 metres at 185 ppm U3O8 and 0.26% V2O5 (vanadium oxide) from 16.0 metres in one hole, including 22.0 metres at 216 ppm U3O8 and 0.26% V2O5.

At Viken East, three significant intersections were picked up, including 32.9 metres at 230 ppm U3O8 and 0.24% V2O5 from 26.4 metres in one hole, including 25.4 metres at 252 ppm U3O8 and 0.27% V2O5.

Rock chipping in Viken East showed outcropping vanadium-uranium mineralisation holding 0.56% V2O5 and 48 ppm U3O8 within the known alum shale host rock at the nearby Viken
deposit.

Ragnar executive director Eddie King said the results were pleasing and timely, given political considerations towards uranium.

“Our fieldwork and historical data review of our uranium interests have exceeded expectations, especially given Sweden’s changing sentiment toward uranium mining,” he said.

“Our initial exploration work at Flugen has highlighted high-grade uranium mineralisation, justifying further work.

“The Viken South and Viken East projects are strategically located next to some of Sweden’s largest uranium-vanadium deposits: previous drilling and rock sampling have provided encouraging results, with potentially elevated uranium-rich shale mineralisation at depth or along strike under cover.

“We are excited about the next steps of mapping the uranium-rich carbonaceous shales, which will assist in refining the exploration approach.”

Ragnar has been trading at 2.1 cents.

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