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Ragnar Metals Ltd (ASX:RAG) has discovered multiple conductors associated with polymetallic mineralisation at its Viken project in Sweden after reprocessing VLF (very low frequency) geophysics data.
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The data brought up evidence of several anomalies coincident with this type of mineralisation which had been intersected during past drilling work across the project area, which stretches across 62 square kilometres.
In Viken South, this included a conductive trend measuring five kilometres long, coincident with MYR78002 which had intersected 95.6 metres at 185 parts per million (ppm) U3O8 (triuranium octoxide) and 0.26% V2O5 (vanadium oxide) from 16.0 metres.
In the same area was another five-kilometre-long trend, coincident with MYR78007, which had intersected 44.2 metres at 167 ppm U3O8 and 0.16% V2O5 from 2.5 metres.
And at Viken East, a third conductive trend – around six kilometres long – was found to be coincident with NAK78004 that intersected 32.9 metres at 230 ppm U3O8 and 0.24% V2O5 from 26.4 metres including 25.4 metres at 252 ppm U3O8 and 0.27% V2O5.
In addition to these larger anomalies, Ragnar has also found another three conductive anomalies that indicate extensive potential.
The company clarified its position regarding the discovery of uranium at its Viken South, Viken East, and Flugen Projects in November 2024, pointing out that, according to Swedish law, exploration licenses or production concessions related to uranium cannot be granted for applications made after July 31, 2018.
Ragnar emphasised the exploration licenses granted for these projects related specifically to energy metals including vanadium, copper, nickel as well as molybdenum, and zinc, but also mentioned an inquiry into the uranium ban launched by Sweden’s Ministry of Climate and Enterprise last February.
Ragnar has been trading at 1.7 cents.
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