- Ragnar Metals (RAG) reports “breakthrough” results from the Leeds Gold Project in Western Australia
- The company says recent drilling and geophysics results suggest the project area to be highly prospective for multiple gold-bearing structures
- RAG is planning a comprehensive soil geochemistry survey to assess extensive new target trends identified from the survey work
- Shares closed at 4.6 cents on September 8
Ragnar Metals (RAG) has reported “breakthrough” results from drilling and sub-audio magnetics (SAM) geophysics programs at the Leeds Gold Project in Western Australia.
Drilling program
During June and July, the company drilled 17 reverse circulation holes (RC) for 2735 metres and two diamond holes for 406 metres.
The work was primarily focused on a central 800-metre strike trend where historic drilling has indicated widespread areas of near-surface oxidised mineralisation with high-grade mineralisation in some places.
Specifically, RC drilling aimed to test below known mineralisation where previous intercepts indicate it might dip variably to the west. Meanwhile, diamond drilling aimed to establish the orientation of important mineralised structures and veins in key areas.
SAM geophysics survey
Additionally, Ragnar engaged external consultants to conduct a SAM survey across Leeds, with the objective to identify further gold-bearing structures.
Results
Following the work, assays returned several notable intersections, including eight metres at 3.5 grams of gold per tonne (g/t) from 88 metres, containing four metres at 6.6g/t gold.
RAG said the latter intercept in particular hailed from a hole that targeted a newly identified SAM anomaly — now interpreted as a possible high-grade structure that remains open and undrilled for 500 metres to the north-northeast.
Meanwhile, other significant intersections reportedly confirm widespread gold over 800 metres of strike.
Altogether, RAG said the combined results indicated the project area was highly prospective for multiple gold-bearing structures.
Ragnar’s chairman Steve Formica commented on the findings.
“The gold assay results, and widespread anomalies are very exciting for the company and support Ragnar’s commitment to consider further exploration at the company’s highly prospective Norseman-Wiluna greenstone belt,” he said.
“We are excited for the potential of Leeds and look forward to the possibility of further exploration work on the open high-grade gold structure.”
Next steps
Several programs are underway at Leeds, including resampling aimed at submitting one-metre composite samples for assay where four-metre spear sample assays appear highly mineralised or anomalous.
Looking ahead, the company is planning a thorough soil geochemistry survey to assess extensive new target trends identified by the geophysics work.
Shares closed at 4.6 cents on September 8, 2021.