- Ragnar Metals (RAG) was up as much as 61.3 per cent today after intersecting significant magmatic sulphide mineralisation at its Tullsta Nickel Project
- Four holes have been planned to test an anomaly that was discovered in late 2019 with two already drilled and a third underway
- Visual inspection of one of the holes has confirmed a 3.1-metre-wide zone of massive sulphides
- Core has been sent for assay to confirm the presence of nickel-copper-platinum group element mineralisation with results expected next quarter
- Shares in Ragnar are still up a healthy 54.8 per cent and are trading at 4.8 cents at 12:08 pm AEST
Ragnar Metals (RAG) was up as much as 61.3 per cent today after intersecting significant magmatic sulphide mineralisation at its Tullsta Nickel Project.
The Tullsta Nickel Project is located near Sala in the Bergslagen District of Sweden, 110 kilometres from Stockholm.
Ragnar first discovered near-surface nickel-copper-cobalt mineralisation at Tullsta in 2012 via a heliborne versatile time domain electromagnetic (VTEM) survey.
GeoVista was commissioned in late 2019 to undertake an induced polarisation-resistivity survey and 3D modelling defined a large northwest plunging anomaly.
Ragnar has planned four holes to drill this target and has completed two to date with the third underway.
Visual inspection of one of the holes has confirmed a 3.1-metre-wide zone of massive sulphides, consisting of 1.6 metres of massive sulphides from 534.9 metres to 538 metres.
This hole also confirmed 5.8 metres of semi-massive sulphides from 498.8 metres to 504.6 metres.
Core has been sent for assay to confirm the presence and grade of nickel-copper-platinum group element (PGE) mineralisation with results expected in the September quarter.
“Even without the confirmation of assay data at this early stage, it is obvious that these sulphides contain copper as evident by the chalcopyrite mineralisation,” consulting geologist Neil Hutchison commented.
The first hole intersected metasediments which contained up to five per cent blebby pyrite.
Unfortunately, no notable nickel-copper bearing sulphides were intersected.
Ragnar is currently drilling the third hole which will test the south dipping trend of the mineralisation at depth.
A fourth hole will be drilled to test all possible open directions and underneath the model at depth.
“I am extremely pleased with hitting significant broad sulphide mineralisation zones in only our second drill hole of our maiden program at Tullsta,” Chairman Steve Formica said.
“These drilling targets were generated in 2018 but we have had to exercise patience whilst waiting for Ragnar to be financially able to explore a potentially game-changing target.”
Shares in Ragnar are still up a healthy 54.8 per cent and are trading at 4.8 cents at 12:08 pm AEST.