- Ragnar Metals (RAG) reports visual magmatic sulphides at the Granmuren nickel-copper-cobalt deposit in Sweden
- The company received results for two holes which tested the historical upper mineralisation and the deeper mineralisation east and west of a successful historical hole
- Both holes intersected visual magmatic sulphides with up to 19 per cent visual sulphide estimates encountered
- Core from both holes is being prepared for analysis with results expected in November
- Ragnar is down 22.5 per cent on the market with shares trading at 3.1 cents at 11:51 am AEST
Ragnar Metals (RAG) has received results from the phase one drilling program at the Granmuren nickel-copper-cobalt deposit in Sweden.
Results have been received for holes 22DDTS009 and 22DDTS010, both of which intersected visual magmatic sulphides.
These holes were drilled to test the upper and deeper mineralisation east and west of historical hole 21DDTS007 which intersected 166.3 metres at 0.6 per cent nickel and 0.5 per cent copper.
Results from 22DDTS009 confirmed large widths of sulphides that continue to the east and remain open.
The upper zone contained seven per cent visual sulphide estimates with 11 per cent matrix style sulphides while the lower zone contained eight per cent visual sulphides with 37 per cent matrix and semi-massive sulphides.
Results from 22DDTS010 confirmed large widths of sulphides in the upper and lower zones.
The upper zone contained 19 per cent visual sulphide estimates with 50 per cent semi-massive sulphides while the lower zone contained six per cent visual sulphide estimates with up to 80 per cent semi-massive sulphide zones.
Core from both holes is being prepared for analysis with results expected in November.
When combined with the results of the geophysical survey data, these results will provide a more concise model of the mineralisation to allow for accurate targeting for future drilling.
“We are pleased to report that phase one drilling has accomplished its goal of intersecting sulphides surrounding the highly successful 21DDTS007 with logging confirming visual sulphides over substantial widths in adjacent holes,” Executive Director Eddie King said.
“Phase one drilling demonstrates the potential scale of the Granmuren system, and we are excited the intersection of sulphides confirms the geophysical modelling to generate drill targets is working.
“We look forward to receiving visual logs once the final hole of phase one is completed and kicking off phase two drilling.”
Hole 22DDTS011 is now being drilled to test the 3D nature of the potentially significant sulphide system.
Once this hole has been drilled phase two drilling will begin to test the Northern and Southern Lobe targets.
Further, downhole electromagnetics and downhole induced polarisation and resistivity surveying have begun.
Ragnar was down 22.5 per cent on the market with shares trading at 3.1 cents at 11:51 am AEST.