Source: Ragnar Metals
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  • Ragnar Metals (RAG) announces assay results “confirm” the large-scale potential of the Granmuren Deeps nickel-copper discovery within its Tullsta project in Sweden
  • The company says hole 21DDTS007 has been the most successful hole of its diamond drilling campaign so far, intersecting a 146.3-metre wide zone of intrusion related magmatic nickel-copper-cobalt bearing sulphide mineralisation
  • The 146.3m intersection returned grades averaging 0.56 per cent nickel, 0.49 per cent copper and 0.05 per cent cobalt from 393.5m depth, including a higher-grade interval of 34m at 0.9 per cent nickel, 0.8 per cent copper and 0.08 per cent cobalt
  • Further drilling at Granmuren Deeps is planned
  • RAG shares climbed 28.1 per cent to 4.1 cents

Ragnar Metals (RAG) shares jumped after the company announced assay results had “confirmed” the large-scale potential of the Granmuren Deeps nickel-copper discovery within its Tullsta project in Sweden.

The company said hole 21DDTS007 was the most successful hole of the recently completed diamond drilling program, intersecting a 146.3-metre wide zone of intrusion related magmatic nickel-copper-cobalt bearing sulphide mineralisation.

The 146.3m intersection graded 0.56 per cent nickel, 0.49 per cent copper and 0.05 per cent cobalt from 393.5m depth and included a higher-grade interval of 34m at 0.9 per cent nickel, 0.8 per cent copper and 0.08 per cent cobalt.

Ragnar said the 3D review of drilling data pointed to a steep west plunging zone of thick nickel-copper mineralisation extending from surface to 400m true vertical depth.

Chairman Steve Formica said hole 21DDTS007 helped the company to start to better understand the potential scale of the Granmuren intrusive system.

“All holes drilled in this drilling program added to the discovery and understanding of the magmatic sulphides intersected in the drilling,” he said.

“The modelling and interpretation to date show this to be an extensive system with the potential to host significant tonnage of nickel-copper-cobalt metals.

“The mineralisation within the Granmuren gabbroic intrusion starts from the surface and continues down to 400m vertical depth. It is open and increasing in size and grade with depth, similar to Anglo American’s Sakatti deposit in Finland which Ragnar continues to form its geological modelling around.”

Ragnar said it was planning to drill a further four diamond holes at Granmuren Deeps targeting magmatic nickel-copper-cobalt sulphide accumulations.

RAG shares had risen 28.1 per cent to 4.1 cents at 12:53 pm AEST.

RAG by the numbers
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