Ragnar Metals Advances Swedish Gold and Uranium Exploration with Maiden Drilling

Maiden Drilling Marks New Phase at Harnäs Gold Project

Ragnar Metals (ASX:RAG) has transitioned from exploration to active drilling at its Harnäs Gold Project in Sweden, commencing a maiden diamond drilling program targeting multiple high-grade shoots. The Phase 1 program, comprising up to 12 holes for approximately 1,200 metres, aims to test down-dip extensions of historical intercepts such as 19.5m at 7.8 g/t Au and 12m at 6.1 g/t Au, both remaining open at depth. The drilling also seeks to confirm along-strike continuity and validate targets generated from recent geophysics and surface sampling.

This move follows the securing of all necessary regulatory approvals and builds on a systematic approach that has refined the geological model through channel sampling and induced polarisation (IP) geophysics. Assay results from the drilling are expected by late May to early June, which will guide follow-up programs and resource definition.

Channel Sampling and Geophysics Confirm Expansion Potential

Recent channel and rock chip sampling at the Harnäs pit validated gold extensions along the southeastern and western margins, with standout results including 3 metres at 3.3 g/t Au (including 2 metres at 4.6 g/t Au) and rock chips grading up to 36.6 g/t Au. These findings confirm multiple mineralised structures remain open, particularly to the east and northwest, aligning with IP chargeability and conductivity anomalies.

Reprocessing of 2021 IP data identified four new exploration targets along strike from the pit, with Targets A and B designated as high-priority walk-up drill sites due to coincident conductivity and chargeability anomalies. Target A overlays a previously unassayed 12.8-metre quartz-pyrite vein zone, while Target B aligns with gold-bearing veins returning assays up to 15.9 g/t Au from recent sampling. These geophysical anomalies suggest zones of disseminated sulphide mineralisation, which correlate strongly with gold grades at Harnäs. Complementary UAV magnetic surveys are also underway to enhance structural understanding.

The integration of channel sampling, historical drill data, and IP geophysics underpins a robust targeting strategy that has been highlighted in recent updates, notably the confirmation of high-grade gold extensions and the identification of new targets outside historical drilling extents high-grade gold extensions and four new gold targets.

High-Grade Uranium Discovery at Klockartorpet

Beyond gold, Ragnar has reported significant uranium mineralisation at its Klockartorpet Project, with rock chip samples grading up to 0.29% U3O8 over a 150-metre strike of an exposed shear zone. Radiometric data reprocessing suggests this uranium anomaly could extend up to 1 kilometre along strike, with multiple additional untested anomalies across the licence area.

The uranium mineralisation is associated with a hematite-altered shear zone and elevated zirconium and hafnium levels, potentially indicating an alkalic magmatic origin. Further mineralogical analysis and field sampling are planned to better understand the deposit and prepare for shallow drilling or channel sampling. This discovery adds a new dimension to Ragnar’s Swedish portfolio, diversifying its exploration focus.

Strategic Investments Provide Production Exposure

Ragnar’s portfolio is bolstered by strategic shareholdings in ASX-listed gold producers Kaiser Reef (ASX:KAU) and High-Tech Metals (ASX:HTM). Kaiser Reef produced 5,534 ounces of gold and 4,810 ounces of silver in the March quarter, boosting its cash reserves by $2.2 million to $45.6 million. Meanwhile, High-Tech Metals continued to announce high-grade gold results at its Mt Fisher and Mt Eureka projects and secured a cash injection of approximately $11.45 million through option exercises and a placement.

Ragnar recently reduced its stake in HTM but maintains a significant holding of 5 million shares. These investments provide Ragnar with exposure to near-term production and cash flow, complementing its exploration-led growth strategy in Sweden and offering portfolio diversification amid volatile commodity markets.

Executive Director Eddie King emphasised the company’s methodical progress at Harnäs, noting the transition from sampling to drilling as a key milestone and expressing optimism about the steady flow of results expected from the ongoing program. He also highlighted the value of the strategic investments in KAU and HTM as tangible production assets alongside Ragnar’s exploration ambitions.