Ragnar Metals Launches Maiden Drilling at Harnäs Gold Project in Sweden

Maiden Diamond Drilling Begins at Harnäs Gold Project

Ragnar Metals Limited (ASX:RAG) has embarked on a significant new phase of exploration with the commencement of its maiden diamond drilling program at the Harnäs Gold Project in Sweden. This marks a pivotal step from surface exploration into direct testing of the project’s gold system, with up to 12 drill holes planned to cover approximately 1,200 metres.

The Phase 1 drill campaign is strategically designed to probe down-dip and along-strike extensions of historical high-grade mineralisation zones, aiming to validate geological models developed through recent geophysical and geochemical work. Notably, the program targets zones that remain open at depth, including historical intercepts such as 19.5 metres at 7.8 g/t gold and 12 metres at 6.1 g/t gold, both containing higher-grade intervals exceeding 10 g/t.

These efforts build on earlier surface sampling and geophysical surveys that have sharpened the understanding of structural controls on mineralisation at Harnäs. The company has completed a high-resolution UAV magnetic survey to enhance geological mapping, with final data interpretation pending. Additionally, downhole induced polarization (IP) surveys are planned to detect sulphide mineralisation beyond drill intercepts, leveraging the known association of gold with disseminated pyrite in the system.

Strategic Investments Bolster Portfolio

While advancing its own exploration, Ragnar maintains strategic stakes in two Australian gold producers, Kaiser Reef (ASX:KAU) and High-Tech Metals (ASX:HTM), which continue to deliver encouraging results. Kaiser Reef produced 6,000 ounces of gold and 5,366 ounces of silver during the quarter, reaffirming its FY2027 gold production guidance of 32,000 ounces.

High-Tech Metals reported promising metallurgical test results from its Mt Fisher Gold Project, confirming high gold recoveries of approximately 97%, indicative of free-milling mineralisation amenable to conventional processing. The company also updated its Mineral Resource Estimate to 13,000 ounces at 3.8 g/t gold, supported by recent drilling results that returned multiple significant gold intersections.

Exploration Spend and Tenement Holdings

Ragnar’s exploration expenditure for the quarter totalled $487,000, covering activities across its Swedish and Western Australian tenements. The company holds 100% ownership of multiple Swedish licenses spanning nearly 33,000 hectares, including the key Harnäs area. In Western Australia, Ragnar retains an 80% interest in the Leeds Project, which remains at the application stage.

No substantive mining production or development activities were undertaken during the quarter, reflecting the company’s focus on exploration and resource definition at this stage.

Looking Ahead to Assay Results and Further Drilling

Executive Director Eddie King emphasised the importance of the current drilling program as a foundation for future resource definition at Harnäs. The company expects assay results following completion of drilling and laboratory analysis, which will inform follow-up drilling campaigns and refine the geological model. The integration of drilling data with geophysical surveys is anticipated to enhance targeting precision and unlock further mineralisation potential.