Ragnar Metals Drills Multiple High-Grade Gold Shoots at Harnäs Project

Multiple High-Grade Gold Zones Confirmed at Harnäs

Ragnar Metals Limited (ASX:RAG) has delivered a promising exploration update from its maiden diamond drilling program at the Harnäs Gold Project in Sweden. The 14-hole campaign, totalling 1,359 metres, returned multiple shallow gold mineralised zones, including standout results of up to 13.6 grams per tonne (g/t) gold over 1 metre within broader intercepts. These findings reinforce the presence of several high-grade gold shoots that remain open at depth and down plunge, providing clear targets for further drilling.

The highlight came from hole RAG06, which intersected 13.5 metres at 1.6 g/t Au from 46.5 metres, including a high-grade 1 metre interval at 13.6 g/t Au. This mineralisation lies beneath historical shallow zones, supporting the interpretation of a southwest-plunging high-grade shoot that has yet to be closed off at depth. Nearby historical holes, such as HBH18 with 30 metres at 1.0 g/t Au, may represent parallel shoots, expanding the project's potential footprint.

Expanding the Known Mineralised System

Another significant intercept from hole RAG09 on the eastern margin of the historical open pit returned 12 metres at 1.1 g/t Au from 18 metres, including 1 metre at 5.7 g/t Au. This lies beneath surface mineralisation recently sampled by Ragnar, which included 3 metres at 3.3 g/t Au, indicating a potential new high-grade shoot open at depth. Broader zones of disseminated gold mineralisation were also encountered, such as 36 metres at 0.54 g/t Au in RAG04, with internal higher-grade intervals, further demonstrating the presence of mineralised halos surrounding the shoots.

Integration of these new results with historical data reveals at least five interpreted southwest-plunging mineralised shoots. All remain open at depth or down plunge, highlighting a series of compelling targets for follow-up drilling that could materially expand the mineralised footprint of the Harnäs system.

Next Steps: 3D Geophysical Survey to Refine Targets

Ragnar is advancing plans for a comprehensive 3D Downhole Induced Polarisation (DHIP) survey, designed to map sulphide-bearing and silicified zones associated with gold mineralisation at depth. This geophysical technique will be integrated with the new and historical drill data, surface geochemistry, and existing geophysical datasets to better define the geometry and continuity of the mineralised shoots ahead of the next drilling phase.

Non-Executive Chairman Steve Formica emphasised the encouraging nature of the maiden program, stating that the results "support our interpretation that Harnäs hosts multiple higher-grade gold shoots that remain open at depth and down plunge," and that the DHIP survey will provide a strong technical basis for follow-up drilling.

Beyond Harnäs, Ragnar is also evaluating regional prospects such as Silvergruvan, where rock chip sampling has yielded high-grade gold and silver results, adding further exploration upside to the project portfolio.

Caution Over True Widths and Resource Potential

While the drilling results are promising, the company notes that true widths of mineralised zones are not yet accurately defined, with current intercepts representing downhole lengths estimated to be 85-95% of true width. The relatively shallow and limited scale of the maiden program means further deeper drilling is necessary to confirm resource continuity and economic viability.