Ragnar Metals (ASX:RAG) Uncovers Multiple Conductors at Swedish Viken Project

Highlights: 

• Ragnar Metals (ASX:RAG) identified multiple conductive anomalies across its Viken project, showcasing strong potential for polymetallic mineralisation. 
• Significant trends at Viken South and East coincide with historical drill results, highlighting uranium (U3O8) and vanadium oxide (V2O5) intersections. 
• The findings align with ongoing energy metals exploration, with the Swedish uranium ban under government review. 

Ragnar Metals Ltd (ASX:RAG) has reported promising discoveries at its Viken project in Sweden, identifying multiple conductive anomalies associated with polymetallic mineralisation through the reprocessing of very low frequency (VLF) geophysics data. Spanning 62 square kilometres, the Viken project continues to reveal untapped mineral potential, further positioning the company in the energy metals space. 

The reanalysis of geophysical data has unveiled several anomalies that correlate with mineralisation identified during historical drilling programs. These findings underscore the strategic importance of the Viken project, with specific highlights from the Viken South and Viken East areas. 

Key Findings at Viken South 

At Viken South, a significant conductive trend stretching five kilometres was revealed. This trend coincides with historical drill hole MYR78002, which returned an impressive 95.6-metre intercept grading 185 parts per million (ppm) U3O8 (triuranium octoxide) and 0.26% V2O5 (vanadium oxide) starting from just 16 metres below the surface. This extensive intersection demonstrates the mineralisation potential of the project’s southern area. 

A second conductive trend of similar scale—another five kilometres in length—was found in close association with MYR78007. This drill hole delivered a 44.2-metre intercept grading 167 ppm U3O8 and 0.16% V2O5, starting at a shallow depth of 2.5 metres. These results further validate the presence of substantial energy metals across the Viken South area. 

Key Findings at Viken East 

In the Viken East region, the reprocessed data identified a six-kilometre-long conductive trend. This anomaly aligns with drill hole NAK78004, which produced notable intersections, including: 

• 32.9 metres grading 230 ppm U3O8 and 0.24% V2O5 from 26.4 metres. 

• A higher-grade segment of 25.4 metres at 252 ppm U3O8 and 0.27% V2O5. 

These results from Viken East highlight the continuity of mineralisation and reinforce the project's exploration potential. The scale and grade of these findings make Viken East a priority for further exploration and evaluation. 

Additional Discoveries and Strategic Implications 

Beyond these major trends, Ragnar Metals has identified three additional conductive anomalies across the Viken project. These anomalies suggest extensive mineralisation potential, warranting further investigation to delineate resources and refine exploration strategies. 

In November 2024, the company clarified its position on uranium discoveries at the Viken South, Viken East, and Flugen projects. Under Swedish regulations, exploration licenses or production concessions related to uranium are not granted for applications submitted after July 31, 2018. However, Ragnar Metals emphasized that its exploration licenses primarily focus on energy metals such as vanadium, copper, nickel, molybdenum, and zinc. 

Swedish Uranium Ban Under Review 

The regulatory environment surrounding uranium exploration in Sweden remains a critical factor for projects like Viken. The Swedish Ministry of Climate and Enterprise initiated an inquiry into the country’s uranium ban in February 2024. Any potential changes to this legislation could significantly impact the scope of exploration and resource development in the region. 

Conclusion 

Ragnar Metals' latest discoveries at the Viken project demonstrate its potential as a hub for energy metals, with significant intersections of uranium and vanadium oxide already identified. As the company continues to explore the region’s mineral wealth, developments in Swedish mining regulations, particularly around uranium, will play a pivotal role in shaping the project's future trajectory.