Ragnar Metals (ASX:RAG) reported assay results from its Olserum North Heavy Rare Earth Project in southern Sweden.
Recent rock chip samples from the Melson prospect indicate the potential for HREE mineralisation within a syenite intrusive rock.
Key findings include the discovery of a biotite-magnetite-altered shear zone with assays of up to 1.75% total rare earth oxide, comprising up to 71% heavy rare earth oxide.
Additionally, several outcrops of HREE-bearing syenite rock were found on the surface, showing TREO concentrations of up to 0.6% with 35% to 38% HREO.
Executive Director Eddie King expressed the company's excitement, stating, "We are thrilled that our summer fieldwork campaigns unveiled a possible new target style for high-value heavy rare earth metal deposits. Discovering syenite intrusive hosted heavy rare earth mineralisation for the first time in the area is incredibly exciting given the scale of this deposit style already known in Sweden."
Further fieldwork and geochemical analysis are planned to validate the findings.
The company also intends to conduct ground or drone-based magnetic and radiometric surveys to map out the extent of the mineralised areas.
Highly experienced consultants in rare earth deposits have been engaged to support these initiatives.
The Olserum North HREE Project, situated 8.5km north of the Olserum HREE deposit, covers a tenure of 50.9km2.
The discovery marks the first identification of syenite intrusive hosted HREE mineralisation in the area, providing a new and valuable target for large-scale deposits.