Ragnar Metals has identified three drill-ready targets at its Orrvik Lithium Project in Sweden following a recent field exploration. The company’s fieldwork, including rock geochemistry analysis, has revealed promising indicators of lithium mineralization across multiple prospects.
Exploration highlights
The exploration at Orrvik has uncovered several key findings:
- Anundsbole prospect: This area features a significant pegmatite outcrop, measuring 50 meters wide and 100 meters long, with historical notes on lithium phosphate minerals. The prospect is seen as a high-priority drill target, with potential for a concealed spodumene zone at depth.
- Stenback prospect: Analysis and mapping at Stenback reveal a northwest-trending sub-vertical swarm of four pegmatites, with the central two displaying higher fertility and significant spodumene mineralization. Previously reported samples from this area have shown up to 1.7% lithium oxide, though historical drilling is deemed ineffective.
- Orrvik prospect: An 8-meter wide pegmatite with coarse spodumene crystals has been identified. Earlier samples from this area have reported up to 1.2% lithium oxide. The company believes historical drilling methods were not effective for these east-northeast trending pegmatites.
Next steps and market outlook
Ragnar Metals, which has a market capitalization of $9.47 million, has obtained all necessary approvals to commence drilling at these targets. The company is now in the process of obtaining quotes for drilling contractors and will provide updates on planning and developments as they progress.
Executive Director Eddie King expressed confidence in the company’s strategic positioning, noting that recent geochemical analyses and fieldwork have reinforced their belief in the potential for multiple lithium discoveries within the region. King stated, “The recent geochemical review and field trip with independent consultants have strengthened our confidence in the potential presence of multiple lithium discoveries within a fertile, resource-rich province.”
The global demand for lithium is expected to grow by 17% annually from 2023 to 2026, driven largely by the rise in electric vehicle (EV) adoption. Despite this, weak demand from China and evolving policies in the US and EU could impact EV sales growth. The Department of Industry, Science and Resources’ (DISR) June 2024 Resources and Energy Quarterly reports that increased global lithium supply is anticipated to maintain a market surplus during the forecast period.
The Orrvik Lithium Project spans 36 square kilometers and is situated in a highly prospective district that extends into the well-known Kaustinen lithium province of Finland. Ragnar Metals continues to focus on unlocking the potential of Sweden’s promising mining landscape.
