Ragnar Metals (ASX:RAG) identified possible scale potential for heavy rare earth elements within a syenite intrusive at the Melson prospect within its Olserum North project in Sweden, according to a Tuesday filing with the Australian Securities Exchange.

Rock chip samples revealed biotite-magnetite-altered shear zones with up to 1.75% total rare earth oxide and 71% heavy rare earth oxide, as well as magnetite-poor HREE-bearing syenite intrusive rock with up to 0.6% TREO and 35% to 38% HREO, the filing said.

Shares rose nearly 6% in midday trade.

Price (AUD): $0.02, Change: $+0.0010, Percent Change: +5.56%