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.
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