Ragnar Metals Limited (ASX: RAG) reports that an airborne electromagnetic helicopter survey has completed over the Gaddebo nr3 tenement in the Bergslagen District of Sweden.
The geophysical survey was undertaken by the project’s option holder Ontario Inc. as part of a larger regional airborne survey over Ontario Inc’s local tenement holdings.
In November 2019, Ragnar entered into a Heads of Agreement (HOA) with Canadian company Ontario Inc. under which Ragnar agreed to grant Ontario Inc an option to acquire 100% interest in the Gaddebo nr3 tenement following Ontario Inc.
Ragnar’s Chairman Steve Formica said this survey is the commencement of Ontario Inc’s evaluation process and expenditure commitments.
“Its pleasing to see our strategic purchaser Ontario Inc kick starting the EM survey soon after completing the HOA,” Mr Formica said.
“They are committed to exploring for nickel-copper in Sweden and have applied the most efficient geophysical methods to evaluate the Gaddebo region for mineralisation around the historic nickel mine.
“We believe that the tenement is highly prospective and combining this testwork with the current nickel price, it could be expected that the project would generate a mutual benefit for both our companies”.
Ontario Inc is undertaking a regional airborne helicopter electromagnetic (EM) survey in the Bergslagen region using Danish survey operators SkyTEM. The survey covers seven areas throughout the district, including the Gaddebo area.
Approximately 15-line kilometres were flown over the Gaddebo nr3 tenure with the SkyTEM helicopter flying at about 70m above the ground. The EM loop frame hangs 30 meters below the helicopter and flies along parallel lines spaced at 50 meters distance. The aim of the survey is to get a good preliminary understanding of the bedrock geology and to identify potential nickel mineralisation below and around the historic Gaddebo nickel mine.
he results of the survey are expected once the entire survey is completed and the data is processed. This will take approximately 2 months and once Ontario Inc receive the information they will provide Ragnar with the survey details as well as the modelled data over Gaddebo. Ragnar will continue to update the market as the information is received.