What Do the Harnäs Drilling Results Mean for Ragnar Metals (ASX:RAG)?

Sonal Goyal

06 October 2026 05:31 PM AEDT

What Do the Harnäs Drilling Results Mean for Ragnar Metals (ASX:RAG)?

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Ragnar Metals Limited (ASX:RAG) reported on 17 August 2026 that assay results have been received for all diamond drill holes completed at its Harnäs Gold Project in Sweden. The program comprised 14 holes for a total of 1,359 metres, drilled between April and May 2026 to test extensions to known gold mineralisation and prospective higher-grade shoots.

The company said the results, combined with historical drilling, support the interpretation of at least five gold shoots that remain open at depth or down plunge, and it is planning a 3D downhole induced polarisation survey.

About Ragnar Metals

Ragnar Metals Limited is an ASX-listed company with its office in West Perth, Western Australia. Its Harnäs Gold Project is in Sweden, where the exploration licences are held by Harnäs GoldMine AB under an option agreement with Ragnar, the terms of which were described in an announcement dated 27 October 2025.

The project comprises two exploration licences: Harnäsfältet, covering about 311 hectares with an expiry date of 16 December 2026, and Harnäsfältet nr 2, covering about 783 hectares with an expiry date of 10 January 2028. The company describes Harnäs as an orogenic gold system hosted by pyrite-mineralised quartz veins and altered wallrock, related to the Sveconorwegian orogeny. The company also evaluates regional prospects such as Silvergruvan, to the south of Harnäs.

Latest Development: Harnäs Drilling Results (17 August 2026)

Ragnar's maiden program at Harnäs followed up historical drill intersections, surface mineralisation and geophysical targets, with a focus on the down-dip and down-plunge continuity of the known system. Core was logged on site, half-core samples were submitted to ALS in Luleå, Sweden, and gold was analysed by fire assay.

The highest-grade result came from hole RAG06, which intersected strongly altered granite augen gneiss with disseminated pyrite and quartz veining. It returned 13.5 metres at 1.6 grams per tonne gold from 46.5 metres, including 4.5 metres at 3.7 grams per tonne and 1.0 metre at 13.6 grams per tonne. The company interprets the intersection, which lies beneath shallower historical mineralisation, as supporting a southwest-plunging higher-grade shoot that remains open. Nearby historical hole HBH18 returned 30 metres at 1.0 gram per tonne, which Ragnar considers may represent a separate or parallel component.

RAG09, drilled on the eastern Margin of the historical open pit, returned 12.0 metres at 1.1 grams per tonne from 18.0 metres, including 1.0 metre at 5.7 grams per tonne. It lies beneath surface channel sampling that returned 3.0 metres at 3.3 grams per tonne, reported on 20 March 2026. The company says the relationship supports a possible new shoot that remains open.

RAG04 returned 36.0 metres at 0.54 grams per tonne from 59.0 metres, including 8.0 metres at 1.0 gram per tonne and 1.0 metre at 4.6 grams per tonne. RAG05 returned 24.6 metres at 0.6 grams per tonne from 65.8 metres, including 9.0 metres at 1.1 grams per tonne. The company links these to a potential third shoot. Holes RAG11, RAG12 and RAG13 returned narrower zones, generally 1 to 4 metres at 0.4 to 1.5 grams per tonne, and drilling northeast of the pit returned intervals of up to 1.0 metre at 1.2 grams per tonne.

All intervals are downhole lengths. True widths have not been accurately defined but are interpreted to be within 85 to 95% of downhole width. The drilling is not considered sufficient to establish the continuity required for a Mineral Resource.

Ragnar is progressing planning and permitting of a 3D downhole induced polarisation survey with GeoVista, designed to map chargeability and resistivity around existing drill holes and identify sulphide-bearing and silicified zones associated with gold. Results will be integrated with drilling, surface geochemistry and existing geophysics to refine the shoot geometry and prioritise targets for the next phase of drilling.

Risks and Uncertainties

No Mineral Resource has been estimated at Harnäs, and the company states the drilling is not sufficient to establish the geological and grade continuity required for one. The shoots are interpretations that combine new and historical drilling.

Intersections are downhole lengths and true widths are estimated rather than defined. Several reported intervals are at lower grades, and the company describes some holes as returning narrower zones.

The company has not independently verified all historical results to JORC (2012) standards. The licences are held by Harnäs GoldMine AB under an option agreement, and the Harnäsfältet licence has an expiry date of 16 December 2026. The planned downhole survey is still in planning and permitting, and the next phase of drilling has not been scheduled or funded in the announcement.

Milestones to Watch

Permitting and completion of the 3D downhole induced polarisation survey with GeoVista.
Integration of the survey with drilling, geochemistry and geophysics to refine shoot geometry.
Announcement and timing of the next phase of drilling at Harnäs.
Evaluation of regional prospects, including Silvergruvan.
Status of the Harnäsfältet licence, which has a stated expiry date of 16 December 2026.

FAQs

Q: What did Ragnar Metals (ASX:RAG) report on 17 August 2026?

A:The company reported assay results from all 14 diamond drill holes completed at the Harnäs Gold Project in Sweden, including 13.5 metres at 1.6 grams per tonne gold from 46.5 metres in hole RAG06.

Q: How many gold shoots has the company interpreted?

A:Ragnar said that combining the new drilling with historical results supports at least five interpreted gold shoots, which it says remain open at depth or down plunge.

Q: What is the next planned step at Harnäs?

A:The company is planning and seeking permits for a 3D downhole induced polarisation survey in collaboration with GeoVista, intended to refine targets ahead of the next phase of drilling.

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