Ontario Inc to acquire Ragnar Metals’ Gaddebo tenement

TORONTO: Ragnar Metals Limited has agreed to grant an option to Ontario Inc to acquire Ragnar’s 100% interest in exploration permit 2014:91, Gaddebo nr3, located in Bergslagen District, Sweden.

Historical mining undertaken at the area was for nickel, copper, cobalt, platinum, and palladium. The Gaddebo nickel mine is located on the border of the Enkoping and Sala Municipalities.

Exploration works by Ragnar in 2018 identified abundant nickel sulphide mineralisation within the host medium-coarse grained olivine rich gabbroic rocks which host the historic mining operations.

Planned activities on the Tenement include systematic geological mapping, geochemical sampling and surface geophysical test work to determine the potential tenor and extent of mineralization.

Commenting on the execution of the Heads of Agreement (HOA) with Ontario Inc, the Company’s Chairman, Mr Steven Formica said, “We are delighted to have Ontario Inc as our strategic purchaser of the Gaddebo nr 3 tenement. With the occurrence of historical workings and nickel sulphides on the site, we believe that the tenement is highly prospective for potentially economic nickel and copper mineralisation. Combining this test work with the current nickel price, it could be expected that the project would generate a mutual benefit of both our companies”.

Ontario Inc has agreed to pay a non-refundable option fee of €10,000 on the execution of the binding HOA for the acquisition of the tenement. In consideration, Ragnar grants Ontario an option from the date of execution of the HOA until that date that is 48 months following the Commencement Date, or such later date as the Parties agree in writing to acquire the interest in the tenement, on the terms and conditions of the HOA.

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