Ragnar Minerals has reached a deal with Pallas Minerals subsidiary Pallas Metals to acquire the latter’s Orrvik Project in Sweden.

Under the agreement, Ragnar’s wholly owned subsidiary, Ragnar Exploration, will acquire Pallas Metals’ Orrvik Lithium Project, which comprises four exploration licences – Orrvik nr 110, Orrvik nr 210, Orrvik nr 300 and Orrvik nr 400.

In exchange, Ragnar will pay a deposit of $50,000 (A$79,108m) in cash within ten business days of the execution of the agreement.

It will also make an additional cash payment of $450,000 upon closing of the transaction.

Besides, Ragnar will grant a net smelter return royalty of 1.5% to Pallas on all mineral or metallic products extracted and recovered from the area covered by the Orrvik licences.

Ragnar Metals executive director Eddie King said: “We are thrilled by the opportunity to acquire Orrvik to expand our significant ground position in Sweden with a new flagship project that has confirmed spodumene mineralisation at surface.

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“Interestingly, the two spodumene occurrences at surface are 5km apart, highlighting the fantastic potential for the area to host further spodumene (lithium)-bearing pegmatite mineralisation. On completion, this acquisition will solidify our focus on European critical minerals and we aim to target new discoveries in the next 12 months of exploration.”

Covering a total area of around 36km², the Orrvik Project is situated close to the rapidly expanding European lithium market.

Located in Örnsköldsvik Municipality, Västernorrland County, the project is said to be ‘highly prospective’ for spodumene-bearing, lithium-caesium-tantalum (LCT)-pegmatite-type lithium deposits.

Ragnar has already completed rock sampling programmes on the Orrvik Project and plans to undertake additional work programmes to help define drill targets.