Ragusa Minerals (ASX:RAS) reports that it has successfully completed site preparation earthworks, including access track and drill pad clearing, at its NT Lithium Project in the Northern Territory, Australia.
The completion of the site preparation earthworks brings Ragusa closer to commencing its planned maiden drilling program, which has been designed to target pegmatite beneath the weathering profile with a view of defining a maiden mineral resource estimate (MRE) for the project.
Commenting on the drilling preparation, Ragusa Minerals Chairperson, Jerko Zuvela, said: “The Company is very excited as we prepare to commence our maiden drilling program at our strategic and highly prospective NT Lithium Project. This puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.
“This puts ragusa in a strong position to rapidly accelerate the development of our project within a proven high-grade lithium district”
We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.”
The company also notes that it has received additional field samples following additional reconnaissance activities, with results returning up to 2.48% Li2O (sample SM015) and 0.21% Li2O (sample SM018).
In addition, the results confirm the presence of additional new pegmatite occurrences, including a 150m wide outcrop identified along the eastern edge of the project area to the north of the White Rocks prospect.
The results have also returned strongly anomalous lithium grade consistent with a depleted lithium-bearing pegmatite outcrop.
It is Ragusa’s belief that these continued positive results, combined with the increasing number of drill targets from both new pegmatite bodies and extensions to outcrops, generate increasing potential of a major new discovery beneath the superficial weathering surface.
The NT “Supergroup” Lithium project is located in the Northern Territory’s highly prospective Litchfields Pegmatite Belt and comprises four granted tenements over the same general prospective geology as Ragusa’s existing Northern Territory lithium projects, as well as Core Lithium’s (ASX:CXO) and Lithium Plus’s (ASX:LPM) project areas. Ragusa has recently entered into a tenement farm-in agreement with privately owned May Drilling for the exclusive right to earn an initial 90% interest in tenements EL28642, EL29731, EL30521, EL32671, and EL(A)32405.
With the preparation work now complete, Ragusa’s joint-venture partner, May Drilling, announces that drilling is expected to commence next week following completion of its current drilling works.
Images: Ragusa Minerals Ltd & iStock
