Ragusa Minerals (ASX:RAS) reports it has begun diamond drilling exploration works at its Northern Territory Lithium Project, located in the Litchfield Pegmatite Belt.
The company is currently on-site and has started the first of 2 diamond drillholes, targeting 2 parallel pegmatite bodies exposed at surface at the Tank Hill prospect.
The drillholes are designed to intersect the pegmatite at 100m vertical depth, using 60 degree angled drilling. Both exposed pegmatite bodies are about 20m to 25m thick at surface and are interpreted to be vertically dipping.
A historic diamond drillhole intersected the western pegmatite from a 45m depth downhole. Laboratory assays for this intersection returned elevated lithium grades at 0.37% lithium oxide (Li2O) within the lithium depleted weathered zone, associated with geologically logged intervals indicating spodumene mineralisation.
Commenting on the drilling exploration, Ragusa Minerals Chair Jerko Zuvela says: “We are encouraged by the historic drilling results, providing additional confirmatory data for the next phase exploration works.
Ragusa is in a strong position to rapidly accelerate lithium exploration at our project within a proven high-quality lithium district in a tier-one jurisdiction close to major infrastructure at a time of record lithium prices.”
“Ragusa is in a strong position to rapidly accelerate lithium exploration at our project within a proven high-quality lithium district …”
The company reports pending the results from the planned 2 drillholes, the company will continue drilling within the prospect area, as well as the broader project area.
Additionally, a continued reverse circulation (RC) drilling program once access can be safely achieved following the wet season.
Ragusa Minerals is an Australian company with an interest in the NT Lithium Project in the Northern Territory, Monte Cristo Gold Project in Alaska, Burracoppin Halloysite Project in Western Australia, and Lonely Mine Gold Project in Zimbabwe.
Images: Ragusa Minerals Ltd
