Ragusa Minerals (ASX:RAS) has completed its initial desktop review of previous works conducted within the NT Lithium Project in the Northern Territory and found a single crystal about the size of a bowling ball.
Ragusa notes that the ‘significant’ single crystal was found at surface in a scraping adjacent to weathered albite/mica/quartz rubble and outcrop.
The company reports that it has compiled all results received to date as part of the target generation process and prioritisation and has confirmed ‘high-grade’ lithium prospectivity at the project.
During the company’s recent initial reconnaissance site visit, several samples from various locations were collected for confirmation of historic data with sample SM001 recording 5.46% Li2O.
The company’s share price skyrocketed by almost 55% to $0.155 as of 11am AWST on the back of the news.
a single crystal about the size of a bowling ball was found at surface in a scraping adjacent to weathered albite/mica/quartz rubble and outcrop
Upon investigation, the crystal is thought to be a heavily weathered spodumene-based on residual colour, estimated density, prismatic shape, internal striations parallel to the long axis and strongly elevated lithium content, although heavily depleted from weathering.
The samples included ‘high grade-lithium’ in amblygonite, elevated lithium values in mica, as well as significant gold values from quartz/scorodite samples taken from pegmatite along the Tank Hill trend.
The company reports that from the identified outcropping pegmatite bodies, the true extent of many of the pegmatites is significant, spanning several kilometres in length, with potential for a significant discovery.
Historical works at the project comprised limited reconnaissance exploration consisting of rock chip sampling, geochemical soil sampling, and geophysical surveying.
Some of these historical exploration works targeted outcropping pegmatite that identified numerous high grade lithium results from rock chip samples, including 8.03% Li2O3 and 7.25% Li2O6, and most others >2% Li2O (with several >5% Li2O).
The results of the historical works have identified numerous priority drill targets.
In addition, May drilling conducted limited shallow RC and diamond drilling at the Tank Hill trend, with the deepest pegmatite intersection at 43m downhole or 37m vertically in MDD004.
Ragusa is an Australian company with an interest in the following projects – NT Lithium Project (including Litchfield and Daly River Lithium Projects) 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
