Ragusa Minerals (ASX:RAS) reports that the Northern Territory’s Mineral Titles office has granted its 100% owned tenement EL33150, as part of its NT Lithium Project in the Northern Territory.
The tenement, located 60km south from the state’s capital city of Darwin, was granted on 16 September and is expected to have a lifetime of 6 years.
The approval of tenement EL33150 also represents the fifth granted tenement for the NT “Supergroup” Lithium Project and is situated adjacent to the Lithium Plus Project and the nearby Core Lithium’s Finnis Project, within the same geological setting.
Speaking on the project tenement, Ragusa Chairman, Jerko Zuvela, said: “The Company’s strategic and highly prospective NT Lithium Project – with high grade historical and confirmatory lithium sample results, approved MMP for drilling commencing soon, and now contains five granted tenements.
This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.
“This is another very positive milestone that puts ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality 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 is also awaiting approval for tenement applications EL33149 and EL33148, which are located adjacent and to the south of the recently approved EL33150 tenement respectively, and are also part of the NT “Supergroup” Lithium Project.
In addition, the company is set to engage with key stakeholders in the project area prior to conducting exploration works targeting outcropping pegmatite rocks and/or potential buried targets, including geochemical sampling and extrapolation of known targets along strike.
The NT Lithium Project is located about 60km from the Northern Territory’s capital city of Darwin within the Litchfield Pegmatite Belt, which is host to discoveries including the neighbouring Core Lithium Finnis Project, Lithium Plus, Charger Metals and multiple hard rock lithium prospects.
The area is prospective for lithium mineralisation, with lithological units found within the company’s project areas containing predominantly Burrel Creek formation sediments, providing the appropriate geological setting to contain LCT pegmatites.
With the EL33150 tenement now approved, Ragusa announces it is moving forward with plans to prepare and submit a Mining Management Plan (MMP) to conduct exploration and drilling works in the tenement area, while it awaits for the approval of the two additional tenement.
Images: Ragusa Minerals Ltd
