Ragusa Minerals (ASX:RAS) is zoning in its near-term exploration focus on the western region of its NT Lithium Project following its latest bout of fieldwork.
The $6.41 million market capitalisation company says a review of recent reverse circulation (RC) drilling and field results from the area has identified the western side of the regional-scale Giants Reef Fault — now dubbed the Kilfoyle prospect — as more prospective for lithium-bearing pegmatites.
Ragusa has confirmed a lithium exploration target area over 50km-square, and the company says pegmatite dykes within the area do not appear to have the same weathering profile as has been reported from Core Lithium’s (ASX:CXO) and Lithium Plus’ mineral fields to the north.
Rather, the observed spodumene in the western portion of Ragusa’s project is present from as shallow as 4 metres.
Moreover, the company’s recent fieldwork review suggests that the target area with this western part of the NT project lies closer to the presumed source granite.
Ragusa Chairman Jerko Zuvela says the renewed focus on the Kilfoyle prospect follows the ‘encouraging’ RC work and the identification of pegmatite targets in the area.
“At a time of renewed strategic interest in exploration-stage lithium/spodumene projects in Australia, we look forward to realising the lithium potential and rapidly accelerating the development of our project within a proven high-quality lithium district in a tier-one jurisdiction close to major infrastructure.”
“we look forward to realising the lithium potential and rapidly accelerating the development of our project…”
Ragusa is now planning follow-up field investigation work at the prospect area to help plan its next phase of drilling. This will focus on mapped quartz dykes, known dyke extensions, and other lineaments in the area.
Ragusa Minerals had $1.3 million in cash and cash equivalents at hand as of 30 September, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Ragusa Minerals
