Ragusa Minerals Limited (ASX: RAS) has identified several high priority lithium bearing targets in an initial desktop review of previous works conducted within the NT Lithium Project.
Historical works 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.
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. Of significance, a single crystal approximately 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. 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.
Ragusa has completed planning of its initial drilling programme to test the main known outcropping pegmatite bodies. Evidence from nearby discoveries in the Burrell Creek Formation, hosting lithium bearing pegmatites (Core Lithium, et al) have shown the region to be heavily weathered from surface to a depth of ~60m, with the planned drilling programme expected to yield definitive results for Ragusa.
May Drilling has an existing approved Mining Management Plan for Exploration (MMP) allowing for up to 21 drill holes (RC and Diamond). The company has also submitted a variation for this MMP to include additional drillhole sites.
Logistics planning and preparation is underway to conduct this planned drilling campaign during the current dry season.
The company’s strategic and highly prospective NT Lithium Project, with high grade historical and confirmatory lithium sample results, four granted tenements, approved MMP and upcoming commencement of our maiden drilling programme is very exciting and puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district,” Ragusa Chairperson, Jerko Zuvela, said.
“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.”
