Ragusa Minerals Limited (ASX: RAS) has received notification from the Northern Territory’s Mineral Titles office that the company’s 100% owned tenement EL33150 has been granted.
The tenement is part of the NT Lithium Project, located ~60 kilometres south of Darwin and has been granted for a period of six years.
The company identified the highly prospective tenement (and associated project area), as prospective for lithium from historical geological mapping works and the interpreted continuation of the geological rock-types found in the neighbouring lithium projects, indicating a high level of lithium prospectivity throughout the region.
Ragusa’s NT Lithium Project area hosts hard rock lithium prospects, within the Litchfield Pegmatite Belt – host to discoveries including the neighbouring Core Lithium Finnis Project, Lithium Plus, Charger Metals and others.
Lithological units found within the company’s Project areas all contain predominantly Burrell Creek Formation sediments adjacent to Late Proterozoic undifferentiated granites, providing the appropriate geological setting to contain LCT pegmatites. The Company’s tenements are located within this lithium exploration province.
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,” Ragusa Chair, Jerko Zuvela, said.
“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 will now engage with key stakeholders in the project area prior to conducting exploration works targeting outcropping pegmatite rocks and/or potential buried targets using a combination of geochemical sampling, extrapolation of known/outcropping targets (outside the company’s tenure) but along strike, and remote sensing with geophysical techniques previously found to be successful in the district.
A detailed lithium exploration programme will then be developed to prepare and submit a Mining Management Plan for Exploration (MMP) seeking approval to conduct exploration and drilling works in the tenement area.
Tenement applications EL33149 (adjacent to EL33150) and EL33148 (further south) – also part of the NT “Supergroup” Lithium Project, are currently being processed by the NT Mineral Titles office.