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Northern Territory Lithium Portfolio

Northern Territory “Supergroup” Lithium Project

The Company is pleased to advise that it has entered into
a Tenement Farm-in Agreement with May Drilling Pty Ltd for the exclusive right to earn an initial 90% interest in tenements EL28642, EL29731, EL30521, EL32671 and EL(A)32405 – located in the highly prospective Litchfield Pegmatite Belt in Northern Territory – and the exclusive option to acquire the additional 10% interest in the tenements.

The four granted tenements cover the same general prospective geology as Ragusa’s existing Northern Territory lithium projects, and also Core Lithium and Lithium Plus project areas. The fifth tenement – EL(A)32405 is located south-east of Ragusa’s Daly River Project tenement, and also contains similar geology.


Northern Territory “Supergroup” Lithium Project Location

The main lithium bearing host geology in the region are pegmatites within the Burrell Creek Formation of the Finnis River Group of sediments, adjacent to and within the contact aureole of late Proterozoic granites as the source of the LCT (Li- Cs-Ta) pegmatites in the area.

The Burrell Creek Formation continues from the known lithium bearing district predominantly held by Core Lithium in the north, through the Litchfield National Park and into the newly acquired four granted tenements, and into Ragusa’s Daly River Lithium Project in the south. Together, this combined “supergroup” of tenements Ragusa has acquired represents a significant and strategic landholding within the very highly prospective geology of the Finnis River Group for lithium bearing minerals, and all within a short distance to the major port of Darwin.

Historical exploration in the prospective lithium province relating to pegmatites, has predominantly been for tin and tantalum, with numerous remnant small-scale artisanal mining evident in the area (including the new Ragusa tenements project area). Reports on previous exploration for lithium by Core, Liontown, and others has consistently noted the intense lateritc weathering profile in the area, which has led to the breakdown/alteration of spodumene to kaolinite, resulting in the lack of spodumene at surface. In a presentation to the 2017 AGES conference, Core noted “interest and knowledge of lithium limited to amblygonite collectors” and “no spodumene at surface” 1 , which is remarkably consistent with data provided to Ragusa on the new tenements.

Litchfield & Daly River Lithium Projects (100%)

The strategic Litchfield and Daly River project areas were selected 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.

Lithological units found within the Company’s new 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 new projects are located within this lithium exploration province.

The Company intends to conduct initial reconnaissance exploration works to target outcropping pegmatite rocks, with this phase of works being used to develop a more detailed lithium exploration program (subject to initial results).

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