Initial two diamond drillholes planned at the Tank Hill prospect
Planned to intercept two parallel pegmatite bodies exposed at surface at sub-100m depth
Ragusa Minerals Limited (ASX: RAS) (“Ragusa” or “Company”) is pleased to announce that it has commenced diamond drilling exploration works at its NT Lithium Project. The Company is currently on-site and has commenced the first of two diamond drillholes, targeting two parallel pegmatite bodies exposed at surface at the Tank Hill prospect. The drillholes are designed to intersect the pegmatite at approximately100m vertical depth, using 60° angled drilling (refer figures 1 and 2 for plan image and cross-section). Both exposed pegmatite bodies are around 20m to 25m thick at surface (in the immediate location of the
drill holes) and are interpreted to be vertically dipping. A historic diamond drillhole (drilled by May Drilling approximately 120m north) intersected the western pegmatite from 45m (37m vertically) to 66m (52m vertically) depth downhole. Laboratory assays for the intersection returned elevated lithium grades peaking at 0.37% Li2O within the lithium depleted weathered zone associated with geologically logged intervals indicating spodumene mineralisation.
Pending the results from the planned two drillholes, the Company will target to continue drilling within the prospect area as well as the broader project area, with a continued reverse circulation drilling program (when access can be safely achieved following the wet season). Ragusa Chair, Jerko Zuvela said “The Company is excited to recommence exploration and drilling operations this year at our strategic and highly prospective NT Lithium Project. We are encouraged by the historic drilling results, providing additional confirmatory data for the next phase exploration works.
Ragusa in a strong position to rapidly accelerate lithium exploration at our Project within a proven high-quality lithium district in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.”