Ragusa confirms progress of NT Lithium Project Tenement Farm-in
Recent diamond drilling completed with thick sections of pegmatite intercepted
Drill-core currently at laboratory awaiting cutting and analysis
NT government grant for co-funded drilling awarded for up to $68,828 over two diamond drillholes
2023 field season drilling works to commence
Ragusa Minerals Limited (ASX: RAS) (“Ragusa” or “Company”) is pleased to advise that it has confirmed continued progress of the NT Lithium Project Tenement Farm-in Agreement (“Agreement”) with May Drilling Pty Ltd, following the completion of the due diligence period, and maintains the exclusive right to earn an initial 90% interest in tenements EL28462, EL29731, EL30521, EL32671 and EL(A)32405 (combined the “Tenements”) – located in the highly prospective Litchfield Pegmatite Belt in Northern Territory – and the exclusive option to acquire the additional 10% interest in the tenements.
Under the terms of the Agreement, the Company had a 12-month period to conduct due diligence works on the Tenements. The Company’s planned works included reconnaissance exploration and drilling at several promising targets, with the Company able to partially complete the planned works during the 2022 field season. Several targets were not tested due to weather related access issues, leaving the remainder of works to be completed this year.
The Company also confirms the recent two-drillhole diamond drilling program has been completed, with the drill-core delivered to the laboratory for core cutting and analysis works. Drillhole THDD23-1 intersected pegmatite from 3.9m to 22m, a second pegmatite from 52m to 53m and a third thick pegmatite intercept from 113m to 150m downhole. Drillhole THDD23-2 intersected pegmatite between 161m and 163m, and additional pegmatite veining from 178m to 180m (refer Figure 2 for a cross-section of the diamond drillholes).