Ragusa Minerals (ASX:RAS) has received notification from the Northern Territory’s Mineral Titles office that its 100% owned tenement EL33148 has been granted – part of the NT Lithium Project located 175km south of Darwin in the Wingate region south of Daly River.
The company reports that EL33150 comprises 28 blocks covering an area of 91km-square, was granted on 11 October 2022 for a period of 6 years. Ragusa identified the 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.
The company’s project area – comprising 6 granted tenements and 2 in application status covering 319 blocks, hosts hard rock lithium prospects within the Litchfield Pegmatite Belt – and are home to discoveries including the neighbouring Core Lithium Finnis Project, Lithium Plus, Charger Metals among others.
Meanwhile, a maiden drilling program targeting lithium bearing pegmatites has begun at the NT Lithium Project. The drilling program is targeting lithium bearing pegmatites beneath the weathered profile evident at the Core Lithium Project located to the north.
The company plans to drill up to about 2,000m from 21 MMP approved sites, targeting the most prospective pegmatites with a view to defining a maiden mineral resource for the project.
Ragusa reports the drilling operation has progressed well, and the first drillhole is already completed, with a very encouraging 35m downhole intercept of pegmatite recorded from 16m depth.
This drillhole provides beneficial geological reference data to determine pegmatite geometry, with the upcoming drill sites targeting to intersect the same pegmatite at the desired vertical depth of around 60m.
The company is awaiting regulatory approval for a variation to the current MMP, to allow additional drilling sites to be included as part of the current drilling program within the project.
Ragusa Chairperson Jerko Zuvela said the company is excited to commence the maiden drilling program at the NT Lithium Project.
“This is a major milestone for the potential continued development of our project within a proven high-quality lithium district.
“This is a major milestone for the potential continued 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.”
Ragusa Minerals is an Australian company with an interest in the NT Lithium Project (including Litchfield and Daly River Lithium Projects) in Northern Territory, the Monte Cristo Gold Project in Alaska, the Burracoppin Halloysite Project in Western Australia and the Lonely Mine Gold Project in Zimbabwe.
Images: Ragusa Minerals Ltd & iStock