Ragusa Minerals Limited announced that it has recently received data from a historic diamond drill-hole in the Tank Hill Prospect area containing a significant pegmatite intercept with logged spodumene and corresponding elevated lithium from laboratory assay results from the Company's NT Lithium Project located in the highly prospective Litchfield Pegmatite Belt in Northern Territory, approximately 120km south of Darwin. The diamond drill-hole (MDD004) was completed by May Drilling during 2019, with the assay and geological logging data only provided recently to Ragusa. The pegmatite drill-intercept starts and finishes well within the lithium depleted zone (top approximately 65m below surface), accounting for the anomalous Li2O grades intersected.

Importantly, the Li2O grades correspond with the geological logging conducted, which describes much of the interval as containing spodumene and spatially with the surface outcrop containing abundant lepidolite (rock chip sample 140333)1. The surface expression of the pegmatite indicates an approximately 12m true thickness that is also supported by the downhole data. The Tank Hill Prospect contains at least two thick pegmatite outcrops approximately 63m apart and is one of the priority areas for planned drilling within the current approved mining management plan (MMP). This area was not accessible for drilling during the phase 1 drilling campaign in late-2022.

The Company consider the Tank Hill Prospect area to be a high priority site for deeper drilling during the coming dry season. Planning is underway for additional exploration works to provide better information for drill-hole targeting, including deep ground penetrating radar. The Company is encouraged by this new information that is strongly supportive of the existence of spodumene mineralisation within the Project area and is looking forward to testing when access is possible.