Ragusa Minerals Limited advises that it has received laboratory assay results from the first phase of exploration drilling at the Company's NT Lithium Project ("Project") - located
in the highly prospective Litchfield Pegmatite Belt in Northern Territory, approximately 120km south of Darwin. The Company completed a total of 18 reverse circulation exploration drillholes comprising a total of 1,505 metres drilled - with 149 samples logged as pegmatite. A total of 232 samples (including duplicates) were submitted for laboratory analysis testing (including samples either side of logged pegmatite). Laboratory assay sample results show several elevated lithium values up to 0.35% Li2O within shallow intersections of pegmatite, well within the known lithium depleted zone as documented by Core Lithium and Lithium Plus in their projects to the north within the same geological host-rock. In several recent announcements1, Lithium Plus show a cross-section of their Lei Prospect where they have clearly marked a lithium depleted weathered zone with lithium grades within pegmatite averaging 0.25% Li2O in the depleted zone and up to 1.8% Li2O in the fresh pegmatite below. Both Core Lithium and Lithium Plus report the vast majority of the >1% Li2O grades are realised well below 100m in vertical depth. The Company is confident of the lithium prospectivity within the project area, given the strong similarities with known spodumene bearing deposits to the north. The elevated lithium grades intersected in the depleted weathered zone in several pegmatite bodies are consistent with fertile high grade spodumene
bearing pegmatite at depth, which remains to be tested. Ragusa's first phase exploration drilling program was suspended in early-November before completing the planned number of drillholes or the target intercept depths of drillholes that were drilled. The drilling program was hampered by adverse weather conditions that prevented access to some planned drillholes
entirely or placed limits on duration the rig could safely remain in some areas. In addition, targeted outcropping pegmatite was often not orientated as expected resulting in several drillholes missing target intersections, whilst several other drillholes were used for establishing geometry and didn't reach their pegmatite intersections at planned depths.
Of the six major outcropping pegmatite trends visible in the project area, only two were able to be drill- tested to a limited degree, resulting in some of the priority targets remaining un-tested. The Company is preparing the remaining priority sites for drilling works during the next dry season, with possible interim activities including track-mounted diamond drilling and/or deep ground penetrating radar (as has been used with success at other pegmatite deposits).