For personal use only

4th February 2022

ASX ANNOUNCEMENT

LONELY MINE GOLD PROJECT

TIBERIUS PROSPECT DRILLING RESULTS

HIGHLIGHTS

  • New zone of mineralisation identified from surface mapping confirmed at depth from diamond drilling program
  • Significant intercepts include:
    • 10.43m @ 2.5 g/t Au from 128.48m in hole TDD06 (including 0.7m @ 10.02 g/t and 2.3m @ 5.7 g/t Au)
    • 5.17m @ 3.68 g/t Au from 146.18m in hole TDD06
    • 13.96m @ 3.61 g/t Au from 172.18m in hole TDD06

Ragusa Minerals Limited (ASX: RAS) ("Ragusa" or "Company") is pleased to advise that the laboratory analysis results from the diamond drilling works at the Tiberius prospect - part of the Company's 100% owned Lonely Mine Gold Project ("Project") in Zimbabwe - have been received, with the compilation of the drilling results and project data now complete.

The Company conducted a diamond drilling program comprising eight drill-holes, with 1236.64m drilled. Final assay results were recently received, with the Company's independent technical consultants having since reviewed the data collected to date and provided a summary report on the project. The report provides the context of existing known mineralisation in correlation with the results from the diamond drilling works, and also the overall prospectivity assessment of the Tiberius prospect.

The drilling program was designed to target extensions of mineralisation identified from the Company's prior phases of work, including surface mapping, trenching, geophysical surveying (ground magnetics and induced polarisation), and underground mapping and sampling from underground levels 1 and 2 of the historic Tiberius workings.

Results have identified an additional zone of mineralisation hosted within an andesitic basalt adjacent to the main mineralised quartz carbonate vein mineralisation, identified within the historic Tiberius underground workings.

Mineralisation appears to be contained within disseminated sulphides identified within the andesitic host rock, most likely sourced from the same shear zone and mineralising fluids that make up the contact between the andesite and the adjacent limburgitic basalt - host to the quartz carbonate gold bearing veins targeted in the historic Tiberius workings.

Significant intercepts from the drilling were as follows:

TDD06: 10.43m @ 2.5g/t Au (128.48-138.91m), 0.5m @ 4.59g/t Au (142.08-142.58m),5.17m @ 3.68g/t Au (146.18-154.48m) and 13.96m @ 3.61g/t Au (172.18-191.48m);

TDD01: 0.66m @ 3,87g/t Au (227.84-228.5m);

1

For personal use only

ASX ANNOUNCEMENT

ASX | RAS

TDD02: 3.6m @ 1.08g/t Au (160.53-164.28m);

TDD03: 1.83M @ 2.3g/t Au (247.73-249.56m).

Ragusa Chairperson, Jerko Zuvela said "This is a significant milestone for the continued development of our Lonely Mine Gold Project. The drilling results have identified an additional zone of mineralisation at the Tiberius prospect, and we look forward to determining the scale and nature of our project."

The Company's independent technical consultants concluded that the geological setting of this property has significant potential for the development of an economic gold deposit, noting further exploration is necessary to advance the understanding of the property.

Figure 1. Lonely Mine Gold Project - TDD06 Mineralised Zone with Assay Grades

Figure 2 shows a conceptual cross-section to demonstrate the mineralisation described above (note: not all results shown).

Figure 2. Lonely Mine Gold Project - Conceptual Cross-Section of Tiberius Prospect exploration works

Significant intersections from the Tiberius diamond drilling program included those from drill-holes TDD01, TDD02, TDD03, TDD06 and TDD08. Table 1 (below) lists the significant intercepts of the diamond

2

ASX ANNOUNCEMENT

ASX | RAS

For personal use only

drilling results, and Table 2 shows drill-hole locations and details. A full list of assay results is listed in Appendix A.

GRADE

WEIGHTED AVERAGE GRADE

HOLE ID

SAMPLE ID

FROM (m)

TO (m)

INTERVAL (m)

(g/t)

(g/t)

TDD 01

SN 217

227.84

228.50

0.66

3.87

0.66m @ 3.87 g/t Au

SN 227

241.80

242.55

0.75

1.38

0.75m @ 1.38g/t Au

SN 052

152.13

153.13

1.00

2.25

1m @ 2.25g/t Au

SN 061

160.53

161.28

0.75

0.34

TDD 02

SN 062

161.28

162.28

1.00

0.92

3.6m @ 1.08g/t Au

SN 063

162.28

163.28

1.00

1.35

SN 053

163.43

164.28

0.85

1.73

SN 118

64.43

64.91

0.48

1.29

0.48m @ 1.29 g/t Au

TDD 03

SN 074

89.00

90.00

1.00

3.60

1m @ 3.6 g/t Au

SN 138

247.73

248.58

0.85

2.04

1.83m @ 2.3g/t Au

SN 146

248.58

249.56

0.98

2.55

SN 308

99.18

100.18

1.00

5.16

1m @ 5.16 g/t Au

SN 019

128.48

129.18

0.70

10.02

SN 021

130.23

131.08

0.85

0.79

SN 022

131.08

131.71

0.63

4.88

SN 027

131.71

132.56

0.85

5.23

SN 028

132.56

133.41

0.85

3.11

10.43m @ 2.5g/t Au

SN 029

133.41

134.06

0.65

1.11

SN 031

134.06

134.96

0.90

0.57

SN 032

134.96

135.91

0.95

0.90

SN 023

137.18

137.91

0.73

3.22

SN 024

137.91

138.91

1.00

3.98

SN 026

142.08

142.58

0.50

4.59

0.5m @ 4.59 g/t Au

TDD 06

SN 033

146.18

146.98

0.80

4.00

SN 034

146.98

147.58

0.60

3.27

SN 036

148.28

149.18

0.90

1.93

5.17m @ 3.68 g/t Au

SN 037

150.68

151.68

1.00

3.55

SN 048

152.61

153.61

1.00

6.72

SN 049

153.61

154.48

0.87

2.15

SN 038

163.41

164.31

0.90

1.42

1.77m @ 1.14 g/t Au

SN 039

164.41

165.28

0.87

0.86

SN 041

169.73

170.53

0.80

1.14

0.8m @ 1.14 g/t Au

SN 042

172.18

173.18

1.00

5.27

SN 043

173.18

173.88

0.70

7.65

SN 044

173.88

174.83

0.95

2.64

13.96m @ 3.61 g/t Au

SN 001

174.95

175.80

0.85

0.29

SN 002

175.80

176.80

1.00

2.20

3

ASX ANNOUNCEMENT

ASX | RAS

only

SN 003

176.80

177.55

0.75

1.63

SN 004

177.55

178.47

0.92

1.48

SN 006

178.47

179.47

1.00

6.74

SN 007

179.47

180.39

0.92

2.51

SN 008

180.39

181.39

1.00

3.67

SN 009

181.39

182.39

1.00

6.65

SN 011

182.74

183.54

0.80

1.65

SN 012

183.54

183.99

0.45

4.25

use

SN 013

183.99

184.99

1.00

4.10

SN 014

184.99

185.69

0.70

5.62

SN 016

185.14

186.14

1.00

1.56

SN 046

190.68

191.48

0.80

3.68

0.8m @ 3.68g/t Au

SN 189

109.02

109.52

0.50

3.39

TDD 08

SN 191

109.52

110.39

0.87

0.47

2.29m @ 1.34 g/t Au

SN 192

110.39

111.31

0.92

1.05

personal

Table 1. Lonely Mine Gold Project - Significant Intersections from Diamond Drilling Results

Appendix A:

The following information is provided to ensure compliance with the JORC Code (2012) and ASX Listing

Rule 5.7 requirements for the reporting of Exploration Results for the Chulitna Project. Please also refer to

JORC Table 1 below.

UTM Arc 1950

UTM Arc 1950

Borehole ID

Easting (m)

Northing (m)

Elevation (m)

Azimuth (˚)

Dip (˚)

E.O.H (m)

TDD01

679768

7842898

1221

320

-60

251.18

TDD02

679691

7842831

1220

310

-60

164.28

TDD03

679674

7842930

1220

180

-70

125.28

TDD04

679715

7842914

1221

190

-70

112.98

TDD05

679802

7842858

1220

195

-60

80.18

TDD06

679500

7842915

1219

95

-60

203.18

For

TDD07

679530

7842845

1218

130

-60

155.18

TDD08

679608

7843010

1218

140

-60

144.38

Table 2.

Lonely Mine Gold

Project - Diamond

Drill-hole Details

4

ASX ANNOUNCEMENT

ASX | RAS

For personal use only

Figure 3. Lonely Mine Gold Project -Tiberius Prospect Drill-hole Plan.

Full list of assay results:

HOLE ID

BOX NUMBER

SAMPLE ID

FROM (m)

TO (m)

INTERVAL (m)

ASSAY (g/t)

TDD 01

33

SN 194

154.11

154.54

0.43

<0.02

TDD 01

33

SN 196

155.34

156.04

0.70

<0.02

TDD 01

33

SN 197

158.18

158.85

0.67

<0.02

TDD 01

34

SN 198

158.85

159.49

0.64

<0.02

TDD 01

34

SN 199

159.49

160.05

0.56

<0.02

TDD 01

34

SN 201

160.05

160.42

0.37

0.02

TDD 01

38

SN 202

176.08

176.98

0.90

0.02

TDD 01

38

SN 203

178.18

178.78

0.60

0.02

TDD 01

41

SN 204

189.27

189.85

0.58

0.20

TDD 01

41

SN 206

190.18

190.75

0.57

0.03

TDD 01

47

SN 207

219.98

220.88

0.90

<0.02

TDD 01

47

SN 208

220.88

221.66

0.78

0.02

TDD 01

47

SN 209

221.66

222.58

0.92

0.04

TDD 01

48

SN 211

222.58

223.42

0.84

T/F

TDD 01

48

SN 212

223.42

224.42

1.00

0.03

TDD 01

48

SN 213

224.63

225.54

0.91

0.16

TDD 01

48

SN 214

225.54

226.48

0.94

0.34

TDD 01

49

SN 216

226.48

227.18

0.70

0.36

TDD 01

49

SN 217

227.84

228.50

0.66

3.87

TDD 01

49

SN 218

228.50

229.05

0.55

0.23

TDD 01

49

SN 219

229.33

230.18

0.85

0.17

TDD 01

49

SN 221

230.18

230.76

0.58

0.03

TDD 01

51

SN 222

237.01

237.93

0.92

0.12

TDD 01

51

SN 223

237.93

238.88

0.95

0.03

TDD 01

51

SN 224

238.88

239.61

0.73

0.34

TDD 01

52

SN 226

240.84

241.80

0.96

0.22

TDD 01

52

SN 227

241.80

242.55

0.75

1.38

TDD 01

52

SN 228

242.55

243.47

0.92

0.28

TDD 01

52

SN 229

243.47

244.36

0.89

0.09

TDD 01

52

SN 231

244.36

245.18

0.82

0.08

TDD 02

6

SN 147

28.78

29.08

0.30

<0.02

TDD 02

6

SN 148

30.52

31.12

0.60

0.02

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Ragusa Minerals Ltd. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 22:35:09 UTC.