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Highlights:
- Ragusa shares were spotted trading 16% higher at 12:14 PM AEST on Tuesday (20 September 2022).
- The mineral explorer announced today that it has been granted NT Lithium project tenement.
- As per the announcement, the tenement is granted for six years.
Australian mineral explorer and developer, Ragusa Minerals Ltd (ASX:RAS), on Tuesday (20 September 2022), shared that the NT Lithium project tenement has been granted. Northern Territory’s Mineral Titles office notified the company regarding the grant of tenement EL33150.
The NT Lithium project is located within the Litchfield pegmatite Belt and hosts hard rock lithium prospects.
On the back of this update, Ragusa's share price shot up by 16.33% today. At 12:14 PM AEST, the shares were trading at AU$0.28 per share. Meanwhile, the benchmark index, ASX 200 materials (INDEXASX:XMJ) was up by 2.28% to 15,782.40 points at 12:37 PM AEST.
Including today’s gain, Ragusa share price marked a rise of 18.75% in the past five trading sessions. on a year-to-date basis, the share price skyrocketed by 256.25%.
About the tenement
According to today’s release, the tenement granted is located adjacent to the Lithium Plus project and near Core Lithium’s Finnis project. Reportedly, the tenement was granted on 16 September 2022 for six years.
Ragusa believes that this prospective tenement and associated project area is prospective for a high level of lithium. The company holds this belief because of the historical geological mapping work and the neighbouring lithium projects.
On the development, Jerko Zuvela, chair, Ragusa, commented:
The group shared that two tenements applications that are part of the NT “Supergroup” Lithium Project are currently being processed at the NT Mineral Titles office.
Road ahead!
Through ASX announcement, Ragusa informed the market that it would engage with its key stakeholders in the project area before undertaking exploration works focusing on potential buried targets and outcropping pegmatite rocks. Reportedly, the company would use a combination of extrapolation of know targets but along strike, geochemical sampling and remote sensing with geophysical techniques, which were earlier found to be successful in the district.
Ragusa said that after this, a detailed lithium exploration program would be developed to submit and prepare MMP. The aim of MMP would be to seek approval to undertake drilling and exploration works at the tenement area.
