Why is Ragusa Minerals (ASX:RAS) making headlines today?

August 25, 2022 12:01 PM AEST | By Khushboo Joshi

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Why is Ragusa Minerals (ASX:RAS) making headlines today? — Image source: © Slovegrove | Megapixl.com

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Highlights:

Shares of Ragusa Minerals skyrocketed more than 35% at around 11:14 AM AEST today (25 August 2022).

The benchmark S&P ASX/200 Materials index was more than 1% higher too.

Ragusa mainly explores for gold but is in news these days for its lithium exploration projects on in many countries.

Australian-based materials firm, Ragusa Minerals Ltd (ASX:RAS), was spotted trading 35.849% strong at AU$0.360 apiece at 11:14 AM AEST on ASX today (25 August 2022).

Broader benchmark index, S&P/ASX 200 Materials sector (INDEXASX:XMJ), around the same time, was 1.158% up at 16,734.7 points.

More about Ragusa Minerals:

Perth-based Ragusa Minerals explores for mineral properties and the company mainly explores for gold. Ragusa has 100% interest in projects like Burracoppin Halloysite Project in Western Australia, Lonely Mine Gold Project in Zimbabwe, and Alaska’s Monte Cristo Gold Project.

In its last exploration update made on 11 August 2022, Ragusa confirmed high grade lithium prospectivity and the company also peovided updates about completion of target generation and drill program design with identification of many targets bearing lithium metal.

The company stated that evidence from adjoining discoveries in the Burrell Creek Formation, carrying lithium bearing pegmatites (like core lithium) have proved that the area is highly weathered from surface to a depth of around 60m.

Share price performance of Ragusa Minerals on ASX

Ragusa Minerals has gained 414.29% in last one year on ASX. The year-to-date based share price accelerated by 350% and in last five trading days, the stock gained 84.62% on ASX (as of 11:14 AM AEST, 25 August 2022).

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