Assays reveal rare earths mineralisationASX:RAS Dec 06, 2022
Objective 1: Drilling results from the Halloysite project in WA
Milestone 1: Drilling results
This morning our junior exploration Investment Ragusa Minerals (ASX: RAS) put out assay results from its kaolin-halloysite project in WA.
While assaying for kaolin and halloysite, RAS also confirmed rare earths mineralisation with total rare earths oxide (TREO) grades as high as 0.62%.
RAS also confirmed high grade alumina intercepts averaging ~33.73% with a peak grade of 38.3%.
So far the results are looking promising, especially when compared to peers with similar rare earth & halloysite/kaolin projects.
RAS is now waiting on the remaining assays from the drilling program to be received before it puts together a maiden JORC resource estimate.
We think RAS still has plenty of exploration upside at this project with the drill result covering only ~5% of its total project area.
What’s next for RAS?
Assay results from NT lithium project 🔄
On the 21st of November, RAS completed its maiden drilling program at its NT lithium project.
RAS confirmed that of the 18 RC drillholes completed, 12 intersected pegmatites.
Given RAS’s drilling program was done with an RC drill rig the company hasn't been able to confirm spodumene presence - this is because the RC drill rigs produce RC chips instead of solid drillcores.
Instead, RAS confirmed that it sent the RC chips to the assay labs, meaning we must wait for the assay results to determine if RAS has in fact made a new lithium discovery.
We are hoping to see the results from that program soon.