WA Halloysite drilling program completedASX:RAS May 04, 2022
This morning Catalyst Hunter junior exploration Investment Ragusa Minerals (ASX:RAS) announced that it had completed its maiden drilling program at its halloysite project in WA.
RAS’s WA halloysite project sits right along the border of our other Catalyst Hunter portfolio company Latin Resources’ defined halloysite resource, one of Australia’s largest kaolin/halloysite deposits with a 207Mt JORC kaolinised granite resource.
RAS’ grounds sit right next door to Latin Resources’ project and RAS was drilling against a ~400m strike zone along the border it shares with Latin.
The ultimate aim of the drilling program was to try and quickly delineate a maiden JORC resource and prove that Latin Resources’ halloysite deposit does in fact extend into RAS’s ground.
Today RAS confirmed the following:
- The drilling program intercepted several significant white kaolinized granite up to 28m in thickness, from as shallow as 2m depth. Drilling now indicates that mineralisation remains open in all directions.
- Assays pending and are expected to be received during the next quarter which will form the basis for a maiden JORC resource estimate for the project.
Today’s news now means that RAS has ticked off key objective #1 of our 2022 RAS Investment Memo, and positions the company well to achieve objective #2 within the next quarter or two.
To see all of the key reasons we continue to hold RAS in our portfolio, all of the objectives we want to see the company achieve in 2022 and the key risks to our Investment thesis, check our our memo by clicking on the image below.