Ragusa releases NT Lithium Results

This morning our exploration Investment, Ragusa Minerals (ASX:RAS) released assay results from its NT Lithium project, next door to Core Lithium (capped at $2.1BN).

Today’s results showed, “several elevated lithium values up to 0.35% Li2O within shallow intersections of pegmatite.”

Our main takeaway from these results is that, while disappointing, RAS makes a good case for needing to drill deeper to hit higher grades of lithium mineralisation.

Ultimately RAS’s assay results came in at our bear case expectations, which we had set going into this drilling program.

While today’s results were well below what we wanted to see, we did notice RAS alluded to how both of its neighbours, Core Lithium and Lithium Plus had to drill beyond 100m vertical depth to hit higher grade mineralisation.

With this drill program, RAS only drilled 7/18 of its drillholes beyond this depth.

So the hope here is that by coming back in the dry season and testing the pegmatites at depth, RAS can turn up economic grades of lithium and get back on track.

What’s next for RAS?

RAS will go back to the drawing board to determine how best to explore the company’s lithium tenements.

We have faith that RAS Chair, Jerko Zuvela will eventually get it right, given his pedigree - he helped take Argosy Minerals (capped at $849M) from explorer to late stage development.