Update on RAS’s gold project neighbouring ~14.7m ounces of gold

Published 22-MAY-2023 12:00 P.M.

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Our junior exploration Investment Ragusa Minerals (ASX: RAS) just put out some soil sampling results from its Canadian gold projects.

The results come after the companies field trip in late 2022 and confirmed:

1) Targets at the Old Man prospects

RAS defined gold anomalies over a 4km x 3km area at the Old Man Diorite Prospect and over 2km long anomaly at the Old Man Breccia Prospect.

The anomalies at the Old Man prospects sit along strike from $255M capped Gold Mining Inc’s Whistler/Raintree deposits which hosts ~4.8m ounces of gold resources.

2) Targets at the Emerald prospect

The Emerald prospect sits on similar structures to $71M capped Nova Mineral’s RPM gold deposit which hosts a ~1.24m ounce gold resource.

Here RAS defined a ~1km^2 zone of interest.

Why we like RAS’s gold projects

RAS’ project sits next door to ASX listed Nova Minerals (currently capped at $71M) and TSX listed Gold Mining Inc (currently capped at $255M).

Combined the two companies host ~14.7m ounces of gold resources all bordering RAS’s ground.

These are all established in ground gold resources.

RAS on the other hand has a market cap of ~$11M, had ~$2.3m in cash (at 31 March 2023).

So RAS with a tiny enterprise value of ~$8.7M sits in an area with over 14.7 million ounces of gold resources and its neighbours have a combined market cap above ~$325M.

We also note that this is just one of RAS’s projects, the company also has its lithium project in the Northern Territory (next to $2.1Bn Core Lithium) and its Halloysite project in WA (next to $457M Latin Resources).