Ragusa Minerals Ltd has entered into a tenement farm-in agreement with May Drilling Pty Ltd for the exclusive right to earn an initial 90% interest in tenements EL28642, EL29731, EL30521, EL32671, and EL(A)32405 – located in the highly prospective Litchfield Pegmatite Belt in Northern Territory, Australia – and the exclusive option to acquire the additional 10% interest in the tenements.
In addition, the agreement allows the company to conduct due diligence works including immediate exploration activities on the tenements, covering approximately 570 km2 within the highly prospective Pine Creek Orogen including the Finnis River Group – host to Core Lithium’s Finnis Project.
Ragusa intends to commence exploration works to target outcropping pegmatite rocks identified from prior exploration activities, to develop a more comprehensive lithium exploration program.
Ragusa Chairperson, Jerko Zuvela said:
“The company has secured extremely strategic and highly sought after lithium prospective tenements in the centre of a well-renowned lithium district. This is a significant opportunity to combine Ragusa’s existing NT lithium projects to create a combined ‘supergroup’ project area comparable to neighbours Core Lithium and Lithium Plus, and utilise our exploration and development experience to rapidly progress our NT Lithium Project in a Tier 1 jurisdiction close to major infrastructure.
“With four currently granted tenements and considerable historic works to reference, Ragusa is in a strong position to rapidly accelerate the development of our project at a time of record lithium prices and within a proven high-quality lithium district.”
Read the article online at: https://www.globalminingreview.com/mining/24052022/ragusa-signs-farm-in-agreement-with-may-drilling/