• Ragusa Minerals (RAS) wraps up the first phase of drilling at its lithium project in the Northern Territory
• The company completed 18 reverse circulation drill holes, 12 of which intersected pegmatite
• While select samples have been sent for assaying, Ragusa Chair Jerko Zuvela says the preliminary observations were encouraging given the scale of the pegmatite zones
• A number of drill sites were not accessible during the phase one works program however, Ragusa plans to carry out drilling works in these areas in the next dry season
• RAS shares are down 25 per cent trading at 13.5 cents at 11:59 am AEDT

Ragusa Minerals (RAS) has wrapped up the first phase of drilling at its lithium project in the Northern Territory.

The company completed 18 reverse circulation drillholes, 12 of which intersected pegmatite.

At the end of October, the company recorded multiple “significant” pegmatite intersections.

While select samples have been sent off for assaying, Ragusa Minerals Chair Jerko Zuvela said the preliminary observations were encouraging given the scale of the pegmatite zones.

“The completion of the initial exploration program is another positive step that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district in a tier one jurisdiction close to major infrastructure at time of record lithium prices,” Mr Zuvela said.

Additionally, geological staff identified samples containing “visually significant” levels of graphite in the hanging-wall and footwall zones either side of some of the pegmatites.

These samples will be reviewed before being compiled and considered for lab analysis.

A number of drill sites were not accessible during the phase one works program however, Ragusa plans to carry out drilling works in these areas in the next dry season.

The company also plans to carry out diamond drilling, subject to the availability of a drill rig.

Geophysical surveys are planned across target areas to assist planning for the next phase of exploration.

RAS shares were down 25 per cent trading at 13.5 cents at 11:59 am AEDT.