Ragusa Minerals (ASX:RAS) is yet another testament this week to the ongoing health of interest in the battery metals market with the company’s one week returns sitting just under 100%.
The catalyst? Rock chips.
This week, company technicians announced the discovery of abnormally high grade lithium in surface rocks at the company’s NT lithium project. Among the samples were spodumene crystals included.
Investor information provider Undervalued Equity notes high-grade lithium is often a label given to ore with concentrations of over 1% lithium.
Compare that with what Ragusa found: 5.46% lithium concentration in a surface sample.
For good measure, the company also announced gold alongside its lithium find, also in rock chips.
Undervalued Equity notes high-grade gold is that above 5 grams of gold per tonne (g/t), but many Australian projects boasting grades of 4g/t are also considered high-grade.
Two rock chip samples for gold included mineralisation at:
2.27g/t
4.59g/t
A drilling campaign is to take place in the current NT dry season, before the wet season kicks off in October.
With rock chip samples at surface giving the company priority areas to target, it will fire up the rigs on-site for its maiden drilling program.
“Our maiden drilling program is very exciting and puts Ragusa in a strong position to rapidly accelerate the development of our project…at a time of record lithium prices,” Ragusa Minerals chairperson Jerko Zuvela.
Shareholders should note that once the wet season kicks off, works will shut down for a number of months.
Taking a surface look at the company’s share price performance, it’s clear Ragusa Minerals is winning the interest of market pundits.
One week returns up 98.72%
One month returns up 78.16%
Year to date (YTD) performance uo 96.20%
One year returns up 89.02%
Ragusa has a market cap of $19.4m; it finished the June quarter with $2.5m.
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