RAS Side Bet Delivers Early High Grade Gold Result (221g/tonne)
We invested in Ragusa Minerals (ASX:RAS) last week because we like its newly acquired WA halloysite and Alaskan gold projects.
RAS has a tiny market cap of $9.3M with ~$4M cash in the bank.
RAS’s new halloysite project shares a border with one of our favourite investments - $69M Latin Resources. Its Alaskan gold project is near $210M capped Nova Minerals.
As promised, we are working on an in-depth note on these two RAS projects that will be released shortly.
RAS originally listed on the back of a Zimbabwe gold project before they acquired their two new projects early last week when we invested - we considered this particular project a “side bet”.
Initially we weren’t overly interested in RAS’ Zimbabwe gold project, but we couldn’t help notice some interesting grades in today's announcement...
RAS’s Zimbabwe gold project is called the ‘Lonely Mine Gold Project, here are the key points:
- a former mine that historically produced approx 1.1 million ounces of gold.
- In the top 7 producing operations in Zimbabwe during peak production of around 50,000 oz/year.
- Average recovered grade of 17.50 g/tonne.
- The project sits in a greenstone belt that is home to several gold mines that have produced more than 300,000 oz.
RAS owns 100% of this RAS’ Zimbabwe gold project that has not had any modern day exploration. That is what RAS intends to do over the coming months while it awaits finalisation of the other projects acquisitions.
Today’s RAS news - sample picks up 221 g/tonne gold
Today RAS released some underground sampling results, and we were quite surprised by the good grade.
Here are the key points:
- RAS’ exploration work has confirmed priority drill targets at its Tiberius prospect.
- 13 underground samples collected from a mineralised reef.
- Analysis of grade is up to 221 g/tonne gold.
- Other significant sampling results include 68 g/tonne, 49.5 g/tonne, and 45.8 g/tonne.
RAS’ recent work has delineated high priority drill targets, which is set up for the next stage of a drill program.
Here is our original note on why we invested in RAS which has a short summary of the soon to be acquired projects.
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