Ragusa finds economic gold deposit at Tiberius prospect in Bubi
Australia Stock Exchange-listed mining and exploration company Ragusa Minerals Limited has discovered a significant potential for the development of an economic gold deposit at the Tiberius prospect.
Rudairo Mapuranga
The company last week advised that the laboratory analysis results from the diamond drilling work at the Tiberius prospect have been received, with the compilation of the drilling results and project data now complete with Significant intercepts which include: 10.43m @ 2.5 g/t Au from 128.48m in hole TDD06 (including 0.7m @ 10.02 g/tand 2.3m @ 5.7 g/t Au); 5.17m @ 3.68 g/t Au from 146.18m in hole TDD06; 13.96m @ 3.61 g/t Au from 172.18m in hole TDD06.
The Company however stated that its independent technical consultants concluded that the geological setting of this property has significant potential for the development of an economic gold deposit, noting further exploration is necessary to advance the understanding of the property.
According to Ragusa Chairperson, Jerko Zuvela the confirmed results are a significant milestone towards the development of the Lonely Mine Gold project.
“This is a significant milestone for the continued development of our Lonely Mine Gold Project. The drilling results have identified an additional zone of mineralisation at the Tiberius prospect, and we look forward to determining the scale and nature of our project,” Zuvela said.
The company conducted a diamond drilling program comprising eight drill holes, with 1236.64m drilled. Final assay results were recently received, with the company’s independent technical consultants having since reviewed the data collected to date and provided a summary report on the project. The report provides the context of existing known mineralisation in correlation with the results from the diamond drilling works, and also the overall prospectivity assessment of the Tiberius prospect.
The drilling program was designed to target extensions of mineralisation identified from the Company’s prior phases of work, including surface mapping, trenching, geophysical surveying (ground magnetics and induced polarisation), and underground mapping and sampling from underground levels 1 and 2 of the historic Tiberius workings.
Results have identified an additional zone of the mineralisation hosted within an andesitic basalt adjacent to the main mineralised quartz-carbonate vein mineralisation, identified within the historic Tiberius underground workings.
Mineralisation appears to be contained within disseminated sulphides identified within the andesitic host rock, most likely sourced from the same shear zone and mineralising fluids that make up the contact between the andesite and the adjacent limburgitic basalt – host to the quartz-carbonate gold-bearing veins targeted in the historic Tiberius workings.