The stock nearly doubled on news of reconnaissance field work picking up chips grading as high as 5.5% lithium oxide (and historical numbers even higher!).

"Of significance, a single crystal approximately the size of a bowling ball was found at surface in a scraping adjacent to weathered albite/mica/quartz rubble and outcrop," Ragusa said.

"Upon investigation, the crystal is thought to be a heavily weathered spodumene based on residual colour, estimated density, prismatic shape, internal striations parallel to the long axis and strongly elevated lithium content, although heavily depleted from weathering."

Ragusa also said there were "significant gold values".

Ragusa believes the extent of many of the pegmatites is significant, "spanning several kilometres in length, with potential for a significant discovery".

Ragusa is led by Jerko Zuvela, the long-time managing director of emerging Argentina brine producer and Nevada explorer Argosy Minerals.

Ragusa was a principally a halloysite and gold exploration company up until this year when it changed lanes by securing its lithium ground in Northern Territory.

The junior had $2.5 million cash at the end of June.

Shares in Ragusa were up 80% in late trade to 18c, capitalising the company at $23 million.