The project, which it acquired for just A$210,000 in cash and shares two years ago, appears to contain extensions to Latin Resources' Cloud Nine kaolin deposit.

 

Drilling completed late last year has allowed it to estimate a maiden inferred resource of 96 million tonnes of white kaolinite/halloysite and 36Mt at 1356 parts per million total rare earth oxides.

 

The resource, contained within just 5% of the project's footprint, is estimated to contain a fairly unique mix of 20,000t of rare earths, 37Mt of kaolin and 2.1Mt of halloysite, which chair Jerko Zuvela said delivered multiple development options compared to a standalone REE project.

 

The project is just 300km east of Perth.

 

Ragusa also has lithium interests in the Northern Territory and gold plays in Alaska and Zimbabwe, started the quarter with $2.35 million in cash. 

 

The stock has traded at 6.6-44c over the past year, closing yesterday at 8c.

 

The company is worth $11 million.