The Ragusa Minerals Ltd (ASX: RAS) share price has exploded in the past week.
In the last week, the company's share price has lifted 138% to 20 cents. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has climbed 2% in the same time frame.
Let's take a look at what is happening at Ragusa Minerals?
Image source: Getty Images
What's driving this price boost?
Ragusa Minerals is exploring lithium in the Litchfield Pegmatite Belt in the Northern Territory. Ragusa also has a 100% interest in a halloysite and kaolinite project in Western Australia, along with gold projects in Zimbabwe and Alaska.
However, it is lithium news out of the Northern Territory project that seems to have pushed up the Ragusa Minerals share price.
On Thursday, Ragusa announced historical exploration works had confirmed "high grade lithium perspectivity" at the company's NT lithium project.
As my Foolish colleague Bronwyn reported, this included 8.03% Li2O3 and 7.25% Li2O6.
Commenting on the results, chairperson Jerko Zuvela highlighted the company's "significant opportunity" to progress the NT lithium project.
He said Ragusa is in a strong position to rapidly accelerate the project within a "high quality lithium district".
Today alone, the Ragusa Minerals share price soared a further 42.86%, in what was a strong day for ASX lithium shares.
Ragusa share price snapshot
The Ragusa Minerals share price has exploded 150% in the past year and 153% year to date.
For perspective, the ASX 200 Materials Index has lost nearly 11% in a year.
Ragusa has a market capitalisation of $25.15 million based on the current share price.
