Asra Minerals Limited (ASX: ASR; “Asra” or “the Company”) is pleased to announce it has executed a binding Term Sheet (“the Agreement”) to acquire the remaining 49% interest in the Mt Cutmore prospects located at the Mt Stirling Leonora North Project (“the Project”) from its joint venture partners (Ross Crew, Russell McKnight and Christopher Crew) (“the Sellers”), subject to conditions precedent (“the Acquisition”).
Highlights
The Project is situated in the Eastern Goldfields Super terrane of the Yilgarn Craton, where the area is known for orogenic gold deposits. The Project has a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au and is located within close proximity to significant gold mines, including Vault Minerals' 6Mtpa Au King of the Hills mine and Genesis Minerals' 2Moz Leonora and Kookynie operations.1
Asra Minerals Chief Executive Officer, Paul Stephen:
“Securing 100% of the Mt Cutmore prospects within the Project will be a pivotal step for Asra. This consolidation will enhance our strategic footprint in a highly prospective and active gold region.
Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling, high-priority targets. This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.”
The Transaction consideration comprises of $200,000 cash and the issue of 75,000,000 fully paid ordinary shares in Asra at a deemed issue price of $0.002 per share (“Shares”) upon satisfaction of the conditions precedent of the Agreement (refer to the summary of the Agreement below for further details). The issue of the Shares is subject to shareholder approval under ASX Listing Rule 7.1, which Asra intends to seek at its upcoming annual general meeting, scheduled to be held in late May 2025.
Figure 1. Mt Stirling Leonora North
Mt Stirling Leonora North Project
The Mt Stirling Leonora North Project is strategically located approximately 40km northeast of Leonora within Western Australia’s Eastern Goldfields. This region is renowned for hosting numerous multi-million-ounce orogenic gold deposits and significant mining operations.
The Project is situated just 5km from Vault Minerals’ (ASX:VAU) major 6Moz King of the Hills mine and its recently expanded processing hub, which is the largest in the Leonora district. It is also proximal to Genesis Minerals’ (ASX:GMD) extensive 2Moz Leonora operations. The Project currently hosts a JORC (2012) Mineral Resource Estimate totalling 152,000 oz at 1.7g/t Au. This Mineral Resource Estimate provides a valuable foundation for the Project and future exploration efforts aimed at expansion.
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This article includes content from Asra Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Miramar’s 80%-owned Gidji JV Project (“Gidji” or “the Project) is located approximately 15 kilometres north of Kalgoorlie and surrounded by multiple gold mining and processing operations, including Northern Star Resources Limited’s Kalgoorlie gold operations (Figure 1).
Miramar’s Executive Chairman, Mr Allan Kelly, said the first results from the current programme confirmed and extended the extensive supergene gold footprint discovered in previous drilling.
“The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” he added.
“This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz,” Mr Kelly said.
Current and previous drilling has outlined an extensive area of flat-lying supergene gold across multiple targets at Gidji, despite the stripped weathering profile under the Gidji Paleochannel.
The current drilling programme consists of approximately 180 aircore holes and aims to further refine bedrock drill targets under the younger transported paleochannel sediments.
Drilling commenced before Easter, was suspended due to heavy rainfall and recommenced on 6 May.
Figure 1. Gidji JV Project (yellow outline) and Boorara Shear Zone(white) in relation to Kalgoorlie.
Figure 2. New aircore drilling results (squares) in relation to previous drilling (circles).
Table 1. Significant drill results from the first 34 aircore holes at Gidji JV.Note: results reported above 0.25g/t Au lower cutoff
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This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
North Bay Resources, Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce a resource estimate ( non-NI 43-101 ) for the Bullion Alley Zone at the Company's Fran Gold Project. The preliminary resource estimate was completed by the Company using Leapfrog Geo + Edge 3D modelling software and diamond drilling data from 2001, 2005, 2006, 2012, and 2018 totaling 18,000 meters (55,000 feet) in 104 holes utilizing block model, with no cut-off:
Diagram 1. Fran Gold Block Model (Smooth)
| Bullion Alley - Main Zone | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 20,035,146 | 0.50 | 10,051,730 | 323,170 |
| Bullion Alley - Main Zone + East Extension | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 43,797,234 | 0.34 | 14,743,070 | 474,001 |
Diagram 2. Fran Gold Au >0.1 g/t cutoff
Recent data compilation has resulted in identification of the following significant drill intercepts.
| Hole ID | From (m) | To (m) | Width (m) | Grade g/t |
| 2001-01 | 46.0 | 234.0 | 188.0 | 0.1 |
| incl. | 102.8 | 127.1 | 24.3 | 0.5 |
| incl. | 220.0 | 234.0 | 14.0 | 0.6 |
| 2001-02 | 39.0 | 214.5 | 175.5 | 0.3 |
| incl. | 44.0 | 91.0 | 47.0 | 0.7 |
| incl. | 179.0 | 214.5 | 35.5 | 0.6 |
| 2001-04 | 66.0 | 180.0 | 114.0 | 0.1 |
| incl. | 75.0 | 95.5 | 20.5 | 0.3 |
| 2001-05 | 76.6 | 129.2 | 52.6 | 0.4 |
| 2001-06 | 19.8 | 74.0 | 54.2 | 0.3 |
| 2001-12 | 52.8 | 154.0 | 101.3 | 0.3 |
| 2002-26 | 40.7 | 82.0 | 41.3 | 1.2 |
| 2002-27 | 44.7 | 172.0 | 127.4 | 0.5 |
| 2002-31 | 167.1 | 185.3 | 18.3 | 0.5 |
| 2002-33 | 39.2 | 186.0 | 146.8 | 0.1 |
| incl. | 53.7 | 80.6 | 26.9 | 0.3 |
| 2002-34 | 16.7 | 195.5 | 178.9 | 0.2 |
| incl. | 154.5 | 195.5 | 41.0 | 0.7 |
| 2002-36 | 88.0 | 235.1 | 147.1 | 0.4 |
| 2002-37 | 118.0 | 229.6 | 111.6 | 0.1 |
| incl. | 118.0 | 133.8 | 15.9 | 0.5 |
| 2006-43 | 153.0 | 193.2 | 40.2 | 0.7 |
| 2006-47 | 35.1 | 81.6 | 46.5 | 1.3 |
| 2006-49 | 104.1 | 119.3 | 15.1 | 2.7 |
| 2006-50A | 44.3 | 118.1 | 73.8 | 0.7 |
| 2006-51 | 66.1 | 85.4 | 19.3 | 0.7 |
| 2006-53 | 79.8 | 92.9 | 13.1 | 1.6 |
| 2006-55 | 27.9 | 100.5 | 72.5 | 1.8 |
| 2006-56 | 90.5 | 116.5 | 26.1 | 1.2 |
| 2006-58 | 61.4 | 157.4 | 96.0 | 0.3 |
| 2006-59 | 21.8 | 74.1 | 52.3 | 0.6 |
| 2006-60 | 90.5 | 131.5 | 41.0 | 0.7 |
| 2006-61 | 9.1 | 58.8 | 49.6 | 0.6 |
| 2006-62 | 79.9 | 150.3 | 70.5 | 0.5 |
| 2007-66 | 72.5 | 102.0 | 29.5 | 0.3 |
| 2007-68 | 127.1 | 147.1 | 20.0 | 0.8 |
| 2007-69 | 171.3 | 197.8 | 26.6 | 0.5 |
| 2007-70 | 131.1 | 246.0 | 114.9 | 0.7 |
| 2007-71 | 32.9 | 116.9 | 84.0 | 0.9 |
| 2007-72 | 78.9 | 106.9 | 28.0 | 0.3 |
| 2007-73 | 180.6 | 194.2 | 13.6 | 0.4 |
| 2007-74 | 111.9 | 269.8 | 157.9 | 0.6 |
| incl. | 111.9 | 188.0 | 76.1 | 1.1 |
| 2007-75 | 49.0 | 124.5 | 75.5 | 0.8 |
| 2007-76 | 133.2 | 169.8 | 36.6 | 0.9 |
| 2018-91 | 249.4 | 296.0 | 46.6 | 0.4 |
| 2018-94 | 222.0 | 339.2 | 117.2 | 0.6 |
| 2018-95 | 202.7 | 309.0 | 106.3 | 1.0 |
| 2018-96 | 134.7 | 284.0 | 149.3 | 0.9 |
| 2018-103 | 105.7 | 178.6 | 72.9 | 1.4 |
* Non-weighted interval length has been used to determine avg. grade
The company continues to compile data in preparation for a NI 43-101 Compliant Mineral Resource Estimate . In particular, the addition of surface trenching data and sampling data for areas that have not been drill tested between the Main and East Zones as well as to the East and North-east where a significant gold in soil anomaly exists and may add to the data set. The deposit remains open in these directions as well as to the South where a parallel vein system exists and most significantly, throughout the main zone, at depth.
Fran Gold Project
The Fran Gold Project is next to Centerra Gold's Mt. Milligan Project, with Reserves of 264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate to Artemis Gold's Blackwater Mine, with Proven and Probable Reserves of 334Mt grading 0.8 grams per tonne gold. Both Mt. Milligan and the Blackwater Mine are two of the largest new mines in North America in the modern era. The Blackwater Mine has a Measured and Indicated Resource in excess of 10M ounces of gold.
Historical exploration and development planning at Fran focused on delineation of mid-high grade veins with an eye to underground mining of these veins. Very limited focus was placed on bulk tonnage and disseminated gold, although discussed in reports from 2006, no follow-up appears to have occurred. North Bay's recent ongoing focus has been the development of mid-high grade surface material as feedstock for its Bishop Gold Mill. This in turn has led to a re-evaluation of the project potential resulting in what is currently a dual focus with high grade surface material going to the Company's mill and further evaluation of the larger potential of the mass tonnage gold deposit. Data indicates substantial expansion potential at depth beyond 300m (984 feet) and extensions of the disseminated gold zones to the East and North-East where copper grades begin to rise. Drilling was stopped in these directions due to the loss of the mid-high grade veins that were the focus of historical exploration and these areas remain largely unexplored.
In addition to the bulk gold deposit, the Company continues to develop the project as mid-high grade feedstock for its 100 ton per day Bishop, California gold mill utilizing existing stockpiles and development of the surface oxide zone where trenching has shown consistent grade of 16 grams (0.5 ounces per ton) over 30m (110 feet) in trenches B+C.
Corporate Update
The Company has settled a demand loan totalling $361,951, and has now converted $350,000 of that debt into a 2 year secured debenture at 10% and issued warrant coverage on a dollar for dollar basis at an exercise price of $0.0007 totalling 500,000,000 warrants with a term of 3 years. Any shares issued (as a result of warrant exercise) are subject to a statutory one-year hold from the date of issuance of the debenture. A balance of $11,951 remains as a demand loan at the end of Q1 2025.
The Company has begun work with the Company's prior auditors for the purpose of returning to SEC reporting status and upon completion may commence the uplisting process.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3185942d-335c-4522-84fe-7253039eb433
https://www.globenewswire.com/NewsRoom/AttachmentNg/9550097c-8782-40b7-abb3-af5a6f03939a
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HIGHLIGHTS
The Pansy Pit MRE is shown in Table 1 on page 3.
Figure 1. Pansy Pit rotated and unclipped longsection view looking north with the optimised pit shell in grey, drill traces as black lines and the block model coloured by classification.
Figure 2. Pansy Pit rotated cross section view looking south at ~6,762,078mN +/- 10m with the optimised pit shell in black, drill traces as black lines and the block model coloured by estimated Au grade.
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