Quarterly Report - September 2024

Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report on its activities during the quarter ended 30 September 2024 (the Quarter).

Highlights

Mandilla Gold Project

• Successful completion of a 70-hole/6,512 metre in-fill reverse circulation (RC) drill program at the cornerstone Theia deposit at Mandilla.
• Assay results from the Theia program were reported subsequent to the end of the Quarter on 9 October 2024¹.
• Metallurgical results at the Hestia, Eos and Iris deposits demonstrate extremely high gold recoveries (up to 99.5%), fast leach kinetics and low reagent consumptions.

Feysville Gold Project

• Assay results reported from a 32-hole/1,673 metre RC drill program completed during the previous quarter at the Rogan Josh Prospect^2,3.
• Assay results reported from a 120-hole/3,664 metre program of reconnaissance air-core (AC) drilling completed during the previous quarter⁴.
• Cube Consulting currently finalising a maiden Mineral Resources Estimate (MRE) for the Kamperman and Rogan Josh prospects, and a revised MRE for the Think Big deposit, together comprising the Feysville MRE. This work is expected to be reported during October 2024.

Corporate

• Announcement of two-tranche placement to raise approximately $25.0 million (before costs) via the issue of approximately 263 million new fully paid shares at an offer price of $0.095 per share (Placement).
• Tranche 1 of the Placement raised approximately $21.0 million (before costs) and was completed on 1 October 2024.
• Cash of approximately $24.1 million as at 30 September 2024 (inclusive of Tranche 1 Placement proceeds net of costs).
• Tranche 2 of the Placement, which involves the issue of new fully paid shares subject to shareholder approval, is set to raise approximately $4.0 million (before costs).
• Additionally, Company Directors subscribed for 789,474 shares on the same terms as the Placement shares, with their participation also subject to shareholder approval.
• Shareholder approval for the issue of shares under Tranche 2 and to the Directors will be sought at the Annual General Meeting to be held on 20 November 2024.
• Astral is now fully funded to FID including acceleration of exploration activities at the Mandilla and Feysville Gold Projects, and completion of the Mandilla Pre-Feasibility and Definitive Feasibility Study.

Figure 1 – Location map identifying Astral’s projects.

MANDILLA GOLD PROJECT

The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.

The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).

Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty.

The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.

Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.

Click here for the full ASX Release

This article includes content from Astral Resources, 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.