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Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce an upgraded Mineral Resource Estimate (MRE) which is reported according to JORC (2012) for the Company's flagship Hualilan Gold Project, in San Juan Argentina. This upgraded 2023 MRE is a significant increase in both total ounces and the high-grade component of the MRE. Total ounces have increased from2.1 million ounces gold equivalent to 2.8 million ounces gold equivalent as shown in Table 1.
Highlights
- Upgraded Mineral Resource Estimate (MRE) increases to 2.8 million ounces (AuEq)1 at CEL's flagship Hualilan Gold Project (refer Table 1).
- Significant increase in the high-grade component of this MRE conveyed by the comparison of the 2022 MRE to the higher grade 2.1 Moz AuEq component in the 2023 MRE1 (Table 2):
- Upgraded 2023 MRE: 2.1 Moz at 3.1 g/t AuEq1 (1.0 g/t AuEq cut-off)
- Maiden 2022 MRE: 2.1 Moz at 1.4 g/t AuEq1 (0.25 g/t AuEq cut-off)
- Upgraded 2023 MRE: 2.1 Moz at 3.1 g/t AuEq1 (1.0 g/t AuEq cut-off)
- Majority of the MRE now in Indicated Category (1.9 Moz AuEq1)
- Upgrading most of the MRE to Indicated Category is a crucial step to progress the current Scoping Study and allow the option to move directly from Scoping to a Prefeasibility Study.
- 1.9 Moz AuEq1 in Indicated Category represents 81% of the 2.3 Moz AuEq1 "pit constrained" component of the MRE prepared for the Scoping Study.
- Resource remains open in most directions with some of the more significant intersections outside the MRE remaining open, including (refer Table 4):
- 13.0m at 15.5 g/t AuEq1 (FHNV10-02): 600 metres south of the MRE
- 4.0m at 5.8 g/t AuEq1 (GNDD-308e): 600m vertically below the MRE
- 42.0m at 5.9 g/t AuEq1 (GNDD-711): open below this intersection
- 32.5m at 3.5 g/t AuEq1 (GNDD-790): open below this intersection
1 Reported as Gold Equivalent (AuEq) values – for requirements under the JORC Code see page 2
- 13.0m at 15.5 g/t AuEq1 (FHNV10-02): 600 metres south of the MRE
Commenting on the resource, CEL Managing Director, Mr Kris Knauer, said
“I would like to congratulate our Hualilan Exploration team for this outstanding result. This updated mineral resource estimate contains a core of 2.1 million ounces at a grade of 3.1 g/t AuEq compared to our previous resource of 2.1 million ounces at 1.4 g/t AuEq.
In addition to significant lift in total ounces we have added material high-grade ounces with the upgraded MRE including a higher-grade component of 1.6 million ounces at 5.0 g/t AuEq providing significant flexibility as we progress down the path towards mining.
Mineralisation remains open in most directions, and we expect this resource to continue to grow, however, with a total of 2.8 million ounces gold equivalent Hualilan now has critical mass to support development. Our exploration focus will now switch to exploring the previously untouched 25 kilometres of prospective strike that we hope will contain several more Hualilans.
The Company is most pleased with the significant increase in the high-grade component of MRE. This significant increase in the grade, and the quality of the updated 2023 MRE is evident when the higher grade 2.1 Moz AuEq in 2023 MRE is compared to the 2022 MRE.
- 2022 MRE: 2.1 million ounces at 1.4 g/t AuEq (reported at a 0.25 g/t AuEq cut-off)
- 2023 MRE: 2.1 million ounces at 3.1 g/t AuEq (reported at a 1.0 g/t AuEq cut-off)
Importantly the upgraded MRE now contains a high-grade core of 1.6 million ounces at 5.0 g/t AuEq (reported at a 2.0 g/t AuEq cut-off) which will drive economics and provide significant flexibility.
Upgrading a significant portion of the Mineral Resource to Indicated Category is a crucial part of progressing the Scoping Study. The 2023 MRE was based on an additional 92,000 metres of diamond core drilling of which approximately 50% (45,000 metres) comprised infill drilling. This change in strategy to significantly increase the amount of infill drilling was successful with 81% (1.9 million ounces AuEq of the current 2.3 million ounces AuEq) of the in-pit component of the MRE now in Indicated Category. A total of 67% of the 2.8 Moz upgraded MRE is in the Indicated category compared to 38% of the 2022 MRE. This will provide the Company the option to move seamlessly from Scoping Study to a Prefeasibility Study (PFS).
Mineralisation remains open in most directions and there is clear potential for the MRE to continue to grow via extension drilling.
Table 1 Upgraded Hualilan MRE, March 2023
Note: Some rounding errors may be present
Click here for the full ASX Release
This article includes content from Challenger Exploration, 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.
CEL:AU
Asra Minerals: Unlocking Multi-million Ounce Gold Potential in WA’s Premier Goldfields
Asra Minerals (ASX:ASR) is unlocking the value of its resource portfolio and underexplored prospects in Western Australia’s renowned Leonora Goldfields. The company holds one of the largest and most prospective land positions in the district, strategically located near major gold producers, including Genesis Minerals (ASX:GMD) with its 8.9 Moz Leonora Operations, Vault Minerals (ASX:VAU) with the 1.9 Moz Darlot and 4.1 Moz King of the Hills mines, and Northern Star (ASX:NST), operator of the 4.2 Moz Thunderbox mine.
A strategic reset in late 2024 brought in a new CEO, technical team, and a focused drilling strategy targeting resource growth and project consolidation. With strong gold prices supported by global uncertainty and Western Australia’s stable regulatory environment, Asra’s historically underexplored and fragmented ground is now well-positioned for discovery, growth, and long-term value creation.
Asra Minerals’ flagship Leonora Gold Project covers over 936 sq km in Western Australia’s prolific Eastern Goldfields, one of the country’s most productive gold regions. The project is divided into the Leonora North and Leonora South areas and is strategically located near world-class gold operations, including Genesis Minerals’ Leonora Operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine—all within trucking distance. Asra’s tenements lie along highly prospective granite-greenstone contacts and major fault zones, including the Ursus Fault, a key structural control for high-grade orogenic gold mineralization.
Company Highlights
- District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
- JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
- Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
- Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
- New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
- Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.
This Asra Minerals profile is part of a paid investor education campaign.*
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Asra Minerals
Investor Insight
Asra Minerals is an emerging gold explorer with a compelling investment case as it focuses on strategic expansion and development of high-grade resources across its Leonora gold project in Western Australia.
Overview
Asra Minerals (ASX:ASR) is unlocking the potential of its portfolio of existing resources and underexplored prospects within Western Australia’s renowned Leonora Goldfields. The company controls one of the largest and most prospective land positions in the district, strategically surrounded by high-profile gold producers such as Genesis Minerals’ (ASX:GMD) with its 8.9 million oz (Moz) Leonora Operations; Vault Minerals (ASX:VAU), which operates the 1.9 Moz Darlot mine and 4.1 Moz King of the Hills mine; and Northern Star (ASX:NST), which operates the 4.2 Moz Thunderbox mine.
With existing JORC 2012 resources of 200,000 oz gold and a clear strategy to reach 500,000 oz in the near-term, Asra Minerals is leveraging its 936 sq km Leonora landholding in one of Australia’s most prolific gold belts. Asra’s tenements span 75 km of strike length, including two primary zones – Leonora North and Leonora South – each with resource-stage projects, brownfields upside and newly identified high-priority drill targets.
A strategic reset in late 2024 led to a new CEO, technical team and drilling strategy aimed squarely at resource growth and project consolidation. With global unrest supporting sustained high gold prices and WA’s regulatory stability, Asra’s ground – historically underexplored and fragmented – is now primed for discovery, growth and value creation.
Company Highlights
- District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
- JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
- Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
- Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
- New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
- Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.
Key Project
Leonora Gold Project
Asra Minerals’ flagship Leonora gold project spans more than 936 sq km in Western Australia’s prolific Eastern Goldfields. The asset is subdivided into the Leonora North and Leonora South project areas. The region hosts multiple world-class gold operations, including Genesis Minerals’ Leonora operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine, all within trucking distance. Asra’s tenements lie along the highly prospective granite-greenstone contacts and major fault systems such as the Ursus Fault, known for controlling high-grade orogenic gold mineralization.
Leonora South
The Leonora South project is 549 sq km with eight granted mining leases, located within the historic Kookynie goldfields. This area is host to numerous high-grade deposits, including Genesis Minerals’ Ulysses Hub (~2 Moz gold). Asra is focused on the Sapphire and Orion open pit deposits, which together comprise a JORC 2012 inferred resource of 48,014 oz grading at 2.2 grams per ton (g/t) gold. High-grade intercepts include standout results such as 166 g/t gold over 6 m from 135 m, including 248.8 g/t gold over 4 m (Sapphire), and 46.4 g/t gold over 4 m from 3 m (Orion), demonstrating a potential for bonanza-grade extensions at depth.
Diamond drilling completed in Q4/2024 confirmed down-dip continuity of high-grade gold zones approximately 30 to 50 m below historical intercepts, with assays such as 47.95 g/t gold over 1 m from 115.2 m, 23.12 g/t gold over 1 m from 148.7 m, and 23.97 g/t gold over 0.8 m from 161.2 m. A new 1,300 m RC and diamond-tail drilling program commenced in Q2/2025 to test these high-priority targets, aiming to significantly increase the resource base. The mineralized quartz veins at Sapphire and Orion trend east-northeast and dip steeply – 50 to 80 degrees – southwards and remain open at depth and along strike.
Exploration across Leonora South has identified 21 high-priority targets, of which 15 have never been drill tested. These were derived from detailed 2025 airborne magnetics, structural reinterpretation and geochemical mapping. Planned work includes follow-up aircore and RC drilling to expand the mineralized footprint, including at Gladstone and Jessop Creek, with approvals already received from the Department of Energy, Mines, Industry Regulation and Safety.
Leonora North
Situated 40 km northeast of Leonora and just 5 km from Vault’s King of the Hills mine, Leonora North is a brownfields gold asset with significant exploration and expansion potential. The area lies within the Eastern Goldfields Superterrane of the Yilgarn Craton and is hosted along the structurally controlled Ursus Fault Zone, a major gold-bearing shear corridor. The project contains multiple zones with a total JORC 2012 resource of 152,000 oz grading at 1.7 g/t gold, including:
- Mt Stirling–Viserion Deposit: 2.16 Mt @ 1.6 g/t gold for 111,000 oz (inferred), plus 391,000 t @ 2.1 g/t for 26,000 oz (indicated).
- Stirling Well: 198,000 t @ 2.3 g/t gold for 15,000 oz (inferred).
The Mt Stirling resource remains open along strike and at depth, with high-grade shoots identified to the north. The flat-lying Stirling Well orebody has potential for parallel lodes and deeper extensions into mafic host rocks. A major aeromagnetic and litho-structural reinterpretation, completed in December 2024, identified +20 high-priority gold targets across the northern strike extensions. Several of these are situated adjacent to the historically mined Diorite King Mine, which reportedly produced at high grades. The untested 12 km Ursus Fault corridor remains a key focus, with ~9 km still unexplored.
Importantly, Asra secured 100 percent ownership of the Mt Cutmore prospect in May 2025, consolidating a highly strategic zone within the Mt Stirling region. This acquisition covers multiple live and pending tenements, and enhances Asra’s ability to deploy a focused drilling campaign across the Leonora North project area. Drill permits have been secured, and both AC and RC programs are planned for H2/2025 to evaluate new geophysical anomalies, follow up on known mineralization, and grow the current resource base.
Management Team
Paul Stephen – Managing Director
A seasoned mining executive, Paul Stephen has held various executive and directorship roles across ASX and LSE-listed companies prior to joining Asra. He was a co-founder and executive director of Crusader Resources, where he was instrumental in the discovery, development and operation of the Posse Iron Ore mine in Brazil. During his tenure, he oversaw the delineation of over 2.6 million ounces of gold, significantly contributing to Crusader’s market capitalization exceeding AU$160 million.
Paul Summers – Non-executive Chair
Paul Summers has been a legal practitioner since 1985, and founded his own firm, Summers Legal in 1989. He has been Asra’s counsel for more than 10 years and has provided extensive advice and service during the recent takeover of Cascade Resources. Summers is currently lead counsel – commercial, corporate and property of Summers Legal and is familiar with the company’s affairs, projects and strategy.
Mathew Longworth – Non-executive Director
Mathew Longworth is a geologist with over 35 years’ experience in large projects, exploration and discoveries in Australia, Greenland, Africa, South America and the Pacific. He is currently chairman of Ardea Resources and Greenfields Exploration, and non-executive chairman of Northam Resources. As a director and chairman, he has guided companies through challenging corporate times including IPO listings, takeovers, major capital raisings, 249D notices and joint venture negotiations while maximizing value for shareholders.
Leonard Math - Non-executive Director, Chief Financial Officer and Company Secretary
Leonard Math is a chartered accountant with more than 15 years of resource industry experience. He was an auditor at Deloitte and is experienced with public company responsibilities including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting and shareholder relations. He previously held company secretary and directorship roles for a number of ASX listed companies.
Ziggy Lubieniecki – Technical Consultant
Ziggy Lubieniecki is a highly experienced geologist with over three decades of expertise spanning exploration, mining, management, property acquisition and company listings. His previous senior roles include chief mine geologist at Plutonic, exploration manager at Australian Platinum Mines, and executive director at Gold Road Resources. Along with a successful exploration track record, Lubieniecki is credited for the discovery of the 6.2 Moz Gruyere gold deposit.
