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Asra Minerals Limited (ASX: ASR; “Asra” or “the Company”) is pleased to announce the commencement of a significant exploration program at its Leonora South Gold Project, located 60km south of Leonora. This program targets the down-dip extensions of the known high- grade gold mineralisation at the Orion and Sapphire deposits (see Figure 1).
Highlights
- Initial 1,300m drilling program at its Leonora South Gold Project targeting down-dip extensions of the high-grade Orion and Sapphire deposits.
- The first stage program comprises ~1,000m Reverse Circulation (RC) drilling and ~300m of Diamond Tail drilling for a total of 6 holes.
- Program follows up on significant gold intersections achieved in October 2024, which confirmed high-grade mineralisation 30 metres below existing drilling.
- The 3-4 week drilling program anticipates initial assay results within 6-8 weeks, providing timely updates on the potential for resource growth.
- Key drilling contractors secured with an optional drill-for-equity agreement in place to optimise capital management and support exploration objectives.
The initial phase of drilling comprises approximately 1,000m Reverse Circulation (RC) drilling and 300m of Diamond Tail drilling. The program will involve drilling three holes at Sapphire and Orion, respectively. The primary objective is to confirm the continuity of mineralisation at depth and evaluate the potential for resource expansion.
Asra Minerals Chief Executive Officer, Paul Stephen:
“We are excited to kick off this drilling campaign at Leonora South, which represents a focused effort to unlock the deeper potential of the high-grade gold we’ve already identified at Orion and Sapphire. The insights gained from our recent aeromagnetic review, coupled with the encouraging results from last year’s drilling, give us strong confidence in the potential to significantly expand our resource at Leonora South. We look forward to providing the market with updates as the program progresses.”
Challenge Drilling and Terra Drilling have been engaged to complete the program. A drill-for- equity facility has been agreed, whereby Asra has the option, at its election, to issue up to A$250,000 in Asra ordinary shares to the contractors for services provided at an issue price of $0.002 each and the issue of the shares will be subject to shareholder approval.
The respective agreements provide significant operational support for the drilling program and offer Asra enhanced capital management flexibility, ensuring resources are strategically allocated for current and future exploration activities.
Figure 1. Modelled mineralised shear zones in the Orion - Sapphire Trend, Leonora South Project
This campaign is underpinned by a recent reinterpretation of aeromagnetic data, which refined targeting across Asra’s Leonora Gold Projects1. The first round of drilling at Leonora South will focus on the highest-ranking targets identified in this process, aiming to build upon previous successful drilling. This included a three-hole diamond drill program completed in October 20242 that intersected the presence of strong gold grades approximately 30m below previously drilled zones at Sapphire and Orion. Drilling to date has not extended below 80m vertical.
This initial program is expected to take 3-4 weeks, with the first assays anticipated 6-8 weeks following program completion. Subsequent to this program, Asra intends to commence exploration activities at its Gladstone prospect, targeting newly identified, high-priority areas.
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