Asra Minerals Limited

Drilling Commences at Leonora South

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.


Click here for the full ASX Release

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.

The Conversation (0)
Stock charts overlayed with "Weekly Editor's Picks" text.

Editor's Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout

The gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Keep reading...Show less
Gold bars in stacks with words "5 Top Canadian Mining Stocks This Week" on top.

Top 5 Canadian Mining Stocks This Week: Adyton Sparkles with 97 Percent Gain

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada reported on Friday (May 30) that real gross domestic product (GDP) gained 0.5 percent during the first quarter of 2025. Even on a per capita basis, real GDP posted a strong 0.4 percent increase.

The agency primarily attributed the rise to a 1.6 percent increase in exports during the quarter. The higher export amounts were led by a 16.7 percent growth in passenger vehicle exports and a 12 percent rise in industrial machinery, equipment and parts exports, both of which were driven higher in response to imposed and threatened tariffs from the United States.

Keep reading...Show less
Pacgold

Successful $5.6 million Placement for Exploration Program at Alice River Gold Project

Ǫueensland focused gold explorer, Pacgold Limited (ASX: PGO) (Pacgold or the Company) is pleased to announce it has received firm commitments for a $5.6 million two-tranche placement (Placement) via the issue of 93.3 million new fully paid ordinary shares in the Company (New Shares).

Keep reading...Show less
NevGold Announces Closing of Upsized C$6.0M Brokered Private Placement Financing

NevGold Announces Closing of Upsized C$6.0M Brokered Private Placement Financing

Nevgold Corp. (" NevGold " or the " Company ") (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50 ) is pleased to announce that it has closed its previously-announced brokered private placement financing and concurrent non-brokered financing of units (the " Units ") for gross proceeds of $6,000,000 (the " Offering "). Each Unit, priced at $0.30 per Unit (the " Issue Price "), consists of one common share in the capital of the Company (each, a " Common Share ") and one-half of one Common Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.45 until May 29, 2027. Clarus Securities Inc. (the " Lead Agent "), was Lead Agent and sole bookrunner, on behalf of Research Capital Corp. and Moneta Securities Corp. (the " Agents ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Grande Portage Resources (TSXV:GPG)

Grande Portage Announces Important Developments for Direct Ore Shipping at the Proposed Cascade Point Marine Terminal Site near Juneau, Alaska

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce that the Alaska Department of Transportation & Public Facilities (DOT&PF) is advancing infrastructure development at Cascade Point, the site of the company's proposed ore shipping terminal as well as a proposed passenger ferry terminal.

The Cascade Point property is owned by Goldbelt Inc, an Alaska Native corporation based in Juneau. Goldbelt and Grande Portage have an existing Letter of Intent to cooperate on advancing a freight barge terminal facility at the site, which would be utilized for transportation of ore from the company's New Amalga Gold Project to a third-party processing facility. (See Grande Portage press release dated September 10, 2024)

Keep reading...Show less

Latest Press Releases

Related News

×