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Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce the second round of non- priority assay results from sixteen Geotechnical diamond drillholes at Cork Tree Well (CTW) within the Laverton Gold Project (LGP). These sixteen holes were part of a broader 20-hole diamond drilling program2 designed for metallurgical and geotechnical purposes.
HIGHLIGHTS
- Assays received from eight geotechnical diamond holes completed at Cork Tree Well with gold assays up to 40.15g/t Au, located near CTWMET003 which returned 27.6m at 17.77g/t Au from 51m1
- Intercepts returned include 4.0m @ 17.32g/t Au from 78.0m (CTWGT004), including:
- 1.0m at 40.15 g/t Au from 78.0m, and
- 0.59m at 37.4 g/t Au from 81.0m, and
- 0.41m at 11.62 g/t Au from 81.59m
- Additional lode within CTWGT004 returned 3.0m at 3.46 g/t Au from 68m including 1.0m at 8.48 g/t Au from 70m
- Shallow intercept returned from CTWGT003:
- 2.6m at 1.74g/t Au from 33.0m
- High-grade results at the base of current pit shell design provides confidence for continuous mineralisation extensions at depth with historically defined significant intercepts
- CTWGT003 and CTWGT004 were drilled into the unmined material north of the historically mined northern pit at Cork Tree Well, with the gold mineralisation entirely contained within a sheared mafic/ultramafic sequence
Brightstar’s Managing Director, Alex Rovira, commented “It is pleasing to see further high-grade assays continuing from geotechnical holes from the diamond drilling program that was completed at Cork Tree Well earlier this year. CTWGT004 returned a significant high-grade intersection of 4.0m @ 17.32g/t Au from 78.0m, which complements the previously announced1 intersection of 27.6m @ 17.77g/t Au (CTWMET003) drilled 200m to the north.
The sixteen Geotechnical drillholes (CTWGT001 – CTWGT016) were drilled into the current optimized $2,750/oz pit- shells generated in the 2023 Scoping Study3 with these holes designed by Brightstar’s independent geotechnical consultants targeting structural and rock mass data for the definitive feasibility study. Both CTWGT003 and CTWGT004 were drilled perpendicular to the orebody and thus reported intersections represent estimated true widths of significant mineralised intercepts.
Given the quality of the assays received from the drilling to date, Brightstar is excited to build on the existing 303koz @ 1.4g/t Au Mineral Resource4, which is open both at depth with high-grade plunging shoots and along strike targeting the structurally-controlled mineralised trends. The high-grade results returned to date are significantly higher than the current 1.4g/t Au head grade of the Mineral Resource (and 1.85g/t mine grade from the 2023 Scoping Study), representing significant upside to both metrics.”
Table 1 - Significant Intercepts (>1g/t Au) for Cork Tree Well geotechnical diamond drilling
Figure 1 - Q1/24 Diamond Drill Program – Section A-A’ displayed in Figure 3
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This article includes content from Brightstar 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.
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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
LaFleur Minerals Provides Swanson Drilling Update, Acquires Key Swanson Claim, and Files Updated NI 43-101 Technical Report
Key observations from core logging of the recent drill holes are summarized below:
- Pyrite and other sulphides are consistently observed in the drill holes, classic pathfinder minerals for gold.
- A 17.9-metre-wide sulphide-rich zone (true width currently unknown) in drill hole SW-025-038 is a standout intersection that may indicate the potential for gold mineralization; however, assay results are still pending.
- The presence of silicification, carbonate alteration, sericite, chlorite, fuchsite, and quartz veining are classic indicators of hydrothermal fluid movement, which often carries gold. The consistent appearance of shearing, stockwork veining, and brecciation also suggests structural controls that may localize gold mineralization. The presence of alteration and sulphides over multiple holes and rock types also increases the likelihood of defining a larger mineralized system.
- Fuchsite alteration in drill hole SW-025-036 is particularly notable as it is also an important pathfinder and frequently associated with gold mineralization in the Abitibi Greenstone Belt.
PRELIMINARY SWANSON DRILLING HIGHLIGHTS
Below is a brief summary of preliminary geological and mineralization observations from core logging of the recent diamond drill holes completed by the Company. Half-core samples have been securely sent to AGAT Labs ("AGAT") in Val-d'Or, Québec for sample preparation, fire assay, and four-acid ICP geochemical testing, with final analytical results still pending. AGAT is independent of LaFleur Minerals and fully certified and accredited to ISO/IEC 17025:2017 and ISO 9001:2015 standards.
- Drill hole SW-025-032: Strongly bleached basalts with silicification and carbonate alteration. Pyrite mineralization observed. Occasional quartz-carbonate-tourmaline veins with trace chalcopyrite.
- Drill hole SW-025-033: Altered, carbonate-rich basalts with well-developed shear zones and sericite. Disseminated and stringer pyrite observed. Contact with ultramafic rocks featuring chlorite-talc-carbonate stockworks.
- Drill hole SW-025-034: Alternating altered basalts and ultramafics, sheared with quartz veining. Disseminated and stringer style pyrite observed.
- Drill hole SW-025-035: Sequence includes altered basalts, ultramafics, and possible syenites with shearing and sericite alteration. Pyrite mineralization observed.
- Drill hole SW-025-036: Basalts, ultramafics, and intermediate porphyritic intrusives with significant quartz veining and pervasive fuchsite alteration. Pyrite mineralization observed.
- Drill hole SW-025-037: Pink syenite with sulphides, transitioning to a non-magnetic basalt with sulphides observed such as semi-massive pyrite and magnetite-rich intervals.
- Drill hole SW-025-038: Intersected altered tuffs, breccias, mafic/ultramafic flows, and felsic intrusives. A 17.9 m wide sulphide-rich zone was identified (true width currently unknown), composed of semi-massive to massive pyrite-pyrrhotite stockwork within a brecciated tuff, with strong sericite, chlorite, and silica alteration.
"We are very encouraged by the early progress of the Swanson drilling program and the geological and mineralization similarities seen in the recent drill core to the known Swanson Gold Deposit," said Paul Ténière, CEO of LaFleur Minerals. "We're particularly optimistic about the mineralized zone encountered in hole SW-025-038 and we look forward to releasing assay results in the near future."
Further drilling is ongoing, and additional updates will be provided by the Company as results become available. The fully funded and permitted drill program includes a minimum of 5,000 metres of drilling targeting priority areas identified through extensive historical data compilation and recent fieldwork, including the Swanson Gold Deposit, as well as the Bartec, Jolin, and Marimac target zones (Figure 2). This will include priority targets from over 50 promising targets identified to date.
ACQUISITION OF KEY MINERAL CLAIM FROM GLOBEX MINING ENTERPRISES
The Company also announces that it will acquire a key mineral claim from Globex Mining Enterprises Inc. ("Globex") located immediately adjacent to and east of the Swanson mining lease, which hosts the Swanson Gold Deposit. The mineral claim will be acquired through an arm's length asset purchase agreement dated August 14, 2025, between the Company and Globex (the "Purchase Agreement"). The consideration payable by the Company to Globex for 100% ownership of the mineral claim is a cash payment of C$2,500 due upon execution of the Purchase Agreement. Globex will retain a 2% Gross Metal Royalty (GMR) upon commencement of commercial production from the mineral claim.
NI 43-101 TECHNICAL REPORT UPDATE
LaFleur Minerals is also pleased to announce that it has filed an updated NI 43-101 Technical Report ("Technical Report") for the Swanson Gold Project that discloses the results of recent exploration programs by LaFleur Minerals and the 2024 Mineral Resource Estimate for the Swanson Gold Deposit, which remains unchanged. The Technical Report has an effective date of July 29, 2025 and has been filed on the Company's SEDAR+ profile at www.sedarplus.ca and is available on the Company's website at www.lafleurminerals.com.
SITE VISIT DETAILS - BEACON GOLD MILL AND SWANSON GOLD PROJECT
LaFleur Minerals confirms a site visit and tour of its Beacon Gold Mill and Swanson Gold Project in the Val-d'Or region will occur on August 11-13, 2025. Interested parties are encouraged to contact the Company as soon as possible at info@lafleurminerals.com for further details and to confirm their attendance.
Figure 1: Drill Holes recently completed near the Swanson Gold Deposit
Figure 2: Swanson drilling target regions and proposed 2025 drill holes (in blue)
CAUTIONARY STATEMENT
Visual estimates of mineral abundance or apparent mineralization observed in drill core are preliminary in nature and readers are cautioned they should not be relied upon as a substitute for analytical results. While the core appears to contain sulphides such as pyrite, chalcopyrite, and pyrrhotite, and quartz veining, laboratory assays are required to determine the actual grades and composition. There is no guarantee that the visual observations will correlate with assay results.
QUALIFIED PERSON STATEMENT
All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the Company and considered a Qualified Person for the purposes of NI 43-101.
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. The Company's mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project and the Beacon Gold Mill, which have significant potential to deliver long-term value. The Swanson Gold Project is approximately 18,304 hectares (183 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully-permitted and refurbished Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material from Swanson and for custom milling operations for other nearby gold projects.
ON BEHALF OF LAFLEUR MINERALS INC.
Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the use of proceeds from the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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.
Brightstar Resources Investor Kit
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