Asra Minerals targets gold extensions at Leonora South

Asra Minerals is targeting down dip extensions of the high-grade gold encountered at Leonora South.

Asra Minerals is delving deeper at Leonora South, following up on high-grade gold hits. Pic: Getty Images

Special Report: With gold still hovering at high levels above US$3280 an ounce, Asra Minerals is chasing a golden bounty at the Orion and Sapphire deposits of the Leonora South project in WA.

• Asra will complete an initial 1300-metre drilling program at the Orion and Sapphire deposits
• Drilling will target down-dip extensions to gold hits encountered 30m below existing drilling
• Initial assays expected within 6-8 weeks

Following high-grade gold hits about 30m below current drilling, Asra Minerals (ASX:ASR) is kicking off an initial 1300-metre drilling program, targeting down-dip extensions with 1000m of reverse circulation drilling and 300m of diamond tail drilling.

The company encountered mineralisation grading up to 4m at 8.84 g/t gold from 79m, including a high-grade component of 1m at 24.7 g/t at the end of the hole.

The drilling program will take 3-4 weeks to complete, with three holes to be drilled at the Sapphire deposit and three at Orion deposit.

“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,” Asra Minerals CEO Paul Stephen said.

“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.”

Asra has also appointed a new chief financial officer, tapping current non-executive director and company secretary Leonard Math to fulfil the role.

A chartered accountant with more than 15 years’ experience in the resource sector, Math previously undertook auditing at Deloitte and has held multiple director, CFO and company secretary positions for ASX-listed companies.

Drill rigs on site at Leonora South Gold project. Pic: Asra Resources.

Watch: Goldie gears up for Leonora blitz

Drill-for-equity facility

In a bid to increase operational flexibility, Asra has engaged Challenge Drilling and Terra Drilling to complete the drilling program on a drill-for-equity facility.

Asra has the option, at its election, to issue up to $250,000 in Asra ordinary shares to the contractors for services provided at an issue price of $0.002 each, subject to shareholder approval.

ASR says the agreement provides strong operational support for the drilling program, and enhanced capital flexibility, helping to ensure resources are strategically allocated for current and future exploration activities.

This article was developed in collaboration with Asra Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Asra Minerals targets gold extensions at Leonora South