Asra secures remaining 49pc interest of Mt Cutmore gold prospects

The acquisition expands Asra’s exploration opportunities and reinforces its presence in the Tier-1 Laverton gold district.

The acquisition is set to strengthen Asra’s position in the renowned Leonora gold district. Pic: Getty Images

Special Report: Asra has gained full ownership of the Mt Cutmore prospects – part of the broader Mt Stirling Leonora North asset – by acquiring the remaining 49% interest from its joint venture partners.

• Asra signs binding term sheet to acquire remining 49% of Mt Cutmore prospects at Leonora North gold project
• The company says it will streamline its portfolio 
• With drill permits in hand, Asra is looking to begin a campaign across high priority targets soon 

The $200,000 cash payment and issuance of 75 million fully paid ordinary shares at 2c each mark a strategic consolidation move, which Asra (ASX:ASR) believes supports the objective of unlocking value within the Leonora North gold project.

Boasting more than 12 million ounces in historical gold endowment and a legacy of mining that dates to 1894, the Laverton district attracts a strong mix of established and junior explorers. 

The company owns 936km2 of highly prospective gold tenure in WA’s Goldfields, with its Leonora North Mt Stirling asset within close distance to Vault Minerals’ (ASX:VAU) 6Mtpa King of the Hills mine. 

The project sits within the eastern Goldfields Super Terrane of the Yilgarn Craton, an area known for its orogenic gold deposits. 

Down the road is $4.23bn gold giant Genesis Minerals (ASX:GMD) and its Leonora and Kookynie operations, long mooted as a potential merger partner with Vault. Its Gwalia and Laverton mills are known to be hungry for more ore.

Asra already has a 152,000oz gold deposit in place at Mt Stirling and more than 20 major gold prospects that have never been drill tested.

Perfectly placed to begin drilling 

Gold prices are currently sitting at about US$3245 per ounce, having rebounded as investors return to the market following a sharp drop in the previous session. 

This means good things for junior gold explorers, which may be poised for a rerate as the benefits trickle down the value chain. 

ASR CEO Paul Stephen said securing 100% of the Mt Cutmore prospects will be a pivotal step for the company. 

He believes consolidating ownership in the region will enhance Asra’s exploration optionality and strengthen its overall position. 

“Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling, high-priority targets,” he said. 

“This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.” 

Watch: Goldie gears up for Leonora blitz

What’s next? 

A combination of historical data review, geophysical interpretation, and systematic soil sampling recently completed by Asra has successfully delineated multiple high-priority targets. 

Target ranking and prioritisation, incorporating the latest data and results, is complete, and the company is preparing to begin a focused aircore (AC) and reverse circulation (RC) drilling program in the coming months.

This article was developed in collaboration with Asra Minerals, 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 secures remaining 49pc interest of Mt Cutmore gold prospects