Asra Minerals raises $3m to pick up drilling pace at Leonora gold projects

Asra Minerals has raised $3m to drill 26 new targets at its Leonora gold projects in WA.

The company’s directors will participate in the placement, subject to shareholder approval. Pic: Getty Images.

Special Report: Asra Minerals has wrapped up a $3m placement at 0.2c per share to accelerate drilling at its Leonora gold projects in WA.

• ASR raises $3m to accelerate drilling at Leonora gold projects in WA
• Company zeroing in on 26 new targets in prospective region
• Funds will also be used to investigate potential synergistic acquisitions 

The company has more than 725km2 of highly prospective gold tenure in the Leonora region with its Leonora North-Mt Stirling asset in proximity to the 4Moz King of the Hills mine of Vault Minerals (ASX:VAU).

And just down the road is $4.98bn gold giant Genesis Minerals (ASX:GMD) and its Leonora and Kookynie operations, long mooted as a potential merger partner with Vault. 

Asra Minerals (ASX:ASR) already has a 152,000oz gold deposit in place at Mt Stirling and more than 20 priority gold prospects that have never been drill tested.

The company is aiming to begin its drilling campaign in late April/early May 2025 targeting: 

• High-priority resource extensions to grow the resource base of 200koz at 1.8g/t gold comprising Orion-Sapphire, Stirling Well and Viserion deposits; and 
• Multiple high-priority, untested regional targets identified from extensive geophysics and structural work completed in Q1 2025. 

Funding potential acquisitions too

Funds will also be applied to evaluate and acquire accretive and synergistic gold-focused opportunities in and around the Leonora region. 

“This $3 million placement, once completed, will provide Asra with the financial capacity required to launch our planned Q2 CY2025 drilling program, which will systematically test the 26 recently defined priority gold targets across our Leonora projects,” CEO Paul Stephen said.

The additional drill targets enhance Asra’s extensive target pipeline, covering 75km2 of cumulative strike with high-grade potential. 

“This funding is pivotal as it allows us to immediately follow up on the high-potential areas identified through our recent detailed technical work,” Stephen said.

“We appreciate the strong support shown for the placement and look forward to commencing drilling shortly and updating the market on our progress.”

Directors have also agreed to subscribe for up to an additional $60,000 worth of new shares in the placement, subject to shareholder approval to be sought at the AGM on May 29, 2025.

Watch: Asra eyes next big Leonora discovery

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 Minerals raises $3m to pick up drilling pace at Leonora gold projects