Asra Minerals wraps up gold drilling at Challenge and Eclipse
Special Report: Asra Minerals has completed a 23-hole reverse circulation drilling program at the Challenge prospect, following up on significant shallow gold intersections from historical drilling. Asra Minerals completed 1938m of drilling at Leonora South during the June quarter
This includes the recent completion of 17 RC holes at the Challenge prospect
The program is following up significant shallow gold intersections from historical drilling
The 1362m campaign averaged a rate of ~300m per day.
Before drilling the Challenge prospect, Asra Minerals (ASX:ASR) drilled 23 RC holes at the Eclipse prospect for a total 2070m.
In total, 40 drill holes were carried out for 3432m to further define and extend known mineralisation at both prospects.
Challenge and Eclipse sit within Asra's Leonora South asset in WA's Kookynie region and are within 200m of the 21,600oz at 2.1g/t gold resource at the company's Sapphire deposit.
The project covers eight semi-contiguous mining licences over 549km2 of ground near the mining town of Leonora, known for high-grade gold discoveries such as the nearby Ulyssess operation featuring 850,000oz of gold. Asra racks up exploration and corporate wins
During the June quarter, Asra knocked off 1938m of drilling at Leonora South targeting extensions at multiple priority targets within the Niagara prospect area, which included 1424m of RC drilling and 514.8m of diamond tails.
The company also locked in $3m via a placement to investors to fast-track exploration across Leonora South and completed the sale of its Boorara leases for a cash consideration of $200,000 – streamlining Asra's focus and strengthening its balance sheet.
ASR managing director Paul Stephen said the June quarter had been 'exceptionally productive' for the company, marked by significant strides across its exploration programs and a series of corporate initiatives. Asra bolsters leadership and technical teams
'The successful completion of more than 1,300m of drilling at Leonora South represents a critical step in understanding and expanding the high-grade Orion and Sapphire deposits, and we eagerly await results next quarter,' he said.
'Financially, our three million placement has significantly bolstered our balance sheet, providing capital to accelerate our exploration ambitions.
'The divestment of the Boorara leases and the consolidation at Mt Cutmore are further testaments to our disciplined approach to portfolio management, focusing on high-potential, core assets,' he added.
Asra also strengthened its leadership and technical teams with key appointments including Stephen as managing director, Lenoard Math as CFO and the addition of Ziggy Lubieniecki as geological consultant.
'We look forward to keeping the market and our valued shareholders updated as we continue to build on this momentum in the coming quarter,' he said.
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 wraps up gold drilling at Challenge and Eclipse
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