Asra Minerals raises $3.25m to accelerate Leonora gold exploration

• Asra Minerals raises $3.25m from new and existing investors for WA gold exploration
• Chairman and new technical director participating in show of support for plans
• Proceeds will accelerate gold exploration at Leonora North and South

Special Report: Asra Minerals is funded to immediately accelerate extensive exploration at its flagship Leonora gold projects in WA after raising $3.25m in a strongly supported share placement.

The company received firm commitments from existing shareholders and new high profile institutional, sophisticated and high-net-worth investors for the placement of 162.5 million shares at 2c each.

This will be made under the company’s placement capacity recently approved by shareholders and under ASX Listing Rules 7.1 and 7.1A.

Asra Minerals (ASX:ASR) chairman Paul Summers and recently appointed technical director Ziggy Lubieniecki committed to subscribing for $100,000 worth of shares under the placement although this is subject to shareholder approval.

“This funding is transformative for the company, providing us with the capital to aggressively explore our highly prospective Leonora gold projects,” 

“The recent success at Eclipse demonstrates the significant potential of our ground, and we are excited to immediately deploy these funds to systematically test for extensions and new discoveries.

“With drilling planned at both our advanced projects, including our untested Leonora North targets, we are entering a period of high-impact exploration activity.”

Watch: Asra adds ‘proven company-maker’ to its board

Accelerated exploration

ASR is planning an extensive exploration and drilling program across its Leonora North and Leonora South projects in WA’s Eastern Goldfields.

This includes extensional and infill drilling at Leonora South to grow the mineralised footprint around the high-grade Eclipse prospect where recent drilling intersected multiple, shallow gold zones topping out at 15m grading 10.21g/t from 12m.

Leonora South consists of eight semi-contiguous mining licences covering 549km2 within the Kookynie Goldfields, an area known for high-grade gold discoveries.

The project has a resource of 48,000oz of gold at an average grade of 2.2g/t contained within the Orion-Sapphire deposit.

Proceeds will also be applied to aggressive exploration across the Leonora North project near Mt Stirling.

Recent structural remapping and aeromagnetic interpretation identified multiple high-priority targets, most of which have never been drill tested.

Leonora North is close to significant gold mines such as Vault Minerals’ 6Moz King of the Hills mine and Genesis Minerals’ 2Moz Leonora and Kookynie operations. 

It has two JORC resources, 111,000oz at 1.6g/t gold (inferred) and 26,000oz at 2.1g/t (indicated) at Mt Stirling Viserion, and 15,000oz at 2.3g/t (inferred) at Mt Stirling.

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.