Avira Raises $253K, Expands Tangadee to 779 km² Ahead of Key Drilling

Tangadee Project Expansion and Exploration Strategy

Avira Resources Limited (ASX: AVW) has announced a strategic expansion of its Tangadee Project in Western Australia's Ashburton region, increasing its footprint to 779 square kilometres through the acquisition of an additional granted tenement (E52/4413). This follows the earlier grant of exploration licence E52/4411 and application for E52/4439, consolidating Avira's position in a highly prospective copper and base metals district.

The project area lies along the faulted contact between the Edmund and Collier Basins within the Capricorn Orogen, a geological setting known for sediment-hosted copper-zinc and magmatic copper-nickel sulphide deposits. Avira plans to commence drill testing on three late-time electromagnetic (EM) conductors identified by VTEM surveys. These targets are strategically located near structural intersections, including the Mount Vernon Fault and associated splays, which are considered prime loci for high-grade sulphide mineralisation.

Historical Context and Exploration Potential

Historical drilling in the vicinity of the Tangadee licences has intersected broad intervals of anomalous zinc and copper mineralisation, with assays including 18 metres at 1.0% Zn and 0.1% Cu by BHP/Aberfoyle, and 20 metres at 1.4% Zn and 0.14% Cu by Bellavista. Despite this, no prior drilling has been conducted within Avira's current tenements, underscoring the untapped potential of the area.

Additional geochemical anomalies, such as a lag sample assaying 1080 ppm copper and duricrust samples with elevated lead and copper, support the prospectivity. The planned drilling aims to determine whether the EM conductors represent oxidised sulphide mineralisation, conductive alteration clays, or supergene enrichment zones above primary sulphide bodies.

Puolalaki Project: Nickel and Gold Prospects in Sweden

Beyond Australia, Avira's Puolalaki Project in Sweden continues to reveal encouraging signs of mineralisation. Centered on a synorogenic gabbro intrusion, the project hosts nickel-copper-cobalt mineralisation alongside significant high-grade gold zones within surrounding metasedimentary and metavolcanic rocks. Recent reviews have shifted focus toward the gold potential, highlighted by high-grade intercepts including visible gold and associated tungsten, molybdenum, and copper mineralisation.

Avira and its partner Taiga Metals AB are actively negotiating potential farm-out arrangements to advance exploration, although no binding agreements have yet been finalised.

Capital Raising and Financial Position

To support its exploration programs, Avira completed the first tranche of a capital raising on 4 April 2025, securing approximately $253,000 before costs through the issue of over 72 million shares at $0.007 each, accompanied by options. The second tranche and associated options await shareholder approval at a meeting scheduled for 16 May 2025.

Exploration expenditure for the quarter was modest at $19,000, reflecting early-stage activities. The company ended the quarter with $131,000 in cash, providing an estimated funding runway of 1.3 quarters. Management intends to carefully manage liquidity while progressing the capital raising to ensure continuity of operations.

Outlook and Strategic Positioning

Avira's methodical approach, combining strategic tenement acquisitions, targeted geophysical drilling, and capital management, positions it well to potentially unlock significant copper and base metal discoveries at Tangadee. The proximity of recent discoveries by peers, such as Miramar Resources' copper-nickel sulphide find near Mount Vernon, adds further validation to the district's prospectivity.

Meanwhile, the Puolalaki Project offers a complementary avenue for value creation through its polymetallic mineralisation and ongoing farm-out discussions. The company's continued review of new opportunities across commodities indicates a proactive stance toward growth and diversification.