Asra Targets Down-Dip Gold Extensions with 1,300m Drilling at Leonora South
Asra Minerals has kicked off a targeted 1,300-metre drilling program at its Leonora South Gold Project, aiming to extend high-grade gold mineralisation at the Orion and Sapphire deposits. The company also strengthens its leadership with a new CFO appointment.
- 1,300m drilling program targeting down-dip extensions at Orion and Sapphire deposits
- Combination of ~1,000m reverse circulation and ~300m diamond drilling across six holes
- Follow-up to 2024 drilling that confirmed high-grade gold mineralisation below previous depths
- Drill-for-equity agreement secured to optimise capital management
- Appointment of Leonard Math as new Chief Financial Officer
Drilling Program Commences at Leonora South
Asra Minerals Ltd (ASX:ASR) has initiated a focused 1,300-metre drilling campaign at its Leonora South Gold Project in Western Australia's prolific Eastern Goldfields region. The program targets down-dip extensions of high-grade gold mineralisation at the Orion and Sapphire deposits, aiming to confirm continuity and evaluate potential resource expansion beyond historical limits.
The drilling comprises approximately 1,000 metres of reverse circulation (RC) drilling and 300 metres of diamond drilling across six holes. This phase follows encouraging results from a 2024 program that intersected significant gold grades approximately 30 metres below previous drilling depths, reinforcing the potential for deeper mineralisation.
Strategic Capital and Operational Moves
To support this exploration push, Asra has secured a drill-for-equity agreement with its contractors, providing flexibility in capital management by allowing payment for drilling services in shares, subject to shareholder approval. This arrangement reflects a strategic approach to balancing operational needs with financial prudence amid ongoing exploration activities.
In parallel, the company has appointed Leonard Math as its new Chief Financial Officer. Mr Math brings over 15 years of experience in the resources sector, including roles in auditing and governance at ASX-listed companies. His appointment is expected to strengthen Asra’s financial oversight as it advances its exploration and development objectives.
Context Within Asra’s Broader Gold Portfolio
The Leonora South Project is a key component of Asra’s broader gold exploration portfolio, which includes the Leonora North – Mt Stirling project and other prospects in the Eastern Goldfields. The company currently holds a JORC-compliant resource of approximately 200,000 ounces of gold across its projects, with Leonora South’s Orion-Sapphire deposit contributing around 48,000 ounces at 2.2 grams per tonne.
Asra’s recent reinterpretation of aeromagnetic data and successful 2024 drilling have sharpened focus on high-priority targets, underpinning the current drilling campaign. The company anticipates assay results within 3 to 4 weeks and plans to update the market regularly as the program progresses.
Looking Ahead
Following completion of the Leonora South drilling, Asra intends to commence exploration at the Gladstone prospect, targeting newly identified priority areas. This sequential approach highlights the company’s commitment to systematic resource growth and value creation within a renowned gold district.
Bottom Line?
Asra’s latest drilling and leadership moves set the stage for potential resource growth, but investors await assay results to gauge the true upside.
Questions in the middle?
- Will the upcoming assay results confirm significant extensions of high-grade gold mineralisation?
- How will the drill-for-equity agreement impact Asra’s capital structure and shareholder dilution?
- What strategic priorities will the new CFO pursue to support Asra’s exploration and development ambitions?
