Asra Minerals Uncovers New Mineralisation Style Amid Lower-Grade Gold at Depth

• Six diamond drill holes confirm lower-grade gold mineralisation at depth
• Discovery of a massive to semi-massive pyrrhotite zone with anomalous Co, Cu, Ti, V, Zn
• High-grade gold does not extend predictably below previous drilling depths
• Structural faulting may offset or pinch out mineralisation at depth
• Eclipse prospect delivers a standout near-surface high-grade gold intersection

Exploration Update at Leonora South

Asra Minerals Limited (ASX – ASR) has released an updated set of drilling results from its Orion and Sapphire prospects within the Leonora South Gold Project, located in Western Australia’s renowned Eastern Goldfields. The recent diamond drilling program, completed in May 2025, aimed to test for extensions of gold mineralisation at depth, stepping out 80 metres beyond previous drilling. While the results confirm the presence of gold mineralisation below historic intercepts, the grades encountered are generally lower than those seen near surface.

Key Findings and Geological Insights

The six diamond drill holes, totaling 1,418.2 metres, intersected targeted mineralised structures but revealed a complex picture. Notably, key intercepts included 1 metre at 1.98 grams per tonne (g/t) gold from 147 metres depth and 3 metres at 0.76 g/t gold from 172 metres, indicating that while mineralisation persists, it is less continuous and lower grade at depth. The variability in assay results also suggests the presence of coarse gold, a hallmark of high-grade systems but one that complicates grade continuity.

Importantly, the drilling has provided valuable structural information. The data suggest that the high-grade gold system does not extend at a predictable depth and may be pinching out or offset by faulting. This structural complexity will be critical in refining Asra’s geological model and guiding future exploration efforts.

Unexpected Discovery – Pyrrhotite Zone with Base Metal Anomalies

One of the more surprising outcomes was the interception of an 11-metre massive to semi-massive pyrrhotite zone in hole NICD007. This zone exhibited anomalous concentrations of cobalt, copper, titanium, vanadium, and zinc, elements not typically associated with the known gold mineralisation style at Orion and Sapphire. The pyrrhotite appears hosted within a differentiated mafic intrusion, specifically a gabbro unit, suggesting a potentially new style of mineralisation that warrants further investigation.

Eclipse Prospect Shines Bright

Separately, the Eclipse prospect, also part of the Leonora South project, continues to impress. A recent drill hole (NIC017) returned a high-grade near-surface intersection of 14 metres at 7.49 g/t gold from just 12 metres depth. Assays for the remaining 39 holes from this program are expected in early September, which could further enhance the project’s resource potential.

Looking Ahead

Asra’s Managing Director, Paul Stephen, emphasised the value of the new data despite the lower grades at depth. The insights into structural controls and mineralisation styles will be instrumental in refining exploration strategies. The company plans to continue reviewing the drilling data and undertake further desktop studies before committing to additional fieldwork. This disciplined approach aims to unlock the full potential of the Leonora South Gold Project, balancing optimism with geological realities.

Bottom Line?

Asra Minerals’ latest drilling refines the gold story at Leonora South, revealing challenges but also new mineralisation avenues to explore.

Questions in the middle?

• Will further drilling confirm economic continuity of the new pyrrhotite-associated mineralisation?
• How will structural complexities influence the expansion of the current gold resource?
• What impact will the upcoming Eclipse prospect assay results have on Asra’s overall project valuation?