Asra Minerals (ASX:ASR) has unearthed ‘large’ rare earth elements (REE) and lithium anomalies at its Kookynie West Project in Western Australia.
The company says the anomalies have been flagged following a geochemical sampling program, with multiple of the lithium anomalies interpreted to be up to 5km long within a ‘vastly’ underexplored area.
Results also demonstrate an initial 4km long target corridor for REE and scandium mineralisation. The company notes results also uphold its exploration strategy to identify and prove up critical mineral projects in the underexplored regions of Western Australia’s Goldfields region.
Together, both sets of anomalies are aligned with geological structures and contacts interpreted from magnetics, which will be the focus of ongoing geochemical sampling to cover more of the projects ‘large’, underexplored areas.
Managing Director Rob Longley says the company’s field teams remain busy across all of its lithium, rare earth, and gold projects in Western Australia.
“This area has never received much exploration attention and yet it is in highly prospective geology, located only 70km from Delta Lithium’s Mt Ida Project, which hosts a 12.7Mt lithium JORC resource.
Discoveries all start with the right geology and the right exploration techniques, applied by well supported and experienced exploration teams, which is why I’m excited about the results we have received to date.”
Today (13 February 2024) Asra also reports it received a research and development (R&D) refund of $527,737 in late January for the Yttria REE Project in Asra’s Northern Hub of projects in the Leonora region.
The refund was granted through the Australian Taxation Office’s R&D tax incentive program for work conducted during calendar year 2022 at Yttria, which qualifies under the scheme.
Asra Minerals is a multi-commodity focused explorer targeting a growing gold, lithium, and REE portfolio in the premier Goldfields region of Western Australia.
As of 30 December 2023, Asra had $2.849 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Asra Minerals
