Asra Minerals (ASX:ASR) has executed a binding term sheet to acquire the remaining 49% interest in the Mt Cutmore prospects at the Mt Stirling Leonora North Project in Western Australia from its joint venture partners.
The transaction comprises $200,000 cash and the issue of 75 million shares at $0.002 per share. The issue of shares is subject to shareholder approval at a meeting in late May 2025.
Located just 5km from Vault Minerals’ (ASX:VAU) King of the Hills mine and in close proximity to Genesis Minerals’ (ASX:GMD) Leonora and Kookynie operations, the project has a resource estimate of 152,000 ounces @ 1.7 grams per tonne gold.
CEO Paul Stephen says Asra will enhance its footprint in the active gold region by acquiring 100% of the Mt Cutmore prospects, marking a “pivotal” step for the company.
“Following the recently announced raise and with drilling permits in hand, we will be well placed to commence drilling the compelling high-priority targets,” Stephen says.
“This transaction will streamline our portfolio and provide a clear pathway to unlock value for our shareholders through focused exploration in one of WA’s premier gold districts.”
A combination of historical data review, geophysical interpretation and systematic soil sampling completed by Asra has delineated multiple high-priority targets.
The company is now preparing to begin an aircore and reverse circulation drilling program in the coming months.
Meanwhile, the company is continuing to target down-dip extensions of the gold mineralisation through its new drilling program at the Leonara South Gold Project, as reported by Mining.com.au yesterday (13 May).
Asra Minerals is a gold exploration company located across Western Australia’s Eastern Goldfields, hosting both the Leonora North and Leonora South Gold Projects.
Write to Maddison Elliott at Mining.com.au
Images: Asra Minerals
