Asra Minerals (ASX:ASR) has entered into sale agreements with Zuleika Gold (ASX:ZAG) for its minority joint venture (JV) interest in the Zuleika Gold Project.
The sale agreements includes 2 tenement and one share agreement, which results in the sale of Asra’s minority interest in tenements included in the Zuleika and Credo JV, alongside its remaining shares in privately held Goldfields Mining Group.
Asra, which has a market capitalisation of $8.31 million, says the total cash consideration of the sale is $170,000.
Managing Director Rob Longley says the cash consideration allows Asra to benefit from a minority holding in a non-core asset, as well as maintain its core portfolio of ‘highly prospective’ exploration projects.
“Asra is focused on our gold, rare earth, and lithium exploration projects located in the company’s Northern and Southern Hubs in Western Australia’s prestigious Goldfields mining region.”
The company confirms precedent for the sale has been fulfilled.
The Zuleika project covers a 230km-square area, starting 25km west-north-west of Kalgoorlie, while the Credo project lies 35km northwest of Kalgoorlie and 5km to the east of the Paddington Gold Mine in Western Australia
Zuleika Gold is an explorer focused on its gold assets near Kalgoorlie.
Asra Minerals is a diversified mineral explorer focused on discovering and developing its portfolio of assets in the Goldfields region of Western Australia.
As of 31 December 2023, the company had $2.849 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Asra Minerals
