Asra Minerals (ASX:ASR) has engaged K-Drill to carry out an upcoming drilling program at the Kookynie and Mt Stirling Gold projects in Western Australia.
A combination of diamond and reverse circulation drilling, consisting of six holes for 450m, is scheduled to kick off next week, targeting three former gold mines to validate historical drilling results.
Executive Chairman Paul Summers says the company is entering an “exciting” era of exploration as the company aims to uncover the next major gold discovery in the Goldfields mining region.
“This area has a history of exploration already completed at the former Orion and Sapphire mines, which led to Asra’s exploration team identifying several high-priority drill targets,” Summers says.
Asra Minerals, which has a market capitalisation of $12.22 million, says the upcoming program will allow it to gain confidence in the historical drilling, and collect valuable structural information that will help inform resource growth targets and applications to the regional geological model.
Some of the historical drill results include 9m @ 9.22 grams per tonne (g/t) gold; 3m @ 17.07g/t gold; and 7m @ 142.83g/t gold.
The company has entered into a drill for equity agreement with K-Drill. Asra Minerals may pay up to 20% of the drilling costs to K-Drill in the company’s shares. The issue price is determined based on the last five-day volume weighted average price prior to the date of each invoice presented.
Asra Minerals adds it is also planning an extensive aircore drilling program to test high priority anomalies defined at Mt Stirling and Kookynie. An aircore drilling program of up to 8,000m is planned to test numerous geochemical structural and stratigraphic targets, with results guiding a further 4,000m of follow-up reverse circulation drilling program.
Asra Minerals is focused on its 936km2 land position in a proven greenstone belt in the Leonora gold province covering more than 75km of underexplored prospective strike.
Write to Aaliyah Rogan at Mining.com.au
Images: Asra Minerals
