Asra Minerals (ASX:ASR) has exercised its option to purchase 3 exploration licenses at the rapidly emerging Lake Johnston pegmatite field in Western Australia’s southern Yilgarn region.
The company’s share price had rocketed by 68.75% to $0.013 as of 1.30pm AWST on the back of the announcement.
The Lake Johnston Lithium Project covers 410km-square of land in the southern Yilgarn region of Western Australia and consists of 3 exploration licences, situated 150km south-west of Kalgoorlie.
These tenements were selected by Asra due to their ‘prime’ real estate, as they are located in fertile geological ground for LCT pegmatites and surrounded by multiple other lithium projects.
Asra’s Lake Johnston tenure is 15km along strike of TG Metals’ (ASX:TG6) Burmeister discovery, which recently delivered intersections of multiple lithium-bearing pegmatites, close to surface and between 8m and 12m thick.
Asra Managing Director Rob Longley says the company has transformed itself from originally being just a gold exploration company to having what it believes are some of the best prospects in the heart of the WA mining district with both rare earth and lithium discovery potential.
“The recent frenzy of lithium exploration activity at Lake Johnston validates Asra’s decision to acquire a selection of critical mineral tenements in the highly enriched and easily accessible southern Yilgarn area of WA.
We have now taken 100% ownership of the Lake Johnston project on highly favourable terms for Asra shareholders and are already undertaking work on the ground to identify the most prospective areas for drill testing. It is also timely to welcome our new Exploration Manager, John Harris to the Asra team today and he will be on Site shortly at both the Lake Johnston and nearby Lake Cowan Lithium properties within Asra’s portfolio of Critical Minerals and Gold projects in WA.
Asra’s technical team meanwhile have also remained focused on metallurgical and geological modelling work on the company’s Yttria clay hosted rare earth project containing one of the lowest quantities of uranium / thorium, very close to surface and very high ratio of heavy to total rare earth oxide, content. Initial met results for Yttria are due shortly.”
Write to Adam Orlando at Mining.com.au
Images: Asra
