Perth-based gold and base metals explorer Astral Resources (ASX:AAR) is on the verge of delivering a Scoping Study for its Mandilla Gold Project in Western Australia following a gold-focused Q2 2023.
The company, which has a $48.94 million market capitalisation, says in its latest quarterly report released yesterday (31 July 2023) that it dedicated Q2 2023 to upgrading its total gold mineral resource inventory, which now stands at 1.38 million ounces (Moz).
Astral reports this was achieved subsequent to the end of the quarter following the fifth resource update at Mandilla over the last 26 months. The upgraded MRE now stands at 37 million tonnes (Mt) @ 1.1 grams per tonne (g/t) gold (Au) for 1.27Moz of contained gold.
The company notes this upgraded resource added 231,000oz of contained gold to the previous MRE at a discovery cost of about $18/oz.
Astral also recorded another gold achievement through the definition of its Theia deposit as one of the largest single undeveloped open pit resources in the Kalgoorlie region, with a mineral resource sitting at 1.02Moz at 1.1g/t Au of contained gold.
These resource upgrades were accompanied by the completion of about 14,456 metres of drilling during the quarter, which comprised 10,778m of reverse circulation (RC) drilling, 1,358m of diamond drilling, and 2,335m of aircore (AC) drilling.
Meanwhile, at Astral’s Feysville Gold Project, the company reported it had received final assays from the January 2023 program, which included a ‘broad, high-grade’ intersection at Kamperman of 10m @ 4.57g/t Au from 148m in FRCD208.
Drilling is scheduled to continue at Feysville in early August to follow up on previous ‘high-grade’ assay results at Kamperman, as well as Hyperno and Ethereal.
Following the start of the new financial year, the company announced it had secured commitments to raise $3 million through a single tranche placement at an issue price of $0.065, as well as an intention to undertake a share purchase plan to raise an additional $2 million.
Astral will also evaluate the information derived from recently completed re-logging of the diamond drill core returned from Theia with hopes of improving future targeting of gold mineralisation at both a deposit and regional scale.
Astral Resources is an ASX-listed gold-focused explorer targeting the exploration, growth, and development of its flagship Manadilla Project, which is located about 70km south of the township of Kalgoorlie in Western Australia.
The project currently holds a Mineral Resource Estimate of about 37Mt @ 1.1g/t Au for 1.27Moz of contained gold.
Astral Resources had $1.3 million cash at hand as of 30 June 2023, as stated in yesterday’s quarterly report, though this does not account for the extra funding to be received from the recently-announced placement and share purchase plan.
Write to Adam Drought at Mining.com.au
Images: Astral Resources NL
