Asra Minerals (ASX:ASR) has completed the Tarmoola Pastoral Lease sale to Vault Minerals (ASX:VAU) for $3 million, after receiving the remaining $2.75 million cash.
The Tarmoola Pastoral Lease sits in the Western Australian Goldfields region.
Asra Minerals says the transaction strengthens its financial position with proceeds to be directed towards supporting exploration and drilling campaigns across its Leonora Gold projects.
The sale also delivers operational cost savings, allowing Asra Minerals to advance its strategy of regional consolidation and systematic exploration in the Leonora Gold region.
Under the binding sale and purchase agreement, which was executed in September 2024, Asra Minerals will retain the accommodation camp, kitchen, laundry, ablution facilities and use of the access road which is all located in a 10km2 area.
CEO Paul Stephen says with the Leonora projects the main focus for Asra, the company is well-positioned to expedite exploration and growth initiatives.
“We remain confident in the significant potential of our projects and now look forward to commencing our 2025 exploration programs to unlock further gold resources,” Stephen says.
Asra Minerals holds 936km2 of highly prospective tenure in the Leonora gold region with a combined resources of 200,000 ounces of gold @ 1.8 grams per tonne gold with under-explored strike length and resource growth potential.
The Leonora Gold Project comprises key project areas to the north and south of the region. The project covers a large area of prospective greenstone belts with geological similarities to nearby multi-million-ounce gold deposits and operating mines.
Write to Aaliyah Rogan at Mining.com.au
Images: Asra Minerals
