STRATEGIC GOLD ACQUISITION IN LEONORA-KOOKYNIE REGION

Acquisition to Boost Gold Resource Portfolio and Attract Top Industry Talent

Asra Minerals Limited (ASX: ASR) has entered into a binding agreement to secure a 70% (initial) acquisition of the Kookynie East Gold Project, subject to shareholder approval.

The acquisition, considered low risk, will bolster Asra’s gold resource base to a combined JORC 2012 Mineral Resource Estimate (MRE) of 200,000oz at 1.8 g/t Au, promising substantial growth potential.

Key Highlights:

  • Strategic Location: Situated 50km south of Leonora in Western Australia’s highly prospective Eastern Goldfields, adjacent to Genesis Minerals’ operations.
  • Significant Drill Intercepts:
    • 6m @ 166g/t Au from 135m, including 4m @ 248.8g/t Au
    • 5m @ 21.5g/t Au from 19m
    • 7m @ 20.5g/t Au from 10m
  • Expert Team: Renowned Gold Road Resources founders Ziggy Lubieniecki and Ian Murray to join Asra as strategic advisors.

The Kookynie East acquisition expands Asra’s exploration footprint in the Leonora district to 936km². Additionally, Kalgoorlie Mining Associates, the vendor, will receive AU$100,000 on execution, with further cash and equity contingent on shareholder approval in July 2024.

Asra’s Managing Director, Rob Longley, stated:

This is a synergistic acquisition of a privately held package in a strong gold price environment that greatly enhances our existing gold exploration portfolio including the Kookynie West and Mt Stirling Gold Projects near Leonora.

We have increased our exploration footprint to a combined area of 936km² of highly prospective tenure in the Leonora District with proven gold mineralisation, large open cut and deep underground gold mining operations, and plenty of corporate activity.

What we really liked about this acreage and transaction, other than the location and being surrounded by proven gold production and exploration companies, was the shallowness and quality of the historic intercepts.

By consolidating adjoining tenements into one package, we have the potential to chase gold mineralisation kilometres along strike and at depth, to target potential million-ounce extensions and new discoveries in a known company-maker gold district that helped transform companies like Genesis and RED5 from Junior to ASX 200 listed Companies and deliver significant shareholder value.

Given the historic works completed, we are in a position to fast track our exploration strategy, importantly with several high priority drill-ready targets at Orion-Sapphire identified.

We are also delighted with the appointments of Gold Road founders Ian and Ziggy, who are joining the Company in new advisory positions.

Attracting people of this calibre and pedigree in gold exploration is affirmation for the quality and recognised potential of Asra’s Kookynie project.

Read the full announcement

Goldman

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