Asra set to wheel in drill rig at WA rare earths-gold play

Junior explorer Asra Minerals is putting the finishing touches on its 2023 exploration assault at its Mt Stirling project near Leonora in WA following a comprehensive technical review and extensive data compilation.

The company’s vast land holding boasts 10 advanced gold prospects and a wide array of heavy rare earths and critical mineral targets.

Asra’s recent activities have unveiled high doses of the lucrative magnet rare earth elements dysprosium, terbium, praseodymium and neodymium, along with significant anomalous concentrations of cobalt and scandium at its recently discovered Yttria and Wishbone prospects.

During the drilling hiatus over the hot summer months, the company has delved deep into the technical dataset to compile all available information and ensure previous drilling and sampling data has been recorded accurately.

Soon to be added to the technical data mix are the results of over 5000 reverse circulation drill samples currently awaiting rare earths and gold analysis at the laboratory from last year’s escapades.

The company says the imminent results will help pave the way for additional drill campaigns designed to reveal the full rare earths footprint beyond Ytrria and Wishbone.

Unlike many of its peers, Asra says its rare earths and critical minerals are housed within a near-surface layer of weathered rocks- a characteristic that could ultimately promote low-cost mining opportunities.

Asra Minerals rare earth consultant, Professor Kenneth Collerson said: “Confirmation that the clay horizons have chemical characteristics similar to ionic adsorption rare earth systems is also extremely important for designing feasible metallurgical separation processes. Importantly, the regolith also contains, significant scandium concentrations, a critical element in increasing demand for light alloys and hydrogen fuel cell construction”.

In addition, the company believes its assays boast an over 60 per cent ratio of heavy to light rare earths.

The composition means Asra lays claim to a significant proportion of the most valuable magnet rare earths, namely dysprosium and terbium.

Management argue the heavy portion of rare earths at Asra’s Yttria prospect is unique and could be the driving economic force navigating the prospect’s development.

Interestingly, terbium oxide was recently trading at US$2,053 per kilogram, a favourable return when compared to neodymium oxide that is trading close to US$790 per kilogram.

Whilst pondering which part of its 7.5km long rare earths corridor to aim the drill rig at first, the recent run in the gold price has the company casting an eye over the many gold deposits contained in its extensive landholding.

Mt Stirling holds a gold resource of 152,000 ounces at 1.7 grams per tonne and sits alongside ASX-listed Red 5’s 4.1-million-ounce King of the Hills mine. Recent estimates indicate the region has dispensed over 14 million ounces of gold from the Tower Hills, Sons of Gwalia, Thunderbox and Gwalia mines.

The company says further drilling will be designed to expand the current mineral resource estimate at the Mount Stirling gold deposit where previous drilling has stumped up 10m at 9.64 g/t from 105m and a thick 33m running at 1.78 g/t from 196m.

A suite of old workings and prospects in the southern portion of Asra’s tenure, including Little Wonder and Diorite King are also in line to feel the bite of the drill bit.

At Diorite King, old timers eked out 1134 tonnes of ore that coughed up a bonanza grade averaging 73 g/t to produce 2800 ounces of gold between 1897 to 1922.

Asra is sitting on a nest of evolving in vogue rare earths and critical metal prospects, along with a swag of high calibre gold deposits in some prime Eastern Goldfield’s real estate. The company will be hoping a year of solid news flow to encourage investors to tip a tidy $18.5 million into the till via their options and extend exploration well into 2024.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au