Asra Minerals Limited (ASX:ASR) has been granted 13 new tenements at its flagship Mt Stirling Project in Western Australia, strategically extending the company’s interpreted rare earth elements (REEs), critical minerals and gold prospectivity.
An additional 2,456 hectares of acreage have been added to Mt Stirling’s southern block which hosts the company’s two REE and critical mineral prospects, Yttria and Wishbone, as well as four major gold prospects Estera, Diorite King, Diorite East and Little Wonder.
Asra’s Executive Chairman Paul Summers said the new land package represented a strategic acquisition at Mt Stirling Project, which he described as an “emerging multicommodity play”.
Recent drilling at Mt Stirling has distinguished the project as an exciting triple play opportunity which hosts 10 advanced gold prospects as well as a unique and abundant inventory of heavy rare earths elements and critical minerals,” Mr Summers said.
“The inclusion of further tenure increases Asra’s strike along the prospective Arktos Fault by four km, providing the company with further upside potential, as we explore for additional discoveries.”
On July 11, Asra announced that it had received approval to drill up to 50,000m to quantify and define the extensive presence of REEs and critical minerals, scandium and cobalt at Mt Stirling.
The project also has a current JORC compliant total mineral resource estimate of 118,384 gold ounces.
Geological advantages of new tenements
Regional splay structures associated with the Arktos Fault are known to host REEs, critical minerals, and gold deposits, with Asra’s Yttria and Wishbone REE and critical minerals discoveries sitting on the Arktos Fault.
Tenements were also strategically acquired due to the conceptual structural gold potential due to the neurology and strike extension of controlling structures interpreted from Little Wonder and the regional Joker Fault, associated with the Sons of Gwalia Au mineralisation:
- Underlying rocks include basalts and high-magnesium basalts; banded iron formations; ultramafics all in contact with variable composition granitic aureoles;
- Company magnetic data provides alternate interpretation to regional mapping; and
- Initial reconnaissance will focus on confirming the underlying basement lithologies, for REEs, critical minerals and precious metals target generation.