Quarterly Report

For the quarter ending 30 June 2022

onlyasraminerals.com.au

use

Asra Minerals' flagship Mt personalStirling Project in Western

Australia hosts 10 advanced gold prospects as well as a unique and abundant inventory of heavy rare earths elements and critical minerals.

For

Highlights

  • Experienced mining executive Mr Mathew Longworth appointed as Non-Executive Director.
  • The company changed its name from Torian Resources Limited (ASX: TNR) to Asra Minerals Limited (ASX: ASR).
  • "Wishbone", an additional new rare earths discovery reported at the Mt Stirling Project.
  • Drilling results from Yttria confirm the extensive presence of critical minerals cobalt and scandium.
  • Ongoing drilling campaign at Mt Stirling returns high grade gold intercepts at the Estera Prospect, extending mineralised zones and recording some of the highest grades to date in the project's southern tenement.
  • Completed A$2.70 million placement to existing and new sophisticated investors in July 2022.

1 Asra Minerals Quarterly Report 30 June 2022

Mt Stirling Project

Ownership 100% | Western Australia

Total JORC Resource: 118.4 Koz AU

only

Located in Western Australia's Eastern

Goldfields Superterrane, Asra Minerals'

Mt Stirling Project consists of 10 major

gold prospects (including two deposits

estimated in accordance with the JORC

Code) and two rare earths discoveries.

For personal use

This quarter saw Asra continue its exploration

activities at the Mt Stirling Gold Project, aimed at

extending and increasing the current resources at the

MS Viserion and Stirling Well deposits, in addition to

testing other high priority targets for primary gold.

Asra's ongoing drilling campaign at Mt Stirling also returned outstanding high-grade gold intercepts at the Estera Prospect, extending mineralised zones and recording some of the highest grades to date in the project's southern tenement.

During the quarter the company announced an additional new rare earths elements (REES) discovery at its Mt Stirling Project, the Wishbone prospect. The presence of critical minerals cobalt and scandium were also confirmed at the Yttria REEs prospect.

Figure 1: Mt Stirling Project location in Western Australia's Eastern Goldfields Superterrane

2 Asra Minerals Quarterly Report 30 June 2022

Clean Rare Earths Discoveries

In the previous quarter, the company announced the onlydiscovery of "Yttria", a significant rare earth elements

(REEs) occurrence around 5km south of its MS Viserion Gold Deposit at Mt Stirling.

Yttria is a 1.3km plus broad scale surface footprint of Yttrium anomalies of rare earth potential distinguished by zero radioactivity and an extremely high ratio of Heavy Rare Earths to Total Rare Earths (0.65 to 1). The five most critical REEs are Dysprosium (Dy), Terbium (Tb), Europium (Eu), Neodymium (Nd) and

useYttrium (Y). These are all present in Yttria's mineralisation which also contains highly valuable Scandium (Sc).

Yttrium is a key pathfinder indicator of high value Heavy REEs used in Critical Metals exploration.

In May, just 2km to the north-west of Yttria, a ~1.3km

Yttrium anomaly was discovered at "Wishbone" personalextending the potential Arktos Fault associated rare

earths mineralisation to a potential ~5.2km corridor of strike. Surface pXRF and AV drilling are continuing to test an interpreted ~7.5km strike mineralised corridor.

Subsequently, auger vacuum (AV) drilling confirmed a cluster of nine discrete Yttrium (Y) contour anomalies at Wishbone ranging from 100ppm to a peak of 296ppm Y. These are all likely to be interlinked and range in strike from 140m to 350m.

Selective samples from Wishbone (and Yttria) have since been sent of the University of Queensland for

For

minerology testing. Preliminary observations to date have been extremely positive, showing that REEs are associated with abundant grains of secondary manganese oxides and asbolane (cobalt bearing manganese oxide) to which they may be weakly bound. Additionally, REEs minerals (xenotime and monazite) also occur in the finer size fractions in all samples. These are interpreted to be relict primary minerals inherited from the source intrusion which occurs below the regolith.

Metallurgical test work is also underway, with experienced rare earth and critical minerals metallurgical consultant Gavin Beer retained by the company along with the company's REE consultant, Professor Ken Collerson to undertake and manage metallurgical test work.

Subsequent to the end of the quarter, Asra received permitting to drill up to 50,000m across nine tenements at Mt Stirling to quantify and define the extensive presence of REES and critical minerals cobalt and scandium. Proposed drilling will also include resource definition drilling at the company's previously identified Yttria prospect to enable the delivery of a maiden mineral resource estimate. Drilling is also proposed to extend and define mineralisation at the nearby Wishbone prospect, extensions between Yttria and Wishbone, as well as to vector to regional REE and critical minerals mineralisation interpreted to continue in proximity to the Arktos Fault and associated structural splays.

The company hoping to delineate a maiden JORC resource at Yttria later this year.

Figure 3: Mt Stirling Central regional pXRF Yttrium by max (ppm)

3 Asra Minerals Quarterly Report 30 June 2022

MS Viserion Deposit

onlyAhead of announcing an updated Mineral Resource Estimate (MRE), the company targeted multiple gold zones and targets during the quarter, reporting additional major gold intercepts.

Drill data compilation for the upcoming MRE has been submitted to geological consultants BMGS with the bulk of resource assays now received. A further two MS Viserion drill holes (MSRC302 & MSRC308); one further Mt Stirling drill hole (MSRC297) and one

useSkywing drill hole (MSRC233) are awaiting assays, with down-hole density surveying of selected drill holes completed.

Although the MRE has been delayed, the upside is that all assays from the completed drilling will now be included towards deposit wireframes and respective gold domains, for incorporation into a global MRE.

personalStirling Well Deposit

Assays from the Stirling Well gold deposit were received for 13 extensional drill holes, with results compilation for release progressing. A total of 48 drill holes at Stirling Well are expected to be included in the updated Stirling Well MRE.

Estera Gold Prospect

Asra's ongoing drilling campaign at Mt Stirling also eturned outstanding high-grade gold intercepts at the Estera Prospect, extending mineralised zones and

For

recording some of the highest grades to date in the project's southern tenement:

DIRC036 2m @ 13.21 g/t Au from 106m ; inc 1m @ 24.79 g/t Au from 106m

DIRC037 2m @ 4.59 g/t Au from 9m; inc 1m @

7.12 g/t Au from 9m; and 1m @ 4.53 g/t Au from 119m

These results are down-dip of previously announced (ASX 30 Nov 2021) high grade intercepts.

In our southern tenements, exploration is reporting significant down-dip continuity and exceptional intersections characteristic of a high-grade gold system.

The Estera Prospect will be delineated towards a maiden Mineral Resource Estimate (MRE) with further drilling being planned, ranked and prioritised.

Estera shares structural links with neighbouring prospects Diorite King, Diorite Queen, and Little Wonder. They are all contributing towards the understanding of the interpreted 2.5km north-south structural corridor prospectivity of the Little Wonder prospect through to Diorite King and Estera, between and beyond historical mine locations.

Planning of Estera extensional drill phases, continue along with exploration and logistical preparations for the muchly anticipated Diorite King and Little Wonder maiden drill programs.

Figure 2: Reverse circulation drilling at the company's Mt Stirling Project.

4 Asra Minerals Quarterly Report 30 June 2022

Corporate

New Appointments

During the quarter, Mr Mathew Longworth was onlyappointed as Non-Executive Director replacing Mr

Dale Schultz. Mr Longworth is a geologist with over 35 years' experience across exploration, project evaluation / development, operations and corporate management. He previously held roles as Exploration Manager, COO, and CEO / Managing Director with numerous mining and exploration companies, as well as General Manager of a national mining consultancy.

In his senior corporate roles, he led multi-disciplinaryuseproject evaluation and development teams. He also

holds significant gold, copper, nickel (sulphide and laterite), base metals, iron ore and coal experience in Australia, Greenland, Africa, South America and the Pacific. Mr Longworth is currently the Non-Executive Chairman of ASX listed Ardea Resources Limited, as well as public unlisted Northam Resources Limited and Greenfields Exploration Limited.

personalHe was previously Non-Executive Chairman of Echo Resources from 2012 to 2016, Director, CEO and then

Non-Executive Chairman at Metalicity Limited from 2014 until 2021 and Managing Director of Heron Resources from 2007 to 2011. He is a member of the Australian Institute of Mining and Metallurgy.

Subsequent to the end of the Quarter

New drilling to target rare earths

Asra received permitting to drill up to 50,000m across nine tenements at Mt Stirling to quantify and define the extensive presence of REES and critical minerals cobalt and scandium. Proposed drilling will also include resource definition drilling at the company's previously identified Yttria prospect to enable the delivery of a maiden mineral resource estimate. Drilling is also proposed to extend and define mineralisation at the nearby Wishbone prospect,

Forextensions between Yttria and Wishbone, as well as to vector to regional REE and critical minerals mineralisation interpreted to continue in proximity to the Arktos Fault and associated structural splays.

Global Mineral Resource Estimate Update

Asra has progressed its upcoming Global Mineral Resource Estimate (MRE) (gold), completing drill data and assays for preliminary assessment, which enables the update of the geological model Au domains to progress estimating grade into the model to various cut-off scenarios. The MRE is being prepared by third party independent consultants. As part of the estimation process an optimisation will be run at a number of gold prices and cost scenarios to help guide the classification of the resource in accordance with the JORC Code 2012.

The MRE prioritises shallow open-pittable potential of the Au-system with a focus to Indicated JORC conversion. A pit optimisation study to assess the economics of the project is underway as the company progresses the project.

Mt Stirling Project: 13 new tenements granted

Subsequent to the quarter, Asra was 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.

Refer to Figure 1 for the new tenure outlined by white rectangles.

Completion of strongly supported capital raising

Subsequent to quarter end, the Company completed a placement of A$2.70 million through a placement of approximately 128.6 million new fully paid ordinary shares at an issue price of 2.1 cents per share with three (3) free attaching listed options (ASROB) for every four (4) shares subscribed. The Options are listed as ASROB and have an exercise price of 3.5 cents per option and expiring on 30 November 2023.

The Placement includes A$90,000 in commitments from Asra's Directors (Directors Participation). The Directors Participation is subject to shareholder approval, to be sought at an extraordinary general meeting expected to occur in September 2022.

ASX Additional Information

ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the quarter was $1,736,000. Full details of exploration activity during the quarter are set out in this report and related primarily to the drilling expenses, assay costs, geological consultants' services, field expenses and consumables.

ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5: Payment to related parties of the Company and their associates during the quarter was $110,000. Payment relates to director fees and professional services provided by Summers Legal Pty Ltd (an entity associated with Mr Paul Summers).

This update has been authorised on behalf of Asra Minerals Limited by the Board.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Asra Minerals Ltd. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 22:03:13 UTC.