Asra Minerals Acquires Remaining Mt Cutmore Interest

Company News

by Finance News Network

Asra Minerals (ASX:ASR) has finalized a binding agreement to acquire the remaining 49% stake in the Mt Cutmore prospects, part of its Mt Stirling Leonora North Project in Western Australia. The acquisition involves a cash payment of $200,000 and the issuance of 75 million shares at $0.002 per share, subject to shareholder approval expected in late May 2025. The Mt Cutmore prospects are strategically located just 5km from Vault Minerals’ King of the Hills mine and near Genesis Minerals’ Leonora and Kookynie operations. The project boasts a resource estimate of 152,000 ounces of gold at 1.7 grams per tonne.

According to CEO Paul Stephen, this acquisition strengthens Asra’s presence in the region. The company plans to commence drilling high-priority targets following a recent capital raise and the acquisition of necessary drilling permits. Asra has identified multiple high-priority targets through a combination of historical data analysis, geophysical interpretation, and systematic soil sampling. The company is preparing to initiate an aircore and reverse circulation drilling program in the coming months, while also targeting down-dip extensions of gold mineralization at the Leonora South Gold Project.


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