Asra Minerals : Estera Prospect returns Outstanding High-Grade Extensions

only3 June 2022

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Asra Minerals Limited	Phone [phone]
ABN 72 002 261 565	[e-mail]
104 Colin Street	ASX: ASR
West Perth WA 6005	asraminerals.com.au
Australia

ASX RELEASE

Mt Stirling's Estera Gold Prospect returns outstanding high-grade extensions in new drilling

Asra Minerals Limited's (ASX:ASR) ongoing drilling campaign at its flagship Mt Stirling

Project in Western Australia's Eastern Goldfields has 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:

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:

DIRC030	2m	@ 12.18 g/t Au from 20m; inc 1m @ 14.67 g/t Au from 21m ; and
	4m	@ 4.86 g/t Au from 52m ; inc 1m @ 18.79 g/t Au from 55m
DIRC031	1m	@ 7.41 g/t Au from 64m
DIRC033	3m	@ 9.46 g/t Au from 37m; inc 1m @ 25.46 g/t Au from 37m

Mt Stirling hosts 10 major gold targets across two adjacent tenements including the MS Viserion Deposit and Stirling Well Deposit that have a combined JORC compliant resource of 118,384 ounces Au1.

Asra's Executive Chairman, Mr Paul Summers, was pleased that the high-grade gold intercepts returned in Mt Stirling's northern tenements over the past 18 months were now being reproduced in the south, where Estera represents one of four major prospects.

"Our strong structural focus, persistence, and systematic drill testing of generated targets confirms Mt Stirling's outstanding gold prospectivity in the north extends to the south," Mr Summers said.

1 Refer ASX release dated 27 May 2021 for more information

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"In our southern tenements, we are seeing significant down-dip continuity and exceptional intersections characteristic of a high-grade gold system. We look forward to extending and delineating the Estera Prospect towards a maiden Mineral Resource Estimate (MRE) by the end of Q3 calendar 2022."

Asra's Exploration Manager, Mr Claudio Sheriff-Zegers, said Estera shared structural links with neighbouring prospects, Diorite King, Little Wonder, and Diorite Queen.

"They are also 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," Mr Sheriff-Zegers said.

"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."

Ahead of an upcoming upgraded JORC-compliant gold resource estimate being announced for Mt Stirling, the project also hosts an endowment of clean heavy rare earths and critical minerals which Mr Summers described as a "terrific hedge".

"Asra presents a unique 'triple play' opportunity made up of gold, rare earths, and critical minerals all in the one project which not only offer broad exposure to a number of minerals but together afford greater insulation from market volatilities," he said.

Table 1: 2020 - 22 Discovery Summary Table

For

Prospect

Mt Stirling extension

Mt Stirling NW

Mt Stirling SE

Viserion

Stirling Well

Diorite East

Hydra

Tyrannus

Estera

Skywing

Mt Stirling Central

Description

Expanded Au system along strike and down-dip

NW strike extension

SE strike extension

HG discovery

HG down-dip extension

Structural Au; potential for scale

Structural and conceptual Au target along strike of MS

Conceptual target on inflection of Ursus Fault - oxide Au

HG structural discovery @ Diorite North

Flat shallow dipping MS East model

1km Rare Earth Potential Uncovered at Mt Stirling Central

Announced

ASX 16 December 2020; ASX 27 January 2021; ASX 3 February 2021; ASX 7 April 2021

ASX 3 February 2021; ASX 19 February 2021; ASX 17 March 2021; ASX 7 April 2021

ASX 28 September 2021

ASX 17 March 2021

ASX 3 September 2021

ASX 27 October 2021

ASX 15 December 2021; ASX 20 September 2021

ASX 5 October 2021

ASX 27 October 2021; ASX 16 November 2021; ASX 30 November 2021

ASX 24 November 2021

ASX 14 January 2022

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For	Figure 1: Asra Minerals prospect locations

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Estera Drill Update

A further three holes (DIRC036-38) were drilled at the Estera Prospect during May (for 500m) as follow-up to extend the down-dip continuity of high-grade gold mineralisation discovered.

Asra's southern tenement hosts numerous historical mines and workings, including the Diorite King Mine (that produced at 73 g/t Au) and the yet to be systematically explored and undrilled Little Wonder Mine (that in its early years produced 1000 oz to the tonne*).

*Refer to mindat.org/loc-268412.html

Little Wonder Mine

The Little Wonder Mine was discovered in 1894 and shallow depth mining produced a phenomenal 38 oz per tonne* from the first 25 tonnes mined; with early years production of 1000 oz per tonne.

A significant deep timbered shaft remains on the western slope of the ridge, with an adit into the mine workings further south-east.

*Refer to mindat.org/loc-268412.html

Diorite King Mine

Diorite King Mine located on the Old Agnew Road, operated from 1897 through to 1922 with a historical grade of 73 g/t Au per tonne.

The tenor of grade which is estimated to remain at the mine (@ 17 g/t Au), is on par with the recently discovered Estera high-grade drill intercepts; which in conjunction with proximity further weighs on the structural and stratigraphical links conceptualised.

Gold mineralisation is hosted in quartz veining and brittle mafic contacts.

*Refer to mindat.org/loc-268355.html

Estera - Unexpected Workings

The Unexpected Workings were active during 1922 through to 1923, with an average grade of 47 g/t from 119 tonnes processed.

*Refer to mindat.org/loc-268355.html

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Estera Prospect Results

Assays have been received for the following sections (drillholes in green):

10040N:

• 1m @ 2.60 g/t Au from 45m (DIRC035)

10020N:

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

Table 2: Mt Stirling Project - Estera drill collars

10000N:

• 2m @ 4.59 g/t Au from 9m (DIRC037); inc 1m @ 7.12 g/t Au from 9m; and
  1m @ 4.53 g/t Au from 119m

9960N:

• 2m @ 1.39 g/t Au from 154m (DIRC038)

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	Tenement			Prospect			Section			Hole ID			Easting			Northing			RL			Az			Dip			Depth
									GDA94			GDA94					(mag)					(m)
							10060N		DIRC034	310768		6825401		445		46		-60		90
							10040N		DIRC031	310786		6825392		445		46		-60		90
										DIRC035	310743		6825354		442		46		-60		211
							10020N		DIRC030	310805		6825389		444		46		-60		84
	P37/8868		Estera			DIRC036	310768		6825351		442		46		-60		160
							10000N		DIRC033	310818		6825369		444		46		-60		91
										DIRC037	310782		6825335		442		46		-60		170
							9980N		DIRC032	310831		6825353		443		46		-60		103
							9960N		DIRC038	310813		6825309		442		46		-60		170

Table 3: Mt Stirling Project - RC drilling summary

Tenement

Prospect

Activity

# of DHs

Total (m)

Description

P37/8831; M37/1306

Hydra

RC Drilling

5

575

Multiple Primary Au

M37/1306

Tyrannus

RC Drilling

11

890

Multiple Saprolitic + Primary Au

M37/1306

MS-Viserion

RC Drilling

85

18938

Infill and extend top 125m to Indicated

+ extensions of MS-Viserion

M37/1306

Skywing

RC Drilling

42

2082

40 x 40m extension / definition

M37/1305

Stirling West

RC Drilling

49

4778

Resource infill & extensional

P37/8868

Diorite - Estera

RC Drilling

9

1169

HG Au Down-dip and strike extensions

Total RC m

28432

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