Asra Minerals Limited (ASX: ASR; “Asra” or “the Company”) is pleased to announce its successful application for co-funding under the Western Australian Government’s Exploration Incentive Scheme (EIS) Co-funded Drilling Program, Round 30. This grant will provide up to $150,000 in financial support for Asra’s Yttria Rare Earth Element (REE) Project, a 100% owned exploration asset located in the Leonora region of Western Australia.
The awarded funds will enable Asra to drill four HQ diamond drill holes from the surface to assess the presence and concentration of Heavy Rare Earth Elements (HREE) within Yttria, with early analysis suggesting potential links to local gold mineralisation systems. This exploration is a critical step in expanding Asra’s REE resource base, aligned with the Company’s commitment to advancing innovative resource extraction projects.
Strategic Position of the Yttria REE Project
Located in the well-connected Leonora region, the Yttria Project boasts a JORC 2012-compliant Mineral Resource Estimate of 15 million tonnes at 490ppm Total Rare Earth Oxide (TREO). The resource is notable for its uniquely high Heavy REE content (55%), including substantial concentrations of Magnet REEs such as Dysprosium (Dy), Terbium (Tb), Neodymium (Nd), and Praseodymium (Pr). Additionally, Yttria features near-surface clay-hosted REE and scandium mineralisation, virtually free from uranium or thorium, which makes it an attractive and environmentally sound exploration site.
Supporting a Sustainable Future Through the EIS Co-funded Program
The EIS Co-funded Drilling Program, an initiative led by the Western Australian Department of Energy, Mines, Industry Regulation and Safety (DEMIRS), provides competitive grants to support innovative exploration projects across Western Australia. By offering up to 50% refunds on direct drilling costs, the EIS promotes the sustainable growth of the State’s resources sector, particularly in areas with high potential for critical minerals, aligning with global demands for materials crucial to the net-zero transition.
Asra’s Executive Chairman, Paul Summers commented: “We are very pleased to have been successful in the latest round of the Exploration Incentive Scheme (EIS) Co-funded Drilling Program which aims to assist explorers in making new mineral discoveries and contributing to the industry in Western Australia.”
“While our priority continues to remain on gold drilling and exploration activities at Mt Stirling and Kookynie, we will make good use of the grant to continue to improve our understanding of the Yttria REE deposit and develop a solid exploration model for future application.”
“We would like to thank the WA government for their support in providing this funding which will allow us to contribute to the understanding of REE enrichment in the Northern Goldfields of WA.”
Contact details:
Jane Morgan
jm@janemorganmanagement.com