TORN RESO : Mt Stirling continues to return high grade gold extensions

Asra Minerals Limited

ABN 72 002 261 565

104 Colin Street

West Perth WA 6005

Australia

Phone [phone] [e-mail]

ASX: ASR

asraminerals.com.au

ASX RELEASE

23 May 2022 Mt Stirling Project Continues to Return Significant High-Grade Gold Extensions.

Asra Minerals Limited (ASX:ASR) advises that the company's ongoing drilling campaign at its flagship Mt Stirling Project in Western Australia's Eastern Goldfields has returned further significant high grade gold intercepts, continuing to extend mineralisation beyond previous resource boundaries.

Ahead of announcing a new Global Mineral Resource Estimate (MRE) within weeks, the company has targeted multiple gold zones and targets, and reports the following recent significant gold intercepts:

1720N 4m @ 1.26 g/t Au from 206m (MSRC275); inc 1m @ 2.95 g/t Au from 206m 6m @ 5.38 g/t Au from 226m; inc 3m @ 10.15 g/t Au from 228m

and 1m @ 23.82 g/t Au from 230m

1400N 7m @ 1.12 g/t Au from 160m (MSRC298); inc 1m @ 2.82 g/t Au from 160m

1240N 3m @ 2.07 g/t Au from 31m (MSRC288); inc 1m @ 3.74 g/t Au from 32m

21m @ 1.09 g/t Au from 42m; inc 1m @ 2.17 g/t Au from 51m

1160N 3m @ 2.12 g/t Au from 37m (MSRC285); inc 1m @ 5.28 g/t Au from 37m

In addition to an endowment of clean heavy rare earths and critical minerals, the Mt Stirling Project hosts a current JORC compliant total mineral resource estimate of 118,400 gold ounces1 and lies 8km northwest of Red 5's (ASX:RED) King of Hills gold mine, which has produced more than 1 million ounces of gold to date.

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

Two further Skywing drill holes are awaiting assays, with results to follow.

Assays from drilling down dip of the high-grade Estera mineralised zone at Diorite have also been received, with results and plans for follow up drilling now being compiled.

1 Refer ASX release dated 27 May 2021 for more information

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Asra's Executive Director, Mr Peretz Schapiro, said the continued favourable results at Mt Stirling increased confidence in the upcoming global mineral resource estimate.

"The fact that most holes have returned significant intersections throughout this campaign is a testament to the success of our exploration program and drill targeting," Mr Schapiro said.

Table 1: 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 North - Estera Lode

RC Drilling

6

669

HG Au Down-dip and strike extensions

Total RC m

27932

Drill data compilation for the upcoming MRE is nearing completion with the bulk of assays now received. A further two MS Viserion drill holes and some anomalous composite samples are awaiting assays, with down-hole density surveying of selected drill holes completed. Final MRE assays are on track to be reported within the next 7-10 days. Compilation of assay and drill data has allowed for the maximum number of drill holes to be included into the eagerly anticipated MRE; now expected in late May.

Table 2: 2020 - 21 Discovery Summary Table

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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Figure 1: ASRA Minerals project locations

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Mt Stirling Project Further Results

Assays have been received for the following sections:

1160N:

• 3m @ 2.12 g/t Au from 37m (MSRC285); inc
  1m @ 5.28 g/t Au from 37m
• 1m @ 0.94 g/t Au from 156m

1240N:

• 1m @ 1.47 g/t Au from 27m (MSRC287)
• 1m @ 0.54 g/t Au from 22m (MSRC288)
  3m @ 2.07 g/t Au from 31m; inc
  1m @ 3.74 g/t Au from 32m
  21m @ 1.09 g/t Au from 42m; inc
  1m @ 2.17 g/t Au from 51m

1280N:

• 2m @ 0.94 g/t Au from 41m (MSRC292); inc
  1m @ 1.11 g/t Au from 42m
• 1m @ 0.76 g/t Au from 52m
• 1m @ 2.13 g/t Au from 65m

1400N:

• 2m @ 0.58 g/t Au from 79m (MSRC298)
  2m @ 0.92 g/t Au from 120
  12m @ 0.77 g/t Au from 131m; inc
  1m @ 1.47 g/t Au from 142m
  7m @ 1.12 g/t Au from 160m; inc
  1m @ 2.82 g/t Au from 160m
  1m @ 0.52 g/t Au from 176m

1560N:

• 1m @ 0.52 g/t Au from 160m (MSRC265)
  1m @ 0.60 g/t Au from 206m
  1m @ 0.61 g/t Au from 211m
  1m @ 0.54 g/t Au from 239m

1720N:

• 1m @ 0.85 g/t Au from 25m (MSRC275)
  1m @ 0.67 g/t Au from 124m
  4m @ 1.26 g/t Au from 206m; inc
  1m @ 2.95 g/t Au from 206m
  6m @ 5.38 g/t Au from 226m; inc
  3m @ 10.15 g/t Au from 228m; and
  1m @ 23.82 g/t Au from 230m
  4m @ 0.67 g/t Au from 239m; inc
  1m @ 1.10 g/t Au from 242m

1960N:

• 2m @ 1.05 g/t Au from 167m (MSRC305); inc
  1m @ 1.15 g/t Au from 167m

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Figure 2: Mt Stirling Project - Viserion Deposit long section

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