Asra Minerals has set up future revenue streams and a carbon credit plan in the Goldfields after completing the full ownership of its Tarmoola Pastoral Station about 25km northwest of Leonora in WA. The tenure takes in a massive 170,000-plus hectare ground position and provides the company will a host of new revenue streams including accommodation, cattle sales and a carbon credit plan.
Asra, through its wholly owned subsidiary Tarmoola Holdings, initially acquired the underlying pastoral station at Mt Stirling, known as the Tarmoola Station last year for a total price of $4 million. The figure comprised of $1m in Asra funds and a funding facility of $3m via RiverFort Global Opportunities.
The company has now moved to pay down the RiverFort loan early using its existing cash base to claim full owenrship.
The purchase came gift wrapped with a mining services business, almost $1 million in farming equipment, about 700 cattle, rights to carbon credits, a 20-person camp and an abundant water supply via the Tarmoola aquifer. The explorer says the acquisition fast tracks further exploration at Mt Stirling and unlocks a wealth of opportunity at the operation.
Notably, the station is more than 50 per cent covered by current mining tenure and hands Asra an enviable position in the Goldfields. The tenure includes Red 5’s multi-million-ounce King of the Hills gold mine and Aeris Resources’ Bentley copper-zinc operations, both of which are also clients of Carhill Contracting – the business Asra obtained in 2021 as part of the Tarmoola acquisition.
At the time of the original purchase, management stated it had taken ownership of more than $875,000 of plant and equipment including loaders, diggers, haul trucks and graders which were previously under the Carhill stable.
Tarmoola still functions as a working cattle property and offers prime grazing ground, over 30 solar-powered livestock wells and roughy 700 head of cattle.
Importantly, the property also generates more than $360,000 in carbon credits annually. The figures will serve as a welcome boost to the Asra’s bottom line and green credentials.
The companys says the project has been steadily accruing carbon credits since the 17 March 2021 under the Emissions Reduction Fund Project ERF. Asra, through Tarmoola Holdings, has also appointed Subiaco-based environmental services company Select Carbon to provide services to fully realise the carbon credit benefits.
Asra Minerals Managing Director Robin Longley said:“Since joining Asra, I have come to realise what a strategic and important asset the Company now owns. The purchase of the Tarmoola Pastoral Station now as a debt free basis is a huge win for us as we become the sole lease owner of this quality asset. The Station fits within Asra’s growth strategy and land-holding position in the Leonora region as we progress further exploration of the Mt Stirling’s gold, rare earths and critical minerals project”
The strategic ownership of Tarmoola provides Asra with a massive opportunity to develop its gold and clay-hosted rare earth projects in the Eastern Goldfields given the tenure is in earshot of the company’s Mt Stirling operations. The flagship asset boasts 10 advanced gold prospects and an inimitable array of heavy rare earths and critical mineral targets.
Mt Stirling holds a gold resource of 152,000 ounces at 1.7 grams per tonne and sits alongside ASX-listed Red 5’s 4.1-million-ounce King of the Hills mine. Recent estimates indicate the region has dispensed over 14 million ounces of gold from the Tower Hills, Sons of Gwalia, Thunderbox and Gwalia mines of late.
The zone is also shaping up as prime real estate for rare earths with recent activities at Asra’s Yttria and Wishbone prospects, part of the larger Mt Stirling project, unveiling high doses of the lucrative magnet rare earth elements dysprosium, terbium, praseodymium and neodymium, along with significant anomalous concentrations of cobalt and scandium.
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By Matt Birney
