VANCOUVER, BC, Feb. 17, 2022
/CNW/ - Astra Exploration Inc. (TSXV: ASTR) ("Astra" or
the "Company") is pleased to provide an exploration update on Pampa
Paciencia, its flagship gold-silver project in northern
Chile (Figure 3).
Highlights
- Identification of three quartz vein float sample fields
totaling 8.5 km with new zones identified in the west of the
property under thin cover
- Surface float samples up to 12.6 grams per tonne (g/t) gold
equivalent (AuEq) 3 km northwest along strike with the Main
Paciencia Vein in the North Zone
- Systematic trenching over the first drill target planned on the
Paciencia Vein defines vein and breccia structure of 600 meters in
length and up to 22 meters thick. These assay results are expected
in late February
- Drilling program to commence in late February
Astra's Exploration CEO, Brian
Miller commented: "Astra is moving very quickly at Pampa
Paciencia ahead of the Company's maiden drill program. Today's
results reveal the Pampa Paciencia vein field potential is much
larger with newly identified high-grade zones and many new drill
targets defined. Trenching along the Paciencia Vein shows a
wide vein and breccia structure extends 600 meters long where
trench assays are expected shortly. Astra is fully funded for this
program, has a very tight share structure and is excited to be
unlocking the potential within our Chilean gold portfolio."
Exploration Program Discussion
Pampa Paciencia is a 3,840 ha road-access low-sulphidation
epithermal (LSE) gold-silver project located within an active
mining district less than 15 kilometers from two major mines
(Sierra Gorda and Spence) and five
kilometers from the Faride LSE mine.
The current exploration program has combined property-wide
mapping and sampling, geophysical surveys, and localized trenching
with the dual aims of defining a larger district and identifying
the highest priority initial drill targets. Work to date indicates
the presence of a large LSE system beneath a shallow cover of
caliche and alluvial sediments.
Mapping and Sampling
Large areas of the property are beneath thin cover. By mapping
quartz vein float samples (larger than 25 centimeters in diameter)
Astra's geologists are able to connect-the-dots with the help of
geophysics to target "blind" mineralization in veins below the
shallow cover. Some of these vein floats returned high-grade
precious metals (up to 11.35 g/t Au and 152 g/t Ag), significantly
extending the prospective area to the west (Figure 1). For context,
Astra's work has expanded mineralized float anomalies well-beyond
the previously known surface anomalies circled in blue (Figure
1).
Three main NW-SE trends are defined with these surface float
anomalies: the North Zone (includes the North Zone and its
extension west), the Central and South Zones (includes Central and
South Zones and its extension west) and the Impaciencia (the same
trend that extends to the past producing Faride mine five
kilometers southeast).
The best gold grades were concentrated in the North Zone belt,
with relatively low silver-to-gold ratio (< 20). The Central and
South Zone belts contained moderate gold equivalent grades of 1 to
2 ppm with an intermediate silver-to-gold ratio (5 to 169). The
moderation of grade coincides with the observed shallower quartz
vein textures which could indicate preserved higher grades below.
The Impaciencia belt revealed a high silver-to-gold ratio
(>700). Silver and base metals are concentrated in this
southernmost belt, coinciding with the Faride vein system located
to the southeast.
Geophysics
640 kilometers of ground magnetic surveying reveals large
magnetic lows interpreted as hydrothermal alteration related to the
vein system. Linear magnetic lows are also common that are likely
to be veins beneath the thin cover exploiting fractures in the host
geology. Linear magnetic low features have coincided well with
confirmed vein structures and should prove a very useful tool for
targeting additional structures. The main structural orientations
are NW-SE, E-W and NE-SW, similar to those found in the Faride LSE
mine.
Trenching
Trenching focused on confirming the strike continuity of the
Paciencia Vein in the North Zone. This area will be the
Company's first drill target to follow-up open intercepts in
historical drilling including hole PP15-007 which returned 7.71
grams per ton gold and 46.6 grams per ton silver over 3.75m approximately 80 meters below surface.
Thirteen trenches have been completed at the North Zone (Figure
2) expanding outward from historical trenches along an interpreted
extension of the vein identified in the magnetic survey. Systematic
trenching every 50 meters at the Paciencia Vein has defined WNW-ESE
structures of hydrothermal breccias and parallel quartz veins up to
22 meters thick totaling 600 m strike
length.
250 samples were taken from the trenches and sent to ALS labs in
Santiago for assay. The Company
expects to receive those results later in February and will include
them in a detailed map of the trenching program.
Sampling Procedures
Float samples were sampled, bagged, and tagged by Astra´s
geologists and then delivered to the ALS sample preparation
laboratory in Santiago. Samples
were prepared with PREP 31B code, and
then analyzed with fire assay for gold (Au-AA24) and multi elements
by ICP (ME-ICP61).
Qualified Person Statement
The technical data and information as disclosed in this report
has been reviewed and approved by Darcy
Marud. Mr. Marud is a Practicing Member of the
Association of Professional Geoscientists of Ontario and is a qualified person as defined
under the terms of National Instrument 43-101 – Standards
of Disclosure for Mineral Projects.
Stock Option Grant, Market Making Services and Marketing
Commitments
In accordance with its stock option plan, the Company has
granted to directors, officers, employees, and consultants of the
Company a total of 1,585,000 stock options ("Options") exercisable
at a price of $0.35 each for a period
of 5 years from the date of grant. The Options will vest according
to the schedule: 1/3 immediately, 1/3 at 18 months, and 1/3 at 36
months. The Options are subject to TSX Venture Exchange ("TSXV")
policies and regulations.
The Company has engaged Integral Wealth Securities Limited
("Integral") to provide market making services in accordance
with Policy 3.4 – Investor Relations, Promotional and Market
Making Activities ("Policy 3.4") of the Exchange and
will pay a cash-only remuneration of $5,500 per month for three months. Integral is a
full-service securities dealer engaged in wealth management, market
making, and investment banking with offices in Toronto, Ottawa, Calgary, Vancouver, Kitchener-Waterloo, Burlington, Sydney and Nanaimo. Integral's services with regards to
the Company and its traded shares will be to maintain an orderly
market, enhance liquidity, and provide market intelligence.
Integral and the Company are unrelated and unaffiliated entities
and, as of the date hereof, neither Integral nor any of its
principals have an interest, directly or indirectly, in the
securities of the Company.
The Company has also engaged KE Report to provide the Company
with web content and radio content services in accordance with
Policy 3.4. The Company will pay KE Report cash-only remuneration
of $12,000 for 6 months. KE Report
and the Company are unrelated and unaffiliated entities. As of the
date hereof, a principal at KE Report beneficially owns securities
of the Company.
Investment Pitch Media has also been engaged by the Company to
produce five video news releases. Investment Pitch Media will be
paid cash-only remuneration of $7,100
for the production of such videos. Investment Pitch Media and the
Company are unrelated and unaffiliated entities and, as of the date
hereof, neither Integral nor any of its principals have an
interest, directly or indirectly, in the securities of the
Company.
The Company will also be presenting at the Global Mining
Symposium on February 23, 2022.
About the Company
Astra Exploration Inc. is an exploration company based out of
Vancouver, BC. Astra is engaged in
the acquisition, exploration and development of epithermal
gold-silver properties in Chile
and is building a portfolio of high-quality projects. Astra's
current focus is the development of the Pampa Paciencia
Project.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Mineralization hosted on adjacent and/or nearby and/or
geologically similar properties is not necessarily indicative of
mineralization hosted on the Company's properties.
This news release may contain certain "Forward-Looking
Statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. When or if used in this news release, the
words "anticipate", "believe", "estimate", "expect", "target,
"plan", "forecast", "may", "schedule" and similar words or
expressions identify forward-looking statements or
information. These forward-looking statements or information
may relate to the Company's business activities; exploration on the
Company's properties; and marketing initiatives. Such
statements represent the Company's current views with respect to
future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
Company, are inherently subject to significant business, economic,
competitive, political and social risks, contingencies and
uncertainties. Many factors, both known and unknown, could
cause results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements.
Such factors include, without limitation: development of the
industry in which the Company operates; risks associated with the
conduct of the Company's business activities; risks relating to
reliance on the Company's management team and outside contractors;
currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; laws and regulations
governing the industry in which the Company operates; the ability
of the communities in which the Company operates to manage and cope
with the implications of COVID-19; the economic and financial
implications of COVID-19 to the Company; operating or technical
difficulties; employee relations, labour unrest or unavailability;
stock market volatility; conflicts of interest among certain
directors and officers; lack of liquidity for shareholders of the
Company; litigation risk; and other risk factors disclosed in the
Company's public disclosure documents available on the Company's
profile at www.sedar.com. Readers are cautioned against
attributing undue certainty to forward-looking statements or
forward-looking information. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be anticipated, estimated or intended. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events
affecting such statements and information other than as required by
applicable laws, rules and regulations.
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SOURCE Astra Exploration Limited
