(TSX-V: ASTR, OTCQB: ATEPF)
VANCOUVER, BC, June 29, 2022 /CNW/ - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) ("Astra" or the "Company") is pleased to announce that it has commenced Phase II drilling at its Pampa Paciencia Project located in Northern Chile.
The Phase II drill program will consist of up to 5,000 metres of RC drilling and will primarily focus on expanding mineralization at depth and along strike in the two defined mineralized shoots located in the Paciencia Vein System (Figure 1). Secondary targets will consist of other vein structures discovered with Phase I drill program and newly interpreted vein structures from other geophysical targets, in particular those WNW, E-W to ENE-striking magnetic lineaments related with low magnetic regional anomalies (Figure 2).
Brian Miller, CEO of Astra commented: "This is an exciting time for Astra shareholders as we further drill-test the recently defined zones of high-grade mineralization and simultaneously look to expand the potential of the district by drilling other vein structures. Exploration to date demonstrates that the LSE system at Pampa Paciencia is large with thick, continuous vein structures, and positive drill results have the ability to add significant value to Astra's market cap."
About Pampa Paciencia
Pampa Paciencia is a 3,840 hectare road-access low-sulphidation epithermal (LSE) gold-silver project located within an active mining district less than 15 kilometres from two major mines (Sierra Gorda and Spence) and five kilometres from the Faride LSE mine (Figure 3).
Astra has completed property wide mapping and sampling, geophysical surveys, and localized trenching and in doing so, has defined a vein boulder field over approximately 75% of the project area. The veins do not outcrop as the majority of the project area is covered by a thin layer of gravels and caliche but the vein float can be used to identify areas of high prospectivity.
Drill results from the Phase I program completed earlier this year defined gold mineralization in the Paciencia Vein System, which is a thick LSE vein structure averaging 10-15 metres thickness over a strike length of approximately 1.4 kilometres. Exploration results continue to indicate a large LSE system under thin cover, with two known zones of gold mineralization near surface which are open along strike and at depth (see May 2 and May 25, 2022 press releases).
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.
SOURCE Astra Exploration Limited
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