(TSX-V: ASTR, OTCQB: ATEPF)
VANCOUVER, BC, Aug. 23,
2022 /CNW/ - Astra Exploration Inc. (TSXV: ASTR)
(OTCQB: ATEPF) ("Astra" or the "Company") is pleased to
announce that it has completed 3,976 metres of RC drilling in 15
holes at its Pampa Paciencia Project located in Northern Chile.
Highlights
- 100% of holes intersected quartz veins, stockworks or veinlets
close to target depths
- 11 holes were drilled to expand mineralization beneath the
Phase I program
- 4 holes into blind geophysical targets including the newly
discovered Tormenta Vein
- Tormenta Vein is a splay off the main Paciencia Vein with two holes returning 6 and 28
metre-wide downhole intervals (5 and 10 metres estimated true
widths, respectively)
Brian Miller, CEO of Astra
commented:
"The Phase II drilling program has delivered a significant
increase in vein strike from 1.4 to 2.1 kilometres with the
discovery of new veins including the Tormenta Vein. The continuity
of veins in the Paciencia Vein System was confirmed at depths of
100 metres below previous drilling, where Company geologists
believe some of the best drill targets exist, and further confirms
our view that we are only just starting to define the mineralized
footprint of the Paciencia Vein Field. Further, Astra's team has
completed another campaign of drilling on time and budget with an
estimated all-in drill cost of approximately CAD$200 per metre."
Drilling Details
The Phase II program consisted of 3,976 metres of RC drilling in
15 holes, all in the North Zone target area (Figure 1).
The primary focus was to test the Paciencia Vein System at depth
in the two defined high-grade zones defined earlier this year in
the Phase I drill program (Figure 2). Eleven holes were drilled
into known veins, with 4 holes directed to Paciencia Oeste vein segment, 3 to Paciencia and
4 to Paciencia Este segment.
Drill results from the Phase II program confirm the continuity
of the quartz veins at depth in the Paciencia Vein System, which is
a low-sulphidation epithermal (LSE) vein structure averaging 10-15
metres thickness over a strike length of approximately 1.4
kilometres. Some deeper holes in the Paciencia and Paciencia Este
vein segments are showing a change in the dip and thickness of the
vein.
Secondary targets consisted of other vein structures discovered
during the Phase I drill program. These include blind magnetic low
anomalies and newly interpreted vein structures from other
geophysical targets, in particular WNW, E-W to ENE-striking
magnetic lineaments related with low magnetic regional anomalies
(Figure 1). All holes intersected quartz veins, stockworks or
veinlets at depth in agreement with the magnetic low anomalies. A
new WNW-ESE vein (Tormenta vein) was intersected in hole PPRC22-46
with a 28 metre-thick downhole interval (10 metres estimated true
width) and is interpreted to extend west to a six metre-thick
downhole interval (5 metres estimated true width) at hole
PPRC22-55. Hole PPRC22-54 intersected quartz veinlets and is
interpreted to extend west to hole PPRC-22-38 (discovered in Phase
I) in a new ENE-WSW vein structure.
About Pampa Paciencia
Pampa Paciencia is a 3,840
hectare road-access 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.
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
