Astra Exploration Receives Drill Permit and Plans to Commence Drilling by April 1st at the La Manchuria Project, Deseado Massif, Argentina
March 19, 2025 6:30 AM EDT | Source: Astra Exploration Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2025) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (FSE: S3I) ("Astra" or the "Company"), is pleased to announce that it has received all required permits to commence its maiden drill program at the La Manchuria Project located in the Deseado Massif of Santa Cruz, Argentina.
The drilling permit was issued by the State Secretariat for Environmental Supervision and Control under the Ministry of Energy and Mining of the Province of Santa Cruz, Argentina.
Field crews were on site last week preparing for mobilization of the fully funded 2,500 metre drill program which the Company expects to commence by the first week in April.
Astra's CEO, Brian Miller commented:
"We are excited to get underway with our inaugural drill program at La Manchuria. This first program aims to test the new geological model and expand the high-grade mineralization into areas previously not drilled, both along strike and parallel to known veins. I believe Astra's business proposition has never been stronger with such an exciting target, a fully funded drilling program and tightly held share registry. Discovery success is the most rapid wealth creation phase of our industry, and we stand on that precipice with La Manchuria today."
The Company plans to provide additional news release updates in the coming weeks providing further details of the drill targets and geology.
Astra's in-country team led by Exploration Director, Diego Guido, who is a globally recognized low sulphidation epithermal (LSE) expert, believes the high-grade historic intercepts are open to expand at depth and along strike. These results include:
- 20.5m grading 10.4 grams per tonne (g/t) gold and 810 g/t silver,
- 4.0m grading 26.3 g/t gold and 3,156 g/t silver and
- 2.0m grading 52.6 g/t gold and 3,274 g/t silver
- 1.6m grading 257 g/t gold and 4,237 g/t silver
Reference: Updated Technical Report on The Mineral Resources of The La Manchuria Project, Santa Cruz Province, Argentina" with an effective date of February 28, 2019.
Shallow cover conceals the system to the west and south at the Main Zone and presents the opportunity to make a significant discovery. The extension of mineralization under cover is a common characteristic of the newest epithermal systems discovered in the Deseado Massif, including large deposits like Cerro Negro.
Qualified Person
The technical data and information as disclosed in this news release has been reviewed and approved by Darcy Marud, who is an Independent Director of Astra. 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.
About the Company
Astra Exploration Inc. is a precious metals exploration company based out of Vancouver, BC that is actively building a portfolio of high-quality projects in some of the most important mining jurisdictions in Latin America.
The La Manchuria gold-silver project in Santa Cruz, Argentina, over which Astra has an option to acquire 90% interest, is a high-grade gold and silver epithermal deposit located in in the Deseado Massif which hosts multiple world-class epithermal deposits including Cerro Vanguardia and Cerro Negro, Santa Cruz, Argentina.
The 100% owned Pampa Paciencia gold and silver project in northern Chile is located in the Paleocene mineral province in proximity to such major operating mines as Spence and Sierra Gorda. The project shares several important geological similarities to other Paleocene epithermal gold-silver deposits including Faride and El Peñón.
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.
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; completion of the transactions contemplated by the Purchase Agreement; receipt of all required regulatory approvals; 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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