Astra Exploration completes Phase II drilling and Extends Pacienca Vein to 2.1km with Assays Expected in September

(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

Figure 1: Regional ground magnetics map of the Phase II drill hole locations (yellow dots) in the North Zone. White dots represent Phase I hole locations. Black dots are historical holes. (CNW Group/Astra Exploration Limited)

Figure 2: Longitudinal section of the Paciencia Vein System with the 11 Phase II deep drill holes. (CNW Group/Astra Exploration Limited)

Figure 3: Location of the Pampa Paciencia Project in the Paleocene Belt of Northern Chile. (CNW Group/Astra Exploration Limited)

• 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.

SOURCE Astra Exploration Limited

Brian Miller, Chief Executive Officer, Tel. [phone], Email: [email protected]; Nikki McEachnie, Manager of Investor Relations, Marketing & Business Development, Tel: [phone], Email: [email protected]