Northern Chile-focused Astra Exploration Inc. (TSXV:ASTR) has closed its qualifying and has commenced trading on the TSX Venture Exchange (TSXV).
Company Highlights
- 25,056,753 shares outstanding (13,765,837 subject to escrow agreements)
- An expert technical team including the leaders of the following epithermal discoveries; El Peñon in Chile (Yamana Gold), Pingüino in Argentina (Austral Gold, formerly Argentex) and Panuco in Mexico (Vizsla Silver)
- The Pampa Paciencia project, our flagship asset with open high grade gold intercepts in northern Chile (Astra owns 80% interest in eastern claim group)
- A fully-funded drilling program of 3,000 m to commence at Pampa Paciencia in February, 2022
- The Cerro Bayo project (100% owned), a high-sulphidation epithermal (HSE) gold project in the world-class Maricunga belt of northern Chile
“Completion of the transaction and listing of Astra is the beginning of an exciting 2022 for the company,” CEO Brian Miller said.
“Astra is well positioned with a very tight share structure and an exciting portfolio of epithermal gold projects. The team has a proven discovery track record and a deep understanding of exploration in Chile.
“The company’s philosophy is to apply our discovery expertise to epithermal projects in Chile which have been historically overlooked due to a focus on copper exploration in the country. We will start drilling immediately at Pampa Paciencia with a fully-funded program and are reviewing a pipeline of complimentary assets in the country.”
New Board and Management
On closing of the Transaction, all of the existing directors and officers of the company resigned and the following individuals were appointed as directors and officers of the company:
Board Members
Brian Miller – Chief Executive Officer and Director
Charles Funk – Director
Darcy Marud – Director
David Caulfield – Director
Management
Brian Miller – Chief Executive Officer and Director
Mahesh Liyanage – Chief Financial Officer
Diego Guido – Exploration Director
Roberto Alarcon Bittner – VP & Country Manager (Astra Exploration Chile SpA)
Sheryl Dhillon – Corporate Secretary
Pampa Paciencia Project
Pampa Paciencia is a drill ready low sulphidation epithermal (LSE) project located in Northern Chile. The property was previously explored by B2 Gold in a joint venture with Arena Minerals who discovered a northwest-trending vein (Paciencia Vein) in the North Zone and completed a single drill program in 2015. This drill programme returned a number of notable intercepts that Astra intends to expand upon:
- PP15-007:75 meters grading 7.71 g/t (grams per tonne) gold and 46.6 g/t silver
- PP15-006:1 meters grading 8.13 g/t gold and 29.1 g/t silver within a broader interval of 21 meters grading 1.69 g/t gold and 22.1 g/t silver
- PP15-001:0 metres grading 1.24 g/t gold and 67.7 g/t silver
A longitudinal section along the Paciencia vein in the North zone (Figure 2) shows large gaps around mineralised intercepts and no drilling beneath them.
Astra management believes these intercepts may be the discovery holes into mineralised shoots along the vein. The company will step out and underneath from these hits with a drill programme commencing in February that aims to define larger panels of mineralisation along the vein.
Cerro Bayo Project
Cerro Bayo is a 4,480 hectare project located approximately 120 km east of Copiapó in the Maricunga Belt of northern Chile, a prolific gold region with a known endowment of +90Moz of gold. The project is road accessible with nearby infrastructure and is approximately 25 km northeast of the Norte Abierto project co-owned by Newmont and Barrick. Norte Abierto has proven and probable reserves of 23.2 million ounces of gold and 5.8 billion pounds of copper and measured and indicated resources of 26.6 million ounces of gold and 6.7 billion pounds of copper.
Cerro Bayo was drilled in 1990 and only limited to the Cerro Bayo hill. 8 RC holes totalling 1,660m were completed and tested a very discrete area to a depth of approximately 200 m below surface.
Mapping and a geochemical grid in the same area showed open high sulphidation (HSE) mineralisation outcropping at surface, with anomalous gold.
Astra is encouraged by its current understanding of Cerro Bayo and is evaluating multiple avenues for advancing the project.
For further information please visit: https://astra-exploration.com/
