Vancouver, British Columbia--(Newsfile Corp. - October 25, 2024) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (FSE: S3I) ("Astra" or the "Company") is pleased to announce that in connection with the binding letter agreement dated July 8, 2024 (the "Agreement") approvals from both the existing royalty holder and from the Santa Cruz Provincial authorities have been received, and Astra has delivered timely notice to Patagonia Gold Corp of its election to proceed with the Agreement (see July 9, 2024 news release).
Astra has the exclusive option to acquire up to a 90% interest in the Manchuria epithermal gold-silver Project (the "Project") from Patagonia Gold Corp ("Patagonia") located in the prolific Deseado Massif of Santa Cruz, Argentina.
Astra's CEO, Brian Miller commented:
"Astra's review of the data, and re-logging of drill core continues to produce evidence of a large epithermal system at Manchuria which has the potential to host a high-grade, multi-million-ounce precious metals deposit. Investor interest in both the Manchuria project and in Argentina as a favorable jurisdiction has been very positive, and we're excited to proceed with exploration as soon as possible."
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. Its 100% owned Pampa Paciencia low sulphidation epithermal (LSE) gold-silver project is located in the Paleocene mineral province of northern Chile in proximity to such major operating mines as Spence and Sierra Gorda, and shares several important geological similarities to other Paleocene LSE gold-silver deposits including Faride and El Peñón. The Manchuria LSE gold-silver project over which Astra has an option to acquire 90% interest, is located in the prolific Deseado Massif of Santa Cruz, Argentina which hosts multiple world-class LSE precious metals deposits including Cerro Vanguardia and 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.
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; 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.
