Astra Exploration (TSXV:ASTR) (OTCQB:ATEPF) announces non-brokered private placement to raise up to $1 million with $0.11 units. Brian Miller, CEO, stated: "The discovery of 2,000 additional metres of vein would nearly double the known vein strike at Pampa Paciencia. The grades continue to demonstrate the potential for a large, mineralized gold and silver deposit. This low cost, but very effective exploration conducted by our team further demonstrates the exciting potential we believe exists at Pampa Paciencia. It is reasonable to expect that further work like that just completed will identify additional veins in this under explored district. The company will proceed with a trenching program to better define this gold mineralization ahead of a drill program."
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Video Transcript:
Astra Exploration (TSXV:ASTR) (OTCQB:ATEPF) announced a non-brokered private placement.
The company plans to raise up to $1 million from the placement of up to 9,090,909 units priced at $0.11 per unit.
Each unit consists of one share and one warrant with each warrant exercisable at $0.15 for 24 months.
The shares are trading at $0.11.
The proceeds will be used for exploration activities on Astra's flagship Pampa Paciencia project in Northern Chile and for general working capital.
The flagship 3,840 hectare, road-accessible, low sulphidation epithermal gold-silver project is located within an active mining district less than 15 kilometers from two major mines, Sierra Gorda and Spence, and about 5 kilometers from the Faride mine, in the Antofagasta Region in northern Chile.
Astra has completed drilling, mapping and sampling, geophysical surveys, and localized trenching, at the Pampa Paciencia Project, and in doing so has defined a vein boulder (float) 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.
In January, the company reported that its geologists discovered approximately 2,000 metres of vein subcrop at the Impaciencia Oeste target area.
At Torres, another newly identified target located 1.5 km southeast of Impaciencia Oeste returned surface float containing gold and silver with grades up to 5.33 grams per tonne gold equivalent.
The Torres and Impaciencia Oeste areas are interpreted to be part of the same trend, which aligns with the Faride mine LSE veins to the southeast.
Brian Miller, CEO, stated: "The discovery of 2,000 additional metres of vein would nearly double the known vein strike at Pampa Paciencia. The grades continue to demonstrate the potential for a large, mineralized gold and silver deposit. This low cost, but very effective exploration conducted by our team further demonstrates the exciting potential we believe exists at Pampa Paciencia. It is reasonable to expect that further work like that just completed will identify additional veins in this under explored district. The company will proceed with a trenching program to better define this gold mineralization ahead of a drill program."
For more information on the company and its portfolio of properties in Chile, please visit the company’s website www.astra-exploration.com, contact Brian Miller, CEO, at 604-428-0939 or by email brian.miller@astra-exploration.com.
For investor relations, please contact Nikki McEachnie, Manager of Investor Relations, Marketing & Business Development, at 416-209-4940 or email nikki.mceachnie@astra-exploration.com.
