Astra Completes Preparation for March Drill Program at the La Manchuria Project, Argentina

Rhea-AI Summary

Astra Exploration (TSXV: ASTR) (OTCQB: ATEPF) has completed preparations for its March drill program at the La Manchuria Gold and Silver Project in Santa Cruz, Argentina. The company conducted a 120 linear km detailed ground magnetic survey with surface mapping in January to finalize drill targets for the upcoming fully-funded 2,500-metre program.

Historic intercepts at the site have shown significant potential, including 20.5m grading 10.4 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. The company believes these high-grade zones represent the hydrothermal plumbing system and remain open for expansion.

The company has submitted an updated environmental impact report (IIA) and expects to receive its drill permit in February 2025. Additionally, Astra reminds shareholders of in-the-money warrants expiring on February 28, 2025, and announces its participation in upcoming industry conferences.

Positive

• Fully-funded 2,500-metre drill program ready to commence in March 2025
• Historic high-grade intercepts show significant gold and silver mineralization
• Environmental permitting proceeding on schedule
• In-the-money warrants expected to provide additional funding through exercise

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - February 19, 2025) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (FSE: S3I) ("Astra" or the "Company") is pleased to provide an update on exploration activities at the La Manchuria Gold and Silver Project in Santa Cruz, Argentina.

Astra's CEO, Brian Miller commented:

"La Manchuria represents an incredibly rare opportunity for an exploration company. It has evidence of extremely high gold and silver grades that we believe are the sources or 'feeder zones' of the near-surface disseminated resources defined by the previous operators. The project was identified by Astra's in-country team in 2023 and secured in 2024 as Argentina's attractiveness to foreign investment increased. We are excited to test our new understanding of the controls on high grade with the company's maiden 2,500 metre program at La Manchuria in March."

Project Update

In January, field crews were mobilized to La Manchuria to conduct a 120 linear km detailed ground magnetic survey with surface mapping to confirm the new geological model. This work is being used to finalize drill targets for the fully-funded drill program, which is expected to commence in March.

The company believes the high-grade historic intercepts (including 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, as described in "Updated Technical Report On The Mineral Resources Of The La Manchuria Project, Santa Cruz Province, Argentina" with an effective date of February 28, 2019) represent the hydrothermal plumbing system and are open to expand at depth and along strike. These will be among other priority targets in the upcoming drill program.

Permitting is proceeding on schedule. The Company submitted an updated IIA (Informe de Impacto Ambiental) in November 2024 and promptly received comments from the Mining Secretary, requesting the updating of two required field studies. Those studies have been completed and submitted to the Mining Secretary's office, and the Company expects to receive its drill permit this month.

Corporate Update

The Company would like to remind shareholders of the upcoming expiration of in-the-money (as of market close on February 18) warrants which were issued in conjunction with the financing closed on February 28, 2023 (see Astra news release dated March 2, 2023). The warrants will expire on Friday, February 28, 2025, at 5pm Pacific Time. Warrant holders who wish to exercise are asked to contact the company as soon as possible to ensure timely exercise. The Company has received exercise notice from some of the warrant holders and is expecting more in the coming days.

Astra will be attending the Metals Investor Forum (MIF) and Prospectors and Developers Association of Canada (PDAC) conferences in March.

The MIF conference runs from February 28^th - March 1^st and CEO Brian Miller will be presenting on Saturday, March 1^st from 11:30-12:30 Eastern Time.

The Company will be exhibiting at the PDAC conference, March 2^nd - 5^th, in the Investors Exchange at booth number 2310. Astra has also been selected to exhibit in the Core Shack on Sunday March 2^nd and Monday 3^rd in booth number 3104A. Exploration Director, Diego Guido, will be displaying samples of the high-grade drill core from the La Manchuria project.

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. La Manchuria is a gold and silver deposit located in Santa Cruz, Argentina, over which Astra has an option to acquire 90% interest. The Pampa Paciencia gold-silver project is 100% owned by Astra and located in northern Chile.

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.

For further information please contact:

Brian Miller
Chief Executive Officer
Tel. 604.428.0939
Email: brian.miller@astra-exploration.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241429

FAQ

What are the historic gold and silver grades at Astra's La Manchuria Project (ATEPF)?

Historic intercepts at La Manchuria include 20.5m grading 10.4 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.

When will Astra Exploration (ATEPF) begin drilling at La Manchuria?

Astra Exploration plans to commence its 2,500-metre drill program at La Manchuria in March 2025.

What exploration work has ATEPF completed at La Manchuria in 2025?

In January 2025, Astra completed a 120 linear km detailed ground magnetic survey with surface mapping to finalize drill targets.

When do Astra Exploration's (ATEPF) current warrants expire?

The in-the-money warrants issued in February 2023 will expire on February 28, 2025, at 5pm Pacific Time.

What is the status of ATEPF's drilling permits for La Manchuria?

Astra submitted an updated IIA in November 2024, completed required field studies, and expects to receive its drill permit in February 2025.