Astra Exploration Receives Environmental Approval For Pampa Paciencia Project

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2024) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) (FSE: S3I) ("Astra" or the "Company") is pleased to announce that its wholly-owned subsidiary, Astra Exploration Chile SpA, has received approval of its Environmental Impact Assessment (EIA) for the Pampa Paciencia project in northern Chile (Figure 1).

CEO Brian Miller commented:

"Securing the approved EIA is an important milestone for Astra which allows us to extensively explore the gold-silver epithermal system and focus on expanding its size. Importantly, Astra is readily able to conduct geophysical surveys and drilling operations on the entirety of the Paciencia District claim group, which hosts several kilometers of untested epithermal vein targets and a large porphyry copper target. The permitting process went as expected and concluded on schedule, and we are excited to proceed with further geophysics and drilling as soon as possible."

 
Figure 1: Location of the Paciencia District in northern Chile, approximately 15km from Spence and Sierra Gorda mines and 5km from the Faride epithermal mine.
 
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The EIA permitting process was initiated immediately upon completion of the second of two successful drill programs in 2022, where three separate shoots of high-grade gold were discovered from approximately 7,000 metres of RC drilling in 45 holes. These drill programs produced select assay results of 14.48 grams per tonne (g/t) gold plus 39.7 g/t silver over 3 metres in PPRC-22-12, and 3 g/t gold plus 121 g/t silver over 9 metres in PPRC-22-45 (see May 2 and Sept. 26, 2022 news releases respectively).

Under the initial permit, the Company was limited to a maximum of 39 platforms, all of which were used in a small area representing less than ten percent of the project area (Figure 2). The new permit allows the Company to build up to 330 new drill platforms and includes provisions for extensive geophysical surveys.

 
Figure 2: Ground magnetics map with white shapes outlining areas drilled during 2022 Phase I and II drilling.
 
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About Pampa Paciencia

Pampa Paciencia is a road-accessible low sulphidation epithermal ("LSE") gold-silver project located within an active mining district less than 15 kilometres from two major mines (Sierra Gorda and Spence) and about five kilometres from the Faride LSE mine.

Astra has completed drilling, mapping, sampling, geophysical surveys, and localized trenching at the Pampa Paciencia Project, and in doing so has confirmed the discovery of a large, gold-silver epithermal vein system and 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.

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 District.

Qualified Person

The technical data and information as disclosed in this news release has been reviewed and approved by Darcy Marud. 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: [email protected]

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.

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