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Astra Exploration adds 2,000 metres of Interpreted Veins with up to 5.33 g/t Gold Equivalent at Pampa Paciencia Project

V.ASTR

Vancouver, British Columbia--(Newsfile Corp. - January 25, 2023) - Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) ("Astra Exploration" or the "Company") is pleased to announce exploration updates on its Pampa Paciencia flagship gold and silver asset in the Paleocene Belt of Northern Chile.

Highlights:

  • Detailed mapping of the Pampa Paciencia project was completed in Q4-2022.
  • Mapping discovered areas of new vein float in the western side of the Impaciencia claims with anomalous gold and silver up to 5.33 grams per tonne (g/t) gold equivalent.
  • 2,000 metres of new interpreted low sulphidation epithermal veins were identified.
  • Two new targets added for follow up with trenching program.

CEO Brian Miller commented: "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."

The lithologies at Pampa Paciencia are known to host epithermal and porphyry mineralization yet remain mostly unexplored. The geological information received from the last two phases of drilling confirmed the need for detailed mapping to further reveal the potential for additional vein-style mineralization. The mapping results demonstrates this potential and was completed by Astra personnel at a 1:5,000 metres scale.

Pampa Paciencia is host to multiple gold and silver bearing Low Sulphidation Epithermal ("LSE") vein subcrops and areas of float material. These subcrops and float materials are in partially covered areas, resulting in the concealed veins only being discovered in 2015.

Mapping has defined two lithological and mineralization domains that are separated by the major Cerro Dominador NNE-striking fault. The Western domain is characterized by the presence of Cretaceous volcanic rocks as well as Cretaceous and Paleocene intrusive rocks with LSE vein mineralization and alteration, whereas the Eastern domain is characterized by Cretaceous to Paleocene intrusive rocks with porphyry-related hydrothermal alteration (Fig. 1).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_002.jpg

Figure 1: Geological and mineralization map of the Pampa Paciencia project, with an inset of the stratigraphic column.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_002full.jpg

A total of 2,000 metres of new interpreted vein strike length was added at the Impaciencia Oeste target area, with anomalous precious metals values of up to 3.36 ppm Au equivalent (0.75 ppm Au and 209 ppm Ag) in the north portion of this area (Fig. 2).

At Torres, another newly identified target located 1.5 km southeast of Impaciencia Oeste, LSE vein float was identified and accounts for up to 10% of the subcrop and float. The area was sampled with a 100 m by 100 m grid and samples returned up to 5.33 ppm Au equivalent (3.93 ppm Au and 112 ppm Ag). NW and NE structures can be interpreted from the geochemical results at this grid sampling. (Fig. 2).

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 SE (Fig. 1 & 2). This trend, and in particular these two new targets, are ready for a trenching program to define thickness and grade of the veins and to define new drill targets in the Impaciencia claim area.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_003.jpg

Figure 2: Detail of the new mineralized areas discovered at Impaciencia claims at the Pampa Paciencia project.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_003full.jpg

Cambridge House - VRIC Participation

Astra Exploration will be participating at the Cambridge House - Vancouver Resource Investment Conference from January 29th-30th held in Vancouver, Canada and will be located at booth #508.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_004.jpg

Figure 3: Location of the Pampa Paciencia epithermal gold-silver project in the Paleocene Belt of northern Chile.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8951/152425_a53cd4d1c4cdf8c8_004full.jpg

About Pampa Paciencia

Pampa Paciencia is a 3,840 hectare road-access 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 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.

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 Project.

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: brian.miller@astra-exploration.com

OR

Nikki McEachnie
Manager of Investor Relations, Marketing & Business Development
Tel: 416.209.4940
Email: nikki.mceachnie@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/152425