(Astra Exploration, 3.Nov.2022) — Astra Exploration Inc. (TSXV: ASTR) (OTCQB: ATEPF) has entered into a definitive purchase agreement with Sociedad Quimica y Minera de Chile S.A. (the “Seller”) with respect to the acquisition of a 20% interest and title to the Pampa Paciencia project located in Northern Chile. Astra Exploration Inc. currently owns the remaining 80% interest in the Pampa Paciencia Property.
CEO Brian Miller Commented: “The strategic expansion and acquisition of SQM’s remaining 20% stake in the Pampa Paciencia project is an extremely positive development for Astra Exploration. Acquiring the remaining 20% interest enables Astra to control 100% of critical prospective ground and expands our strategic foothold in this emerging epithermal district of Northern Chile. This is a major milestone for Astra and our shareholders.”
Pursuant to the Purchase Agreement dated 2 November 2022, the company will acquire the 20% interest in the Pampa Paciencia Project held by the Seller for total consideration of the issuance to the Seller of 1,455,208 common shares in the capital of the company (the “Consideration Shares”) at a deemed value of $174,625 based on the company’s closing price of $0.12 per share on 2 November. The closing of the transaction contemplated by the Purchase Agreement remains subject to approval of the TSX Venture Exchange. The Consideration Shares will be subject to a four month hold period pursuant to applicable securities laws.
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 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 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 prospectively.