Mr. Brian Miller reports
ASTRA EXECUTES DEFINITIVE AGREEMENT TO ACQUIRE SQM'S REMAINING 20% INTEREST IN THE PAMPA PACIENCIA GOLD PROJECT IN NORTHERN CHILE
Astra Exploration Inc. has entered into a definitive purchase agreement with Sociedad Quimica y Minera de Chile SA (the seller) with respect to the acquisition of a 20-per-cent interest and title to the Pampa Paciencia project located in northern Chile. Astra Exploration currently owns the remaining 80-per-cent interest in the Pampa Paciencia property.
Chief executive officer Brian Miller commented: "The strategic expansion and acquisition of SQM's remaining 20-per-cent stake in the Pampa Paciencia project is an extremely positive development for Astra Exploration. Acquiring the remaining 20-per-cent interest enables Astra to control 100 per cent 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 Nov. 2, 2022, the company will acquire the 20-per-cent 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 at a deemed value of $174,625 based on the company's closing price of 12 cents per share on Nov. 2. 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-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 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 per cent 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 Astra Exploration Inc.
Astra Exploration is an exploration company based out of Vancouver, B.C. 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.
The technical data and information as disclosed in this news release have been reviewed and approved by Darcy Marud. Mr. Marud is a practising 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.
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