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Drill program in progress
Underexplored and poorly tested region in a historic mining district
The Gold Springs Property consists of 124 unpatented mining claims located in the Stateline Mining District, Nevada and Utah, U.S.A. Astral intends to expend the bulk of its resources and energy in the 12 months after the completion of its IPO on the exploration of the Gold Springs Property. The Company holds its interest in the Gold Springs Property pursuant to the Amended and Restated Option Agreement between the Company and Nevada Eagle Resources, LLC of Reno, Nevada.
The Gold Springs Project is located within a mineral belt containing several advanced exploration prospects and three past operating gold mines. This area collectively represents a large, under explored, gold-bearing low-sulphidation epithermal system hosted primarily in intermediate volcanic rocks. Multiple mineralized zones, over an area three kilometres by six kilometres, have been outlined on the Gold Springs Project through geological mapping and geochemical sampling. Only limited drill testing has been carried out to date. The most advanced targets are the Jumbo Zone and Etna Zone. Mapping and rock sampling has outlined mineralized zones with dimensions of up to 1200 metres by several hundred metres at Etna and 800 metres by several tens of metres at Jumbo. Previous drilling on the main portion of the Jumbo Zone intersected gold bearing quartz veins and stockworks in all eight holes completed. Results range up to 1.7 g/t gold across an intercept of 42 metres. At Etna, two drill holes have been completed. Both of the holes intersected variably anomalous quartz veins and stockworks, with results ranging up to 8.8 g/t gold across an intercept of 3.0 metres. Results of the magnetometer and CSAMT surveys supports the observations made in the field. The mapping of rock types, structure, and alteration at the Etna and Jumbo Zones has been supported by the geophysics, primarily the CSAMT.
A Phase I exploration program has been prepared with a budget of US$350,000. Any further exploration is considered contingent on positive results in this phase and would include additional drilling and preliminary metallurgical studies and would be budgeted at US$1.0 million. The focus is to prioritize drill targets, specifically at the Jumbo Zone, Etna Zone, and the north Jennie extension, and to evaluate other geological and geochemical targets. The program will continue to include detailed surface mapping with particular emphasis on the structural and potential lithological control of mineralized zones as well as additional in-fill surface sampling consisting of both soil and rock samples.
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