Astra Exploration Inc. (ASTR:TSX.V; ATEPF:OTCQB) reported assay results from seven diamond drill holes from the Phase II drill program at the La Manchuria Gold and Silver Project in Santa Cruz, Argentina. The holes form part of the company's ongoing exploration work at the project, with assays for an additional 12 holes still pending.
Among the reported results, hole LMD-128 in the Basalto Zone intersected 6.3 metres grading 837 g/t silver and 3.32 g/t gold, including 1 metre grading 3,309 g/t silver and 11.45 g/t gold and 1 metre grading 1,209 g/t silver and 6.07 g/t gold. In the East Feeder portion of the Main Zone, hole LMD-123 returned an interval of 1 metre grading 541 g/t silver and 2.0 g/t gold. According to the company, veins in the Main Zone appear to be converging with depth, which the company said could represent drill targets for feeder systems at relatively shallow depths.
Astra CEO Brian Miller said in a company news release, "We are very encouraged with this set of drill holes for a number of reasons. First, structural data shows early indications that the West, Central, and East Feeders in the Main Zone could be converging at depth, which is exactly what we'd hoped to see in our pursuit of the high-grade feeder structures."
The results also included drilling from the Basalto Zone, which the company described as an unexplored parallel vein system located approximately 200 to 300 metres southwest of the Main Zone. Hole LMD-128 intersected shallow groups of silver-rich veinlets and hydrothermal breccias from 24.5 to 39 metres downhole. The company reported that the vein system strikes west-northwest and dips to the east and remains open along strike and at depth.
Astra Exploration Director Diego Guido said in a company news release that mineralization and vein textures encountered in the Basalto Zone confirmed a shallow-level low-sulphidation epithermal environment in a previously untested area of the project. Guido said, "The high-grade silver (locally multi-kilogram silver) accompanied by significant gold values within this shallow LSE setting highlights the fertility of the La Manchuria hydrothermal system and supports continued drilling in the area."
Drilling results were also reported from the West Feeder and East Feeder portions of the Main Zone. Holes LMD-125 and LMD-126 intersected gold and silver mineralization within shallow levels of the epithermal system. Assays remain pending for four additional holes in this area. In the East Feeder, holes LMD-123 and LMD-124 returned multiple intervals of gold and silver mineralization along their lengths.
In the Road Zone, hole LMD-122 represented the first drill test of the area. The hole intersected two epithermal structures described as the shallowest system elevations observed at the project to date. The company reported that the hole encountered low-grade mineralization while epithermal textures were observed.
The Phase II program followed earlier work completed in late 2025, in which Astra drilled 25 holes totaling 5,119 metres. The program focused on expanding the near-surface footprint of the mineralized system with drill holes targeting less than 200 metres of vertical depth.
Gold and Silver Markets React to Geopolitical Tensions and Currency Strength
FactSet wrote on March 9 that trading in the metals markets had been mixed, stating that "silver settled higher for a second session amid earlier weakness in equities, while gold settled lower, furthering a string of choppy trading amid the stronger dollar and a light economic data calendar and no comments from Fed officials during the blackout period ahead of the 18-Mar FOMC meeting." The report also noted broader commodity market movements, adding that "copper recovered from earlier weakness, following nickel higher amid the Middle East turmoil and related shipping concerns; aluminum pulled back amid a firmer dollar."
Commentary from Chen Lin in the March 9 edition of the "What's Chen Buying? What's Chen Selling?" newsletter discussed how geopolitical events had coincided with market volatility affecting metals and mining shares. Chen Lin wrote that "the market is down hard and gold/silver are weakened, likely due to margin calls." Despite the pullback in metal prices, he noted the financial positioning of producers, writing that "I own a lot of mining stocks, they are down so much lately, even 4000/60 gold/silver, they will make a killing. Plus, most have excellent balance sheets."
A March 9 weekly market review from Couloir Capital also reported pressure across metals markets during the week. The firm stated that "gold prices ended lower by 2.0% during the week as the escalation of the Iran conflict triggered a strong rally in the U.S. dollar and oil prices, which pressured the precious metal." According to the report, currency movements played a significant role, explaining that "investors moved into the dollar as a safe-haven currency, making gold more expensive for holders of other currencies and reducing demand." The report also noted weakness in silver, writing that "silver prices posted a loss of 10.1% during the week despite geopolitical tensions that typically support safe-haven demand."
Kitco News reported on March 9 that precious metals were trading lower during early U.S. hours as broader economic concerns influenced market sentiment. Kitco wrote that "gold and silver prices are lower in early U.S. trading Monday, on increasing marketplace worries that the war in Iran will cause global stagflation that includes higher interest rates." The publication reported that April gold futures had declined by US$65.50 to US$5,092.00 while May silver futures were down US$0.906 to US$83.35. The report also noted ongoing central bank demand for the metal, stating that "gold held by the People's Bank of China rose by 30,000 troy ounces last month to 74.22 million fine troy ounces," which extended the central bank's recent accumulation trend.
Analysts Point to Expanding Feeder Zone System at La Manchuria
According to a March 5 report from TheGoldAdvisor.com by Jeff Clark and Daniel Flynn, "anticipation around Astra's La Manchuria gold-silver project in Argentina continues to build with every round of drilling." The report stated that "assays from seven Phase II holes all intersecting multiple intervals of mineralization," which the authors said pointed toward "a growing and increasingly well-connected system of feeder zones at relatively shallow depths."
TheGoldAdvisor.com described the Basalto Zone as "an unexplored parallel vein system located roughly 200–300 meters southwest of La Manchuria's Main Zone." The report stated that two follow-up holes expanded the zone and "confirmed a widening shallow vein system that remains open along strike and at depth." It also reported that the best intercept from hole LMD-128 returned "6.3m grading 837 g/t silver and 3.32 g/t gold, including 1m grading 3,309 g/t silver and 11.45 g/t gold and 1m grading 1,209 g/t silver and 6.07 g/t gold."
Clark and Flynn also wrote that drilling results from other areas of the project added context to the mineralized system. The report stated that holes LMD-123 and LMD-124 supported "Astra's shallow bulk disseminated mineralization model at the East Feeder, which remains open in multiple directions." It further noted that the first hole drilled in the Road Zone intersected "two epithermal structures representing the shallowest levels of the system identified so far."
The report also addressed the structural interpretation of the deposit, stating that "drilling continues to support the idea of a shallow bulk disseminated system, while structural evidence is building that the West, Central, and East feeders in the Main Zone may converge at depth." The authors added that these feeder structures "form the plumbing system that feeds mineralization into the broader deposit."
TheGoldAdvisor.com provided a BUY rating in the report.
Ongoing Drilling and Structural Targets at the La Manchuria Project
According to the January 2026 Astra Corporate Presentation, the company has been advancing a Phase II drill program of approximately 10,000 metres at the La Manchuria project, which commenced in October 2025.
Streetwise Ownership Overview*
Astra Exploration Inc. (ASTR:TSX.V; ATEPF:OTCQB)
The presentation states that the Phase II drilling has confirmed continuity of the Eastern Zone vein system, with a minimum strike length of approximately 200 metres and extension to roughly 150 metres depth.
The presentation also reports the identification of a new parallel structure referred to as the Road Zone. This structure is located approximately 350 metres northeast of the Eastern Zone and represents an additional exploration area within the project.
The geophysical work described in the presentation indicates that three-dimensional geophysical data show faulted blocks within the Main Zone area. The West Feeder has been interpreted to extend both to the northwest and southeast and remains open along strike in both directions.
The presentation also states that ongoing drilling activity at the La Manchuria project is generating assay results as the program advances.
Ownership and Share Structure
Management and Insiders own 21.70% of Astra. Michael Genile holds the most at 16.01% and Brian Claude Miller owns 3.01%. The Institution, Alps Advisors, Inc, owns 0.08%. The rest is retail.
Astra has 116.95 million outstanding shares, a market cap of CA$64.56 million, and a 52-week range of CA$0.15 - CA$0.78.
| Want to be the first to know about interesting Silver and Gold investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
