This relates to exploration conducted by the former owner, Taranis Resources Inc (CVE:TRO) from 2002 to 2006, in addition to subsequent exploration undertaken in 2008 on behalf of another listed entity.
The dataset was summarised in various public, independent technical reports prepared to Canadian National Instrument 43-101 standard, assessing the technical and economic potential of the Needles Project.
It will be used to augment Astro’s existing exploration strategy at Needles and could be helpful in fast-tracking the 2021 work program, saving considerable time and cost associated with redrilling areas covered by previous drill-holes.
“Extremely pleased with acquisition”
Astro’s chairman Jacob Khouri said: “The Astro board is extremely pleased with the acquisition of the dataset which appears to contain substantial historic exploration information purchased at a significant discount to the cost of the work undertaken by previous owners.
“Whilst our team still needs to carry out its own assessment and evaluation of the dataset, the information contained will no doubt form an integral part of the exploration strategy at Needles and will prove valuable alongside the DC/IP and seismic work which has already been commissioned.”
Evaluation of data
One of the key parts of the dataset is the drill hole information around the historic Arrowhead Mine along with the mineralised northwest trend that the mine lies within.
Astro’s geologists will now examine and evaluate the data in detail over January and February, particularly the drilling logs, assays and surveys of individual drill holes to enhance the ongoing exploration program Astro is conducting at the project.
The company considers that the acquisition of the dataset and the information contained therein may potentially enable the company to fast-track its exploration strategy of the Needles Project.
However, the final determination will only be arrived at once the dataset has been fully examined and to the extent necessary, tested and validated.