The new claims adjoin the company’s existing 113 claims and contain the same volcanic lithologies and alteration present in the adjoining area of Needles, prospective for Round Mountain-type epithermal gold deposits.
“Significantly increase footprint”
The additional claims have an area of 2.17 square kilometres, increasing the total area of the company’s Needles property by 23% to 11.62 square kilometres.
Astro chairman Jacob Khouri said: “We are excited about staking this new ground adjacent to our Needles gold property.
“The new tenements significantly increase the footprint of our landholding in the area that we believe has strong potential for epithermal gold deposits.
“The tenements appear to cover the same prospective volcanic units we have identified in our central project area, increasing our chances of success in our exploration of Needles as well as reinforcing the company’s commitment to this project.”
Google Earth Image of Needles Property showing new tenements (purple) and existing tenements (green) with areas of interpreted alteration in pale pink within the new tenements.
Completion expected to occur shortly
Certificates of location have been lodged with the NYE county today and the final leg of the process is for registration with the Bureau of Land Management (BLM).
These steps are considered to be procedural, with final confirmation expected shortly.
Once the claims are complete, Astro intends to carry out detailed geological mapping and rock-chip sampling across the newly staked tenements.
Trading halt granted
Astro has been granted a trading halt by the ASX with an announcement pending in relation to a proposed capital raising.
The halt will be in place until the start of regular trading on Wednesday, February 24, or when an announcement is released to the market, whichever occurs earliest.