Astra Exploration Company (Aster-TSXV, ATEPF(OTCQB) has raised $15 million in a large buyout deal to fund a private placement and will use the proceeds to explore and develop the La Manchuria project in Santa Cruz, Argentina.
The private placement consists of 19.4 million common shares at a price of 77 cents per share, the amount raised above previous targets of $13 million and $10 million, and includes the full exercise of the underwriters’ over-allotment option. Michael Gentile, an existing shareholder and company insider, participated in the offering, acquiring 324,700 shares for total proceeds of $250,019.
Astra shares advanced on the news, rising 1.28%, or $0.01, to 79 cents. Shares are trading in a 52-week range of 90 cents to 16.5 cents.
La Manchuria is a high-grade, low-sulphate gold-silver (LSE) refractory deposit located in the rich Deseido Massif region, which hosts several global LSE precious metals deposits, including Cerro Vanguardia and Cerro Negro. Astra has an option to acquire a 90% stake in the project from Patagonia Gold Corp.
In a press release issued on April 15, 2026, the company announced the final batch of tests, consisting of five diamond drill holes from the La Manchuria Phase II drilling program.
Drilling highlights in the western feeder of the main zone included 500 g/t silver and 1.46 g/t gold from a depth of 115 metres, including 0.5 meters of 2197 g/t silver and 6.23 g/t gold at 116.8 metres.
Going forward, the company said the 5,000 meters completed so far will be referred to as Phase 2 and the upcoming fully funded 5,000 meter program will be referred to as Phase 3.
“The 5,000-metre Phase II drilling program at La Manchuria has validated the current geological model, confirming the existence of a low-sulphate thermal system consisting of at least four sets of parallel veins,” said Diego Guido, Astra Exploration Director.
A total of 25 holes were completed in late 2025, totaling 5,119 metres. The Dill Phase II program focused on expanding the near-surface footprint of the mineralization by drilling shallower holes (plus a vertical depth of 200 metres). Five holes were reported in the company’s recent press release that focused on the main area, with one hole in the eastern area and one hole in the road area.
The western feeder line has been identified by 750-metre-long drilling and contains some of the thickest and highest grade veins currently known in La Manchuria, the company said. It remains open in all directions. The Phase 11 program shows that the widespread, shallow mineralization is open in all directions, with 23 of the 25 holes in Phase 2 intersecting potentially economic gold and silver grades. Many high intersecting slopes were concentrated in Stage 11 in the western feeder area and the main area. Phase 11 more than doubled the drilling area and expanded the system into four parallel vein systems with a strike length of approximately 750 metres.
