Interview with Brian Miller, CEO of Astra Exploration
Our previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-15m-raise-supports-high-grade-gold-silver-target-in-argentina-10209
Recording date: 22nd September 2026
Astra Exploration (TSXV:ASTR) is a precious metals explorer focused on gold and silver in Argentina and Chile. Its flagship is the La Manchuria project in Santa Cruz, Argentina, where the company holds 80% with an option to acquire 90% from Patagonia Gold Corp.
The final Phase III assays, released on 17 September 2026, covered eight holes from a 16-hole, 5,176-metre programme. Highlights were 3 metres at 4.34 g/t gold and 363.7 g/t silver at the Basalto Zone, and 8 metres at 3.12 g/t gold and 10.3 g/t silver in the Eastern Zone. Both remain open.
CEO Brian Miller states Phase III showed expansion in two systems. One is a disseminated bulk-tonnage system at surface. The other is a high-grade vein system. He also acknowledged that one target did not work. Holes drilled at 300 to 350 metres beneath apparently converging veins found narrow, low-grade veins in andesite. Miller called the result local. Astra will now concentrate on rhyolites and pyroclastics, which he said have been more predictable.
Miller also addressed how the market may value the two systems. He said an analyst who knows geology and mining favours the growing bulk system, while the wider market tends to prefer headline vein grades such as 80 g/t gold. He said little has changed at the project, and that some investors who held for a single target sold after the miss. He did not identify a direct peer, saying the two-system setting is somewhat unique.
The next phase is built around scale. Geological and geophysical data define five undrilled regional targets over a 4 by 4 kilometre footprint. Miller's favourite is Breccia, to the southeast, on strike with the Manchuria Hill vein structures. Astra has also expanded its La Manchuria claims from about 5,600 to about 39,000 hectares.
Astra plans 10,000 to 20,000 metres of drilling with two drills. Miller described 10,000 metres as the minimum. Drilling at La Manchuria is due to begin in November, with roughly 5,000 metres by year-end and a further 5,000 metres in the first quarter of 2027. The split between Manchuria Hill and the regional targets will follow results. The company reports C$12.5 million in treasury and describes its programmes as fully funded.
Don Mario sits in Chile's Maricunga belt, about 20 kilometres from the Refugio Mine. First-pass drilling is planned for January and February. A news release on the targeting work is expected in the next couple of weeks.
Investors should weigh several risks. Host-rock variability has already produced one miss. Winter reduces drilling productivity and raises cost per metre in Argentina. Assay turnaround has been slow, which can delay news flow. Miller also said the shares traded near their 52-week low in the week of the interview, and sentiment has reacted to individual drill results.
Near-term watch-items include the Don Mario release, the first assays from the Q4 2026 campaign, and how Astra allocates its early metres. Any conclusion will rest on assay results rather than on the plan alone.
Learn more: https://www.cruxinvestor.com/companies/astra-exploration
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