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| | October 04, 2006
Astron Begins Comprehensive Assay Program and Prepares for Drilling
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| | October 4, 2006 - Astron Resources Corporation (TSXV: ARC) ("Astron") is pleased to announce that it has recently initiated a substantial assay program at it's 100% owned Pumpkin Hollow Copper Development Property located in Nevada. The assay program will make use of samples collected during previous drill programs, and will assay for gold, silver and molybdenum.
The Pumpkin Hollow property has a National Instrument 43-101 compliant measured and indicated resource of 2.7 billion pounds of copper in addition to an inferred resource of 3.4 billion pounds of copper in addition to a substantial iron resource, as recently announced.
Previous drill programs assayed for gold, silver and molybdenum on a very limited basis. Historic results include 105 feet grading 0.039 ounces per ton (1.3 grams per tonne) gold (drill hole #KM-44) and 32 feet grading 0.04% molybdenum (drill hole #N-93-1). These and other encouraging results suggest the current assay program has potential to add metal credits to the current resource estimate. Added metal credits would enhance project economics, currently based on the copper and iron resources.
Most of the holes drilled to date at Pumpkin Hollow will be assayed for gold, silver and molybdenum. The current assay program will consist of at least 4,000 samples, and will focus on the higher grade portions of the Pumpkin Hollow resources, affecting over half of the known resources. Following completion of the assay program, the geologic model and resource estimate will be updated. Results from the assay program are expected on an ongoing basis over the next 4 to 5 months.
Concurrent with the assay program Astron will conduct a confirmation and expansion drilling program at Pumpkin Hollow. Design of the initial drill program is complete. The initial drill campaign is expected to consist of 30,000 feet of drilling and is scheduled to commence in November of 2006. Completion of the drilling campaign is expected within 4 or 5 months of the start of drilling.
Results from both the drilling program and assay program are designed to enhance the property's economics and resources. Astron plans to utilize these new assay and drill data when advancing the property into feasibility during 2007.
Pumpkin Hollow Copper Development Property
The 100% owned Pumpkin Hollow Copper Development Property is located in Northwestern Nevada, one hundred miles Southeast of Reno. The Pumpkin Hollow property hosts substantial porphyry related copper-iron skarn resources. Recently, a NI 43-101 compliant resource estimate for the development-stage property was completed by an independent engineering firm, Gustavson Associates of Boulder, Colorado, as previously announced.
As previously reported, at a 0.2% cutoff, Gustavson estimated a measured and indicated copper resource of 2.7 billion pounds, in addition to an inferred copper resource of 3.4 billion pounds described as follows:
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Cu grade Contained CU Iron Grade
Classification Tons % (lbs) %
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Measured
and Indicated 312,063,000 0.44 2,752,000,000 12.3
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Inferred 454,021,000 0.37 3,396,000,000 8.2
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The resources are located on patented mining claims within a contiguous 11 square-mile land package held by Astron, comprised of patented and unpatented claims. Locally, grades of copper exceed 4% and magnetite grades are over 70%. For example previous drilling on the East and E2 deposits have returned values of 4.47% copper over a true width of 90 feet (USX hole KM18), and 4.2% copper over a true width of 115 feet (USX hole KM44); and in the Northwest deposit, USX hole USS44 returned 4.54% copper over a true width of 173 feet.
Pumpkin Hollow has a well-documented history with over 590,000 feet of drilling completed by several major mining companies including U.S. Steel Corporation ("USX"), Anaconda Copper Corporation, Conoco, Inc. and Cyprus Metals Exploration Corporation. In addition, the project benefits from various levels of historic mine design, metallurgical evaluations and baseline studies that have been completed.
The copper deposits are chalcopyrite-rich magnetite bodies amenable to a mix of open-pit and underground mining methods. Metallurgical testing has given very favorable results with 85% copper recoveries. Based on preliminary examination of the data, the potential for by-products of gold, silver and molybdenum is being investigated with a substantial assay program using samples collected during previous drilling programs.
The property is accessible by paved road and is located on flat to gently rolling terrain. Pumpkin Hollow is uniquely positioned in an area with excellent infrastructure including power on the property, natural gas supply and railroad siding within 8 miles, and a reliable local labor force.
The qualified person who is responsible for the preparation of the technical information in this news release is Gregory French, CPG #10708, and a Qualified Person as defined in Canadian National Instrument 43-101.
About Astron
Astron is a base metal company engaged in the acquisition and development of copper deposits located in the United States. Astron is advancing its Pumpkin Hollow Copper Development Property in Nevada which currently has a measured and indicated resource of 2.7 billion pounds of copper, in addition to an inferred resource of 3.4 billion pounds of copper.
Astron has 27.0 million shares outstanding and is well financed with no debt. For additional information about Astron please visit our website at www.astronresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF \
ASTRON RESOURCES CORPORATION
Giulio T. Bonifacio
Director
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
For further information call:
Longview Strategies Incorporated
Attention: Michael Rodger
Phone: 604-681-5755
OR
Giulio T. Bonifacio, Director
Phone: 604-699-0023
Susan L. Wilson, Corporate Communications
Phone: 604-688-7508
Email: info@astronresources.com |
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