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Aston Bay and American West Metals Announce 8% Copper Intersected at the Storm Copper Project, Nunavut
Aston Bay Holdings Ltd. (TSXV:BAY) (OTCQB:ATBHF) ("Aston Bay" or the "Company") reports significant new drill results from the spring reverse circulation (RC) drilling program at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. The program was conducted this April and May by American West Metals Limited ("American West"), who are the project operator since entering an option agreement with Aston Bay in March 2021.
- Additional thick and high-grade near-surface copper intervals intersected at the 4100N Zone with numerous intervals over 5% Cu and a peak value of 8% Cu
- Drill hole SR23-13 has intersected:
- 29m @ 1.2% Cu from 62.5m, including,
- 3m @ 5% Cu from 86.9m, including,
- 1.5m @ 8.2% Cu from 86.9m
- 3m @ 5% Cu from 86.9m, including,
- Drill hole SR23-14 has intersected:
- 25.9m @ 1.3% Cu from 61m, including,
- 9.1m @ 2.1% Cu from 76.2m, including,
- 3m @ 3.7% Cu from 82.3m
- 9.1m @ 2.1% Cu from 76.2m, including,
- Drill hole SR23-07 has intersected:
- 10.7m @ 1.3% Cu from 76.2m, including,
- 4.6m @ 2.9% Cu from 76.2m, including,
- 1.5m @ 6.5% Cu from 76.2m
- 4.6m @ 2.9% Cu from 76.2m, including,
- Drill hole SR23-09 has intersected:
- 10.6m @ 1% Cu from 67.1m, including,
- 4.6m @ 2% Cu from 71.6m
- Copper mineralization remains open laterally in all directions
- These results continue to expand the volume of the near-surface mineralization and provide further support for the exploration potential of the large gravity anomaly located below the 4100N Zone
Figure 1: Plan view of the 4100N Zone showing interpreted copper mineralization footprint (defined by historical drilling and EM), historical and recent drilling details, overlaying regional geology. Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of stated length.
HIGH GRADES AND THICK INTERVALS CONTINUE
Assay results have been received and interpretation has been completed on drill holes SR23-07, SR23-08, SR23-09, SR23-13, SR23-14, and SR23-15. The drill holes are located within the central part of the 4100N Zone and have been prioritized to allow resource modeling on drill sections with complete data sets.
The drilling results continue to demonstrate consistent copper grades and excellent lateral continuity of the known copper mineralization. The mineralization is open along most sections and is defined by broad intervals of vein and fracture-style chalcocite, bornite and lesser chalcopyrite hosted within a distinct, horizontally extensive dolomite.
Multiple very high-grade lenses are located within the broader zones of mineralization, and these targets and further expansion of the mineralized footprint will be a focus for follow-up drilling in this zone.
Hole ID | Prospect | Easting | Northing | Depth (m) | Azimuth | Inclination | Copper Mineralized Interval (m) |
SR23-01 | 4100N | 464991 | 8174285 | 137.2 | 180 | -65 | 28.9 |
SR23-02 | 4100N | 464990 | 8174157 | 140.2 | 180 | -59 | 21 |
SR23-03 | 4100N | 465041 | 8174251 | 151 | 178 | -65 | 52.5 |
SR23-04 | 4100N | 465045 | 8174166 | 152.4 | 179 | -69 | 25.9 |
SR23-05 | 4100N | 464899 | 8174146 | 131.1 | 180 | -66 | 21.3 |
SR23-06 | 4100N | 464899 | 8174261 | 166.1 | 180 | -69 | 13.7 |
SR23-07 | 4100N | 464805 | 8174203 | 137.2 | 180 | -71 | 7.7 |
SR23-08 | 4100N | 464726 | 8174286 | 118.9 | 180 | -69 | 6.1 |
SR23-09 | 4100N | 464726 | 8174206 | 164.6 | 180 | -69 | 13.8 |
SR23-10 | 4100N | 464638 | 8174315 | 125 | 180 | -70 | 10.6 |
SR23-11 | 4100N | 464667 | 8174223 | 140.2 | 180 | -70 | 25.9 |
SR23-12 | 4100N | 465115 | 8174317 | 149.4 | 179 | -73 | 12.2 |
SR23-13 | 4100N | 465051 | 8174321 | 175.3 | 180 | -65 | 29 |
SR23-14 | 4100N | 464948 | 8174227 | 160 | 180 | -65 | 25.9 |
SR23-15 | 4100N | 464853 | 8174167 | 121.9 | 180 | -65 | 10.7 |
SR23-16 | 4100N | 465138 | 8174247 | 132.6 | 180 | -70 | 7.62 |
SR23-17 | 4100N | 465139 | 8174173 | 129.5 | 180 | -66 | 19.8 |
Table 1: 2023 program drill hole details and copper mineralization summary. The "Copper Mineralized Interval" data is based on laboratory assays (in bold) and visual estimates.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
DRILL HOLE SR23-07 DETAILS
SR23-07 was drilled to a downhole depth of 137.2m and is located on drill section 464,800E (Figure 2), the same section as historical drill holes ST97-14, ST99-56, and ST99-54.
SR23-07 intersected two horizontal zones of strong vein and fracture-style copper sulfide mineralization hosted within fractured dolomite. The grade and mineralogy are identical to that of the historical drill holes and confirm the excellent lateral continuity of the mineralization along this section.
Figure 2: Geological section view at 464,800E showing the interpreted mineralization envelope (>>1% Cu) and recent drill hole assays and visual observations. Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of stated length.
Tables 2 - 7 below summarise the significant intersections in drilling. Intersections are expressed as downhole widths and are interpreted to be approximately 90-100% of true width. A cut-off grade of 0.5% copper is used to define a significant intersection and is based on mineralogy, mineralization habit and expected beneficiation performance.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-07 | 50.3 | 54.9 | 4.6 | 0.9 | - | 2 |
Including | 51.8 | 54.9 | 3.1 | 1 | - | 2.5 |
And | 76.2 | 86.9 | 10.7 | 1.3 | - | 2.9 |
Including | 76.2 | 80.8 | 4.6 | 2.9 | - | 5.7 |
Including | 76.2 | 77.7 | 1.5 | 6.5 | - | 13 |
Table 2: Summary of significant drilling intersections for drill hole SR23-07 (>0.5% Cu)
DRILL HOLE SR23-08 and SR23-09 DETAILS
SR23-08 and SR23-09 were drilled along section 464,725E (Figure 3). The drill holes were completed to a downhole depth of 118.9m and 164.6m respectively and were designed to test the continuity of the mineralization between the thick intervals of copper encountered within historical drill holes ST00-61 and ST00-62.
Both drill holes intersected wide zones of vein and fracture-style copper sulfide mineralization hosted within fractured dolomite. Higher-grade zones of mineralization (>2% Cu) are contained within the broader intervals of >1% copper sulfide mineralization.
The mineralization on drill section 464,725E remains open to the north.
Figure 3: Geological section view at 464,725E showing the interpreted mineralization envelope (>1% Cu) and recent drill hole assays and visual observations. Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of stated length.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-08 | 71.6 | 82.3 | 10.7 | 0.6 | - | 3.2 |
Including | 80.8 | 82.3 | 1.5 | 1.6 | - | 2 |
Table 3: Summary of significant drilling intersections for drill hole SR23-08 (>0.5% Cu)
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-09 | 67.1 | 77.7 | 10.6 | 1 | - | 5.3 |
Including | 71.6 | 76.2 | 4.6 | 2 | - | 10.3 |
And | 82.3 | 85.3 | 3 | 1 | 6 |
Table 4: Summary of significant drilling intersections for drill hole SR23-09 (>0.5% Cu)
DRILL HOLE SR23-13 DETAILS
Drill hole SR23-13 was completed on the same section (465,050E) as drill holes SR23-03 and SR23-04 (Figure 4). The drill hole is located to the north of SR23-03 (67m (core length) @ 1.1% Cu) and was drilled to a downhole depth of 175.3m.
The drill hole confirmed the extension of the thick mineralization to the north and intersected a broad interval of strong copper sulfide mineralization with three higher-grade bands. The lower 1.5m thick band consists of very dense chalcocite veining and averages 8.2% Cu.
Importantly, SR23-13 remains open to the north in an area with significant EM anomalism.
Figure 4: Geological section view at 465,050E showing the interpreted mineralization envelope (>1% Cu) and recent drill hole assays and visual observations. Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of stated length.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-13 | 62.5 | 91.5 | 29 | 1.2 | - | 3.7 |
Including | 62.5 | 64 | 1.5 | 2.9 | - | 8 |
And | 67.1 | 68.6 | 1.5 | 2.4 | - | 20 |
And | 80.8 | 82.3 | 1.5 | 2.1 | - | 5 |
And | 86.7 | 91.4 | 4.7 | 3.5 | - | 4.7 |
Including | 86.9 | 89.9 | 3 | 5 | - | 6 |
Including | 86.9 | 88.4 | 1.5 | 8.2 | - | 9 |
Table 5: Summary of significant drilling intersections for drill hole SR23-13 (>0.5% Cu)
DRILL HOLE SR23-14 and SR23-15 DETAILS
SR23-14 and SR23-15 were drilled to test continuity along the East-West main strike of the mineralization. The holes were drilled to a downhole depth of 160m and 166.1m respectively.
The drill holes have successfully confirmed the consistency of the copper mineralization between the historical sections and increased the resource confidence in the central part of the 4100N Zone.
Drill hole SR23-14 has intersected a single, very wide interval of vein and fracture-style copper sulfide mineralization with individual assays up to 4.9% Cu.
Drill hole SR23-15 also intersected a wide zone (30m) of >0.5% Cu mineralization with higher-grade bands of >1% Cu mineralization toward the base of the interval.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-14 | 61 | 86.9 | 25.9 | 1.3 | - | 2.4 |
Including | 76.2 | 85.3 | 9.1 | 2.1 | - | 3.8 |
Including | 82.3 | 85.3 | 3 | 3.7 | - | 5.5 |
Table 6: Summary of significant drilling intersections for drill hole SR23-14 (>0.5% Cu)
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR23-15 | 44.2 | 74.7 | 30.5 | 0.5 | - | 1.3 |
Including | 44.2 | 47.2 | 3 | 1.3 | - | 2 |
And | 65.5 | 68.6 | 3.1 | 1.3 | - | 2.5 |
And | 71.6 | 73.2 | 1.6 | 1.3 | - | 3 |
Table 7: Summary of significant drilling intersections for drill hole SR23-15 (>0.5% Cu)
4100N ZONE - TIP OF THE ICEBERG?
The new drill hole data at the 4100N Zone is helping to further the understanding of the geological setting and mineralization processes of the Storm copper system. The drilling is revealing a laterally extensive zone of mineralization that displays many of the features of a typical sediment hosted copper deposit, including multiple stacked copper horizons. The recent gravity survey data has highlighted a large and dense body underneath the 4100N Zone (see June 9, 2023 news release) which is interpreted to potentially represent a larger accumulation of copper sulfides (Figure 5).
Importantly, the geology of the 4100N displays marked similarities to that observed in drilling that has tested deeper parts of the system. Drill hole ST22-10, drilled to the west and below the stratigraphic level of the 4100N Zone, targeted a large EM anomaly and intersected 68 m of a typical sediment hosted mineral assemblage including chalcopyrite, pyrite, sphalerite, and galena. At the 4100N Zone and elsewhere at Storm, this mineral assemblage is located peripheral to a larger and higher-grade core dominated by chalcocite, bornite and covellite.
The geological similarities and spatial association between the 4100N Zone and ST22-10 suggest that the two types of mineralization may be related and form part of a large, stacked copper system hosted in several prospective stratigraphic horizons (Figure 6).
Figure 5: Gravity data interpretation map showing the 3D gravity targets, zones of known near-surface copper sulfide mineralization and major faults (overlaying topography).
Figure 6: Conceptual geological and exploration targeting model for the Storm Project, showing depth of current drilling and conceptual location of discovery drill hole ST22-10.
EVIDENCE OF A MAJOR COPPER SYSTEM
The drilling and geophysical evidence strongly support the potential for a large-scale copper system within the Storm Project area.
The geology of the area displays all the elements required in the sediment-hosted mineralizing process: permeable carbonate rocks to act as a fluid conduit and host mineralization, hydrocarbons to reduce metal-bearing fluids and force metal precipitation, sulfur source from bitumen and sour gas, proximity to faults known to be an effective source for plumbing, all within a favourable structural setting.
A distinct zonation of metal and mineralogy is also observed at Storm. The zonation appears as a large copper-rich core (chalcocite, bornite and covellite) that gives way laterally and vertically to thinner peripheral zones of copper-iron (chalcopyrite), iron (pyrite), zinc (sphalerite) and minor lead (galena). This zonation provides a powerful vector for exploration.
These key features are similar to many of the world's major sediment-hosted copper systems, including the deposits of the Kalahari Copper Belt (Botswana) and Central African Copper Belt (DRC, Zambia).
PLANNED PROGRAM
- The drilling at the 4100N Zone will be followed by resource definition drilling at the 2200N and 2750N Zone, where drilling during 2022 intersected high-grade copper sulfides close to surface including 41m (core length) @ 4.18% Cu from 38m (ST22-05) downhole.
- Processing and interpretation of the MLEM data is almost complete. Drilling is being planned to follow-up any new MLEM anomalies.
- Diamond drilling has been scheduled to test the large geophysical copper targets below the near-surface mineralization defined in recent EM and gravity surveys.
- Sorting, beneficiation and process optimisation continues on a range of mineralization styles.
- An environmental baseline survey will begin in the Storm area during Q3 2023.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.45% Cu from surface and 56.3m* @ 3.07% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.58% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans.
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization at the surface for hundreds of metres strike length at what became named the 2750N, 2200N, and 3500N Zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources re-staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retains a 0.875% Gross Overriding Royalty in the area of the original Storm claims.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.39% Cu and 20.5m* @ 0.56% Cu.
Agreement with American West Metals
An earn-in agreement for the Storm and Seal properties was signed with American West Metals in March 2021. Under the terms of the agreement, an expenditure of C$10m will earn 80% ownership of the property for American West. Aston Bay is carried for all expenditures to the completion of a feasibility study and production decision. If Aston Bay chooses not to participate and is diluted below 10% ownership, the ownership converts to a 2% Net Smelter Royalty, half of which is purchasable by American West for C$5m at first production. Aston Bay received a cash payment of C$500,000 on signing.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022 results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation studies are ongoing.
In April 2023 American West embarked on a spring delineation drilling program using a helicopter-portable reverse circulation (RC) drill rig as well as gravity and moving loop electromagnetic (MLEM) ground geophysical programs. Results from the programs are in process and are released as they come available.
A summer 2023 program plans further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource reports by late 2023. Diamond drilling is planned to test new high-priority gravity targets and environmental baseline studies will be initiated.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of core length.
Figure 7: Storm Copper Project, Location Map.
QA/QC Protocols
The analytical work reported herein was performed by ALS Global ("ALS"), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Reverse Circulation drilling was completed by Northspan Explorations Ltd using a Hornet helicopter-portable drilling rig. The sampling interval for reverse circulation drilling is five feet, with sampling and geological intervals determined visually by geologists with relevant experience. Samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Samples were subject to 33 element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a). Overlimit values for copper (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The Company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.
The Company is 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. Our strategy is focused on developing mines that have a low-footprint and support the global energy transformation. Our portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to our approach is our commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.
Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding the Option Agreement, grant of the Option and the expected closing date, American West's interest in the Storm Project and its other acquisitions and plans, plans for the upcoming field season, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
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Aston Bay Holdings
Commander Resources: Resource Company with Joint Venture Opportunity
Commander Resources Ltd. (TSXV:CMD) has launched its campaign on the Investing News Network’s Resource channel.
Commander Resources is a resource company that operates under the prospect generator model. As such, the company has developed a portfolio filled with joint venture opportunities, exploration projects, royalties and investments across Canada. This includes gold, copper, zinc, nickel and cobalt projects.
Commander Resources focuses on early-stage acquisitions and target identification. Any following exploration is conducted by option or joint venture partners, under which Commander keeps either a small project interest and royalty or significant equity positions, thus reducing risk exposure. As part of its model, the company has partnered with several mining companies such as Anglogold Ashanti Ltd. (NYSE:AU,ASX:AGG), Teck Resources Ltd (TSX:TECK.A), Imperial Metals Corporation (TSX:III), Aston Bay Holdings (TSXV:BAY), Maritime Resources Corp. (TSXV:MAE) and others
Commander Resources’ company highlights include the following:
- Project generator with approximately $1.7 million in cash and over $1.3 million in marketable securities.
- In business since 1989 (29 years)
- $1,400,000 partner funded exploration in 2018
- Equity Holdings in Maritime Resources and Aston Bay Holdings
- 8 royalties covering near term production to exploration stage properties
- Proprietary exploration database from UMEX (Union Miniere)
- $1,700,000 cash
- Active joint venture on its South Voisey’s Bay Ni-Co project which sits approximately 85 kilometers south of the South Voisey’s Bay Mine, Management team with over 85 years of combined experience.
Geophysics Reveal Further Highly Prospective Targets at Mt Oxide Project
HIGHLIGHTS
- Three MIMDAS Induced Polarisation (IP) and Magnetotelluric (MT) lines at the historic Mt Gordon Copper Mine and Aquila prospect have revealed multiple unexplored geophysical targets with similar signatures to the Vero Cu-Ag-Co resource at Mt Oxide.
- Mt Gordon – Three new shallow and untested anomalies, similar to the Vero resource, have been identified and are partially coincident with historic drilling intersections, including 1.9m @ 3.0% Cu from 106m downhole in ECM11.
- Aquila –Chargeability highs of 15mV/V from two MIMDAS lines spaced 85m apart are coincident with mapped iron oxide-rich breccias which returned up to 0.94% Cu in rock chip samples2.
- A 20m wide, shallow highly chargeable anomaly associated with a 150m long trend of fault breccias with anomalous Cu +/- Ag-As-Bi and no previous drilling.
- A 20m wide and up to 25m deep +25mV/V chargeability and <250ohm.m conductivity anomaly, un-drill tested and correlating with a Dorman trending structure 80m below surface.
- Next Steps
- The geophysical survey is nearing completion with processing pending on Ivena North and an additional line being undertaken at Camp Gossans to test the strike extent of the anomaly at Camp Gossans and the new Black Marlin target3.
- True North Copper’s Exploration team are currently sampling recently identified mineralised structures at Aquila, Rhea and Black Marlin.
- The new geophysics will be integrated with ongoing mapping and surface geochemical sampling campaigns to identify and prioritise targets for future drill campaigns.
- Heritage clearance and access planning for drilling has commenced.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our geophysical survey at Mt Oxide has revealed several new, highly prospective targets that share similar characteristics with our high-grade Vero deposit. The results of this survey, which has been supported by a Queensland Government CEI Grant, have uncovered significant anomalies at both the historic Mt Gordon Copper Mine and Aquila prospect. These results are in addition to the positive results at Vero and Camp Gossans announced in August. With these exciting developments, we’re optimistic about expanding our exploration footprint and identifying additional drill targets. The continued integration of geophysics, mapping, and sampling will be key to advancing our future exploration programs at Mt Oxide, including the design of the next phase of drilling.”
Figure 1. Location of the Mt Oxide Project, within context of Mt Isa Inlier.
Mt Oxide MIMDAS Survey Results Summary
In July 2024, TNC announced it had commenced its leading edge MIMDAS Induced Polarisation (IP), Resistivity and Magnetotellurics (MT) geophysical survey (MIMDAS survey) at Mt Oxide4. Partial funding of $300k was granted to TNC in Round 8 of the Collaborative Exploration Initiative (CEI) to undertake the survey (Figure 6).
The MIMDAS survey has aimed to identify potential sulphide mineralisation developed below numerous leached gossan zones and build an improved understanding of the regional scale structural and geological architecture. Two previously reported lines identified chargeability anomalies correlating with mineralisation in the Vero resource and a series of untested anomalies including a chargeability anomaly 1km east of Vero, and two chargeability high responses at Camp Gossans3 beneath outcropping breccias with similar surface geochemical signatures to the Esperanza Deposit5. The coincidence of anomalies directly associated with the Vero resource highlights the applicability of MIMDAS to target copper-silver mineralisation within the Mt Oxide District.
Three additional lines have recently been completed, including two lines 85m apart for 2.3 line-kms over the highly prospective Aquila prospect and one line for 1.5 line-kms over the historic Mt Gordon Copper Mine (Figure 2).
At Aquila, the survey has identified two (2) chargeability responses in the Mount Gordon Fault Zone and the Dorman fault trend, and one conductivity response below a geochemically anomalous fault breccia.
At Mt Gordon, the survey has identified four (4) chargeability responses in the Mount Gordon Fault Zone and in resistive sandstone over a 600m wide chargeability trend.
The geophysical survey is nearing completion with processing pending on Ivena North and an additional line at Camp Gossans, 150m northeast of the line completed in August that returned a very high-order chargeability anomaly coincident with mapped Gossans and defined the new Black Marlin Target3.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
VVC – Extension of Series AG Warrants
VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company") announces the following:
Warrant Extension
VVC has applied to the TSX Venture Exchange (“TSXV”) for a 1-year extension for 57,567,800 Series AG share purchase warrants (“warrants”) presently expiring on September 30, 2024. The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time. If approved by the TSXV, the warrants will expire on September 30, 2025.
Annual General Meeting of Shareholders
The Annual General Meeting of shareholders (the "AGM") will be held virtually on December 4, 2024, at 11:00 am (ET), with a Record Date of October 21, 2024. Following the mailing of Proxy Material to shareholders around October 29, shareholders will be able to download the Proxy Material, including the Information Circular Booklet, from www.sedarplus.ca and/or from the Company’s website at: www.vvcresources.com/shareholders-meeting.
The deadline for Proxy Voting will be 11:00 am (ET) on December 3, 2024, however shareholders are encouraged to vote early. Registered Shareholders will be allowed to vote in-person at the AGM using their Control Numbers. All other shareholders, NOBOs and OBOs, are required to vote by proxy at least 24 hours in advance.
Following the formal business session, management will update the Company’s activities and projects, and will be available to answer questions from shareholders, subject to Securities Laws regarding "Selective Disclosure".
"We look forward to meeting our shareholders at the AGM," said Terry Martell, Chairman of VVC. "We will be providing an update on our projects and investments."
About VVC Resources
VVC is engaged in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact: | ||
Patrick Fernet - (514) 631-2727 | or | Emily Bigelow - (615) 504-4621 |
E-mail: pfernet@vvcexploration.com | E-mail: emily@vvcesources.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
Click here to connect with VVC Resources (TSXV:VVC), to receive an Investor Presentation
Cobre and BHP in Talks for Copper-Silver Exploration in Botswana
Cobre (ASX:CBE) and a wholly owned subsidiary of BHP (ASX:BHP,NYSE:BHP,LSE:BHP) have signed a letter of intent to exclusively negotiate a material earn-in joint venture agreement.
The partnership will target Cobre’s Kitlanya West and East copper projects, both of which are located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana.
According to Cobre's Monday (September 23) press release, the news follows its participation in BHP’s Xplor program, which funded a recently completed seismic survey at the Kitlanya West site.
Results from the survey are expected toward the end of this quarter.
“Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt,” said Adam Wooldridge, CEO of Cobre. Xplor is a critical minerals accelerator program launched by BHP in 2022.
He added that the proposed transaction with BHP would allow Cobre to fully fund follow-on exploration programs at the Kitlanya West and East assets. The company is confident that both projects have the potential to host Tier 1 copper-silver deposits, and said working with BHP would maximise its chances of making new significant discoveries.
Cobre's deal with BHP is subject to approval and the execution of formal binding documents, along with the completion of BHP’s investigations within the exclusivity period.
Final details will be shared with the public once long-form documents have been completed.
Separate from its work with BHP, Cobre said it will keep moving forward at its Ngami copper project, with plans to publish a scoping study in early October. It is also aiming to drill further at its Okavango copper project.
Ngami and Okavango are also both located in Botswana.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Greenpeace: Deep-Sea Mining in Norway Could Harm Marine Biodiversity
Plans to open the Arctic seabed for deep-sea mining are raising alarms among environmentalists, particularly in light of new findings highlighting the potential damage to one of the world’s least explored ecosystems.
A recent report by Greenpeace warns that Norway’s decision to allow mineral exploration in Arctic waters could irreparably harm marine biodiversity, including species that are vital to the region’s ecological balance.
The area in question lies within the Norwegian Exclusive Economic Zone, specifically a section of the Arctic Ocean known as the Mohns Ridge. This region is believed to be rich in rare minerals like cobalt, nickel and manganese — elements that are critical for modern technology, including electric vehicles and renewable energy infrastructure.
However, the unique and fragile ecosystems found in these deep waters are poorly understood, and scientists argue that mining operations could have unintended consequences.
Greenpeace’s report, published on Friday (September 20), outlines several potential risks associated with seabed mining. The removal of seafloor habitats, disturbance of underwater ecosystems and the release of toxic sediments could alter the marine food chain and affect species such as whales, dolphins and deep-sea corals.
These organisms, which thrive in cold, nutrient-rich waters, are particularly sensitive to changes in their environment, and even small disruptions could have long-lasting impacts.
Activists and researchers are calling for Norway to reconsider its deep-sea mining strategy, emphasizing that more time is needed to study the region's ecology before proceeding with industrial activity.
Norway previously committed to managing 100 percent of its ocean areas sustainably by 2025 as part of the High Level Panel for a Sustainable Ocean Economy. Critics believe its deep-sea mining plans run counter to these commitments.
Haldis Tjeldflaat Helle, a campaigner for Greenpeace Nordic, voiced concerns over the inconsistency between Norway’s environmental pledges and its push for industrial expansion.
“The measure of a nation’s success is not how many promises it makes, but how it honors them and how much of its ecosystem is safeguarded for present and future generations," she said. “While Norway claims to be a respectable nation with responsible policies on ocean management, it’s rolling out the red carpet for deep sea mining companies to deploy machines that will cause irreversible harm to the Arctic’s unique and vulnerable biodiversity."
Norway is pressing ahead with its plans, backed by companies eager to tap into the region’s mineral wealth.
Loke Marine Minerals, a startup founded in 2019, is one firm vying for exploration licenses. The company aims to extract minerals such as cobalt and manganese from the Arctic seabed using advanced robotic technology.
Another Norwegian company, Green Minerals (FWB:F5P), is also looking to explore the Arctic seabed for resources, with a focus on extracting copper from seafloor massive sulfide deposits. Green Minerals CEO Ståle Monstad has said that test mining could start as early as 2028, depending on the outcome of exploratory research.
Industry experts believe deep-sea mining could potentially reduce the environmental damage caused by land-based mining. Proponents argue that the concentration of valuable metals in deep-sea deposits is higher compared to on-land deposits, meaning that less material would need to be extracted to meet global demand.
However, environmental groups caution that this does not justify the risks posed to Arctic ecosystems, which remain some of the least understood and most vulnerable on the planet. The Norwegian Institute of Marine Research has recommended a pause of five to 10 years on deep-sea mining to allow for further scientific studies.
In addition to resistance from environmental advocates, some of the world’s biggest companies and 32 countries have voiced support for either a ban or a pause on deep-sea mining in international waters.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
American West Signs Formal Agreement for A$18.8 Million Royalty Funding for the Storm Copper Project, Canada
Funds under the royalty package to be accessed this week
American West Metals Ltd (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to announce that the Company has signed a definitive formal agreement with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) whereby Taurus will provide funding of up to US$12.5 million (A$18.8 million1) under a royalty package for the Storm Copper Project.
- Definitive formal agreement signed with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) to provide US$12.5 million (A$18.8 million1) in exchange for a royalty over Storm
- The first payment under the royalty package is US$5m (approximately A$7.5m) – US$1m (approximately A$1.5m) will be advanced to American West this week with the balance to be provided upon completion of registration of the royalty at the Nunavut Mining Recorder’s Office, expected within 2-3 weeks
- Further payments under the royalty package are:
- US$3.5m (approx.. A$5.25m) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for a development at Storm
- US$4m (approx.. A$6m) upon announcement of an increase in the JORC compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- American West Metals and Aston Bay Holdings will share funds under the royalty package in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West Metals and 20% for Aston Bay Holdings
- The funding has enabled an expansion of exploration and development activities at Storm including:
- Expansion of the 2024 drill program with more than 22,000m of drilling completed to date – more than double the previous largest annual drill campaign as Storm, and which will underpin a significant upgrade to the maiden Storm resource
- An investment in the 2025 field activities with bulk supplies being delivered to site this week by ship charter – saving circa. $4m on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies – including detailed testwork that supports the potential for a Direct Shipping Ore (DSO) operation – which will support delivery of a PFS in early 2025
Dave O’Neill, Managing Director of American West Metals, commented:
“We are very pleased to have finalised formal documentation of the royalty funding which allows us to commence accessing substantial non-dilutive funding for the Storm Copper Project.
“The royalty funds have allowed us to expand activities at Storm this year, resulting in considerable advancement of the project which is rapidly taking shape as a potentially globally significant copper mining operation.
“The investment from Taurus recognises the the strong foundations for growth established by American West to date, and is an endorsement of both the American West team and the production potential at Storm.”
Michael Davies, Taurus Chief Investment Officer, also commented:
“We continue to be impressed with achievements at the Storm Copper Project and its potential to be a significant mining operation. We are delighted to be supporting the team at American West Metals as they continue to grow Storm’s copper resources and progress development plans for the project.”
The royalty arrangements with Taurus do not impose any royalty on American West’s other projects, namely the West Desert and Copper Warrior Projects in Utah, USA.
For further details on the royalty package under the Taurus arrangement, see our ASX Release dated 24 June 2024 ‘$18.8M Royalty Financing’.
ABOUT THE STORM COPPER PROJECT
The Storm Copper Project is located on Somerset Island, Nunavut, Canada. The Project covers an area of over 2,200 square kilometres within the Polaris mineral district, and is just 120km south of Resolute Bay, the regional community and logistics hub.
Aston Bay is a deep-water bay located on the Northwest Passage, a seasonal ice-free waterway historically used to ship concentrate from the World Class Polaris and Nanisivik zinc – lead mines. Excellent facilities, including a 60-person camp, are in place to enable exploration and resource activities to be undertaken.
American West owns 80% of the Storm Project, and partners with Aston Bay Holdings (TSX:BAY) who own 20% of the Project.
Maiden Resource Estimate
American West delivered a maiden independent JORC Code - 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for the Storm Project in January, 2024. The MRE consists of 17.5Mt @ 1.2% Cu and 3.4g/t Ag (0.35% Cu cut-off), which includes 205Kt of copper and 1.9Moz of silver (Table 1).
The maiden MRE for the Storm Project has delivered the foundations to what American West Metals believe will be a globally significant copper district.
Immediate Resource Upside Potential
The shallow copper mineralisation within the Storm Deposits is open in all directions. The host stratigraphy and structures have been shown to be laterally and vertical extensive and therefore rank as high priority areas for resource growth.
Click here for the full ASX Release
This article includes content from American West Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BHP and CBE Sign Letter of Intent to Explore for Tier 1 Copper-Silver Deposits in Botswana
Cobre Limited (ASX: CBE, Cobre or Company) is pleased to announce that it has executed a letter of intent to negotiate exclusively with a wholly owned subsidiary of BHP Group Ltd (BHP) for a material earn-in joint venture agreement over Cobre's Kitlanya West and East Copper Projects (Kitlanya Projects), located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana (Proposed Transaction). The Proposed Transaction follows on from Cobre's successful participation in the BHP Xplor program which also provided funding for the recently completed seismic survey on the Kitlanya West project (see ASX announcements of 23 January 2024 and 22 August 2024)
The Proposed Transaction underscores Cobre's confidence in the potential for its projects to host Tier 1 copper-silver deposits. A partnership with BHP would provide the exploration scale and expertise to maximise our chances of making significant new discoveries on our basin margin exploration ground while retaining 100% ownership of our Ngami and Okavango Copper Projects which are excluded from the Proposed Transaction.
The Proposed Transaction is subject to approval and execution of formal binding documents (Definitive Agreements) and the completion of BHP's due diligence investigations within the exclusivity period. Final details of the Proposed Transaction will be released to the market following completion of the long-form documents.
Commenting on the Proposed Transaction, Adam Wooldridge, Cobre’s Chief Executive Officer, said:
“Successful negotiation and completion of this significant transaction with BHP, one of the world’s leading mining companies, will be a major moment in time for Cobre as a company. Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt. The Proposed Transaction with BHP would allow us to fully fund our follow-on exploration programmes and focus on discovering the Tier 1 deposits we believe may be hosted in our Kitlanya West and East Projects.
Independently, Cobre will continue advancing its 100% owned in-situ copper recovery development at Ngami – with a scoping study due in early October - along with further drilling at Cobre’s 100% owned Okavango project. This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.”
A locality map illustrating the project locations is provided in Figure 1.
Figure 1. Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Proposed Transaction, dark grey licenses will be run independently by Cobre.
Cobre will continue to provide shareholders with further updates on material developments in respect of the Proposed Transaction.
This ASX release was authorised on behalf of the Cobre Board by: Adam Wooldridge, Chief Executive Officer.
Click here for the full ASX Release
This article includes content from Cobre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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