
Epworth Project:
Assays received from 376 rock grab samples and 39 lake sediment samples
Camp opening and logistics have commenced with geophysics and drilling to follow in the coming weeks
Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce the commencement of activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Highlights:
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.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are excited to begin another field season at Storm. The reverse circulation drill rig will work on adding to the resource and target near-surface exploration targets, while the diamond drill rig will focus on the deeper exploratory holes.
"In addition to the compelling targets generated in previous geophysical programs, we are very excited to be flying a comprehensive MobileMT survey at Storm. This is the same survey that has successfully delineated large conductive targets at our Epworth property. The significant contrast in the conductive properties of the mineralized rock versus the host rock at Storm is ideal for MobileMT, and its utilization of natural-source energy from within the Earth should help define deeper targets that may have eluded previous methods. These new targets will be ready for drilling this season.
"Investors can also look forward to the completion of a Preliminary Economic Analysis for the near-surface mineralization at Storm, currently underway. We are also working up drill targets for our Epworth copper project, also in Nunavut, for a potential late-season drill program."
Figure 1: A photo of interpreted copper sulfides/oxides (green) on the surface at the Chinook Deposit, Storm Project, Nunavut. The material has not been assayed.
INITIAL DIAMOND DRILL PLAN
The first diamond drill targets to be tested in the Storm MRE area are Cirrus Deeps and Cyclone Deeps (Figure 2). The drilling aims to follow up earlier intersections of high-grade copper mineralization and build evidence for the large-scale copper potential at depth, which could rapidly expand the copper endowment within the Storm MRE area.
Subsequent diamond drilling will continue to test high-priority geophysical anomalies and regional exploration targets. These will include the Tornado, Blizzard, Midway areas and any new targets defined by the upcoming MMT survey.
Figure 2: Plan view of the Storm area showing the high-priority (initial drilling) areas with potential for further growth of copper mineralization based on drilling, geochemical sampling and geophysics, overlaying copper deposit outlines, and topography.
Cirrus Deeps
Diamond drill hole ST24-03 was designed to target a 1,300m x 500m MLEM anomaly (Figure 3 & 5) which is bounded by a series of large EM plates (approximately 350m to top, conductance ~40-60 siemens, moderate ~40-60° S/SW dip, striking ~WNW-ESE) at its northern edge. The EM anomalies are located below the Cirrus Deposit and the Gap high-grade copper prospect, and are interpreted to be proximal to the Southern Graben Fault.
This location in the Allen Bay Formation immediately below the Cape Storm Formation is the same stratigraphic location as Cyclone. In addition to the potential for flat-lying stratigraphic mineralization like Cyclone, the target is located along a fault zone similar to the well-mineralized Chinook Deposit. These anomalies may indicate a considerable, connected accumulation of copper within the Central Graben area. Similar EM targets drilled elsewhere in the Storm copper belt have been confirmed as high-grade copper mineralization.
Figure 3: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. The planned drill hole depth is 650-700m.
ST24-03 has currently been drilled to a downhole depth of 414m (planned depth of 600-700m) and intersected several zones of fracturing and sporadic copper sulfides (Figure 3) in the upper portion of the hole, with increased fracturing at depth. Fracturing and voids in the rock are positive indications since permeability and open spaces are required for efficient mineralization in the sediment hosted copper model.
The drill hole will be the first diamond hole completed in the 2025 drill program.
Cyclone Deeps
High-grade copper mineralization has been discovered at depth, offset to the south of the Cyclone Deposit (Figure 4). The Cyclone Deeps intersection of 10m @ 1.2% Cu (drill hole ST24-01) displays a typical sediment hosted copper mineralogical profile with a high-grade core of native copper and chalcocite (including 3m @ 2.2% Cu) with peripheral chalcopyrite and other less copper-rich sulfide minerals.
The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the Allen Bay Formation. The Allen Bay is the main host of the known copper mineralization within the Storm area, and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit discovered to date. This mineralization may represent the offset southern portion of the faulted Cyclone Deposit and presents an exceptional opportunity to add significant volume to the current resources. This prospective horizon extends for over 5km in the immediate Storm area.
Figure 4: Schematic geological section at 464730E. The mineralization intersected by ST24-01 is immediately below the Cape Storm Formation, similar to the Cyclone Deposit.
INITIAL REVERSE CIRCULATION DRILL PLAN
Reverse Circulation ("RC") drilling will be used to test near-surface (<250m depth) resource upgrade, resource expansion, and exploration targets.
The first phase of drilling will commence at the Thunder, Lightning Ridge, and Corona Deposits before moving on to The Gap, Squall and Hailstorm Prospects (Figure 2). All of these opportunities have the potential to add significant mineral resources to the Storm Project, with high-grade mineralization similar to the known deposits already discovered.
Subsequent RC drilling will aim to test other nearby and regional exploration targets, which include the Tornado and Blizzard areas, and numerous untested geochemical, Electromagnetic (EM) and Induced Polarization (IP) anomalies.
The Gap Prospect is a 500m-long zone located between the Corona and Cirrus Copper Deposits (Figure 2), where multiple drill holes have intersected high-grade copper sulfides (including 1.5m @ 4.4% Cu, 9.8g/t Ag from 39m, and 2m @ 2.5% Cu from 74m downhole in AB18-09, and 20m @ 2.3% Cu, 3.3g/t Ag (Including 8m @ 5.3% Cu, 6.4g/t Ag) from 28m in SR24-003.
The Squall and Hailstorm Prospects are located immediately south of the southern graben fault and collectively extend 1.8km northwest along strike of the Corona Deposit (see Figure 2).
Drilling at Squall during the 2024 season intercepted 1.5m @ 2.36% Cu, 5.0g/t Ag from 181.4m (SR24-108) at the end of the hole, whilst surface geochemistry at Hailstorm has identified a 250m x 250m copper anomaly that remains open to the south (Figure 5).
Figure 5: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide) and returned a laboratory assay grade of >50% Cu, 61g/t Ag (Sample Y007193, 50% Cu is the upper limit of the assay technique used).
Mobile Magneto-Telluric (MobileMT) Survey
A regional-scale MobileMT survey is planned to cover the Storm and wider exploration areas during the 2025 program (Figure 6). MMT utilizes natural source energy to capture a broader range of EM frequencies than the techniques used at Storm to date. The survey is designed to show a greater contrast between the host rocks and potential accumulations of conductive material (i.e. metalliferous sulfide) with improved spatial and depth resolution. This is potentially very useful in delineating deeper (>200m) occurrences of copper sulfide at Storm, where the resistive host rocks cause a decreased signal-to-noise ratio and decreased confidence in interpretation with depth in the historical geophysics.
The initial MobileMT survey will be completed over the Midway-Storm-Tornado area as an orientation survey to determine the response of the known deposits before extending the survey into more regional areas. The survey will begin in the coming week, allowing results to inform drill targeting and prioritization this season.
Figure 6: Proposed MobileMT survey showing the planned Phase 1 and Phase 2 survey lines, overlaying topography, and regional geology.
FORWARD PROGRAM
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this press release.
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. Drill core 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.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in North America.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
Epworth Project:
Assays received from 376 rock grab samples and 39 lake sediment samples
Preliminary data from property-wide MobileMT geophysical survey results received and undergoing additional processing
Interpretation and compilation with surface mapping studies are underway for a January 2025 release
Storm Project:
22,475 metres ("m") of drilling completed in 153 drill holes
Work is nearly complete for the maiden resource constructed to Canadian Institute of Mining standards for a January 2025 release
Work continues with partner American West to advance mining and economic studies for a potential low-cost development.
TORONTO, ON / ACCESSWIRE / December 16, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on its Epworth Project ("Epworth") and the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm") in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"It has been a successful year of exploration at both our Storm and Epworth Projects in Nunavut.
"At Storm, 22,475m of drilling was completed, exceeding expectations. Assay results demonstrated consistent copper grades, highlighting the excellent lateral continuity of the high-grade mineralization within the known zones and defining new discoveries and prospective areas. Work is well advanced on the maiden resource for Storm and the development study work. Reports on both fronts are expected in early 2025.
"At Epworth, we are impressed with the preliminary look at the property-wide MobileMT geophysical survey results and rock and lake sediment survey results. We are processing the geophysical results further and look forward to presenting a comprehensive compilation with the mapping and sampling results in January."
Epworth Project
A prospecting, rock sampling, and geological mapping program was conducted in 2024, including structural and stratigraphic studies by Dr. Elizabeth Turner. Nine claims totalling an additional 11,900 hectares ("ha") (119 square kilometres ("km2")) were added to the claims package, now totalling 89,000 ha (890 km2)
An 8,105 line-km airborne MobileMT survey covering the claim block commenced in late August and was completed in late September. Compilation of the assay results and additional geophysical data processing are underway. When all results are received, they will be integrated with historic work and released with a new interpretation in the New Year.
Storm Project
A total of 22,475m of drilling was conducted in 153 drill holes (19,879m in 138 Reverse Circulation ("RC") holes and 2,596m in 15 diamond drill holes) during the 2024 season. Assay results demonstrated consistent copper grades, highlighting the excellent lateral continuity of the high-grade mineralization within the known zones and defining new discoveries and prospective areas. Work is well advanced on a maiden resource constructed to Canadian Institute of Mining standards for a January 2025 release.
In addition to the drill hole results previously released, several scout holes were drilled to assist in interpreting the geologic framework in the Storm area. Results from these drill holes, the final results of the 2024 program, are presented below.
Figure 1: Reverse Circulation (RC) drilling underway in the Storm area, Nunavut, Canada.
Stratigraphic and Reconnaissance Drilling
RC drill holes SR24-028, SR24-029, SR24-046, SR24-048, SR24-050, SR24-056, SR24-058, SR24-060, SR24-064, SR24-066, SR24-094, SR24-096, SR24-104, SR24-110, SR24-136 were completed within the Storm area during the 2024 drilling program (Figure 2). The drill holes were designed to assist with interpreting the stratigraphy and geological framework in several key areas. The drill holes were also used to help validate and assess the effectiveness of the geophysical surveys in the Storm area.
Drill holes SR24-046, SR24-050, SR24-060, and SR24-136 intersected minor, vein-hosted copper sulphides (Table 2).
The data from the drill holes has improved the geological understanding of the Storm Graben area and helped refine the geological model for the updated Mineral Resource Estimate (MRE) of the Storm Project.
Figure 2: Reverse Circulation (RC) drill hole locations covered in this report, overlaying copper deposit outlines, major faults, and topography.
Squall Drilling
RC drill holes SR24-108 and SR24-135 were also completed at the newly discovered Squall Prospect.
The holes were designed to test high-priority EM anomaly A3, which is visible in the data from both the 200m and 400m loop EM surveys (Figure 3). The coincident data suggested that the target may be located at a depth which crossed the designed detection ranges of the two surveys.
Drill hole SR24-108 achieved the maximum achievable depth of 182.9m downhole, limited by available drill rods. The drill hole is interpreted to have hit the eastern edge of the EM anomaly and intersected breccias and vein-hosted chalcocite assaying 2.4% Cu, 5g/t Ag in the last sampling interval of the hole (181.4 - 182.9m).
Follow-up drill hole SR24-135 was drilled to the east of SR24-108 and intersected 1.5m @ 0.5% Cu, 3g/t Ag from 163.07m downhole.
The EM anomaly and copper mineralization is interpreted to be related to a north-south orientated structure centred on drill hole SR24-108. This feature remains open, and future drilling will test the prospect to the north and south of the current drilling.
Figure 3: 400m loop MLEM image (CH20BZ) overlaying drilling and the geological and structural interpretation of the Storm area. The MLEM anomalies discussed in this report are labelled A1- A5.
Update on previously released drilling
The first drill hole of the 2024 season, SR24-001, was drilled approximately 500m north of the Cyclone Deposit and was designed to test a Fixed Loop Electromagnetic (FLEM) target defined during exploration in 2022. The interpretation of the FLEM data suggested that the source of the anomaly could be located at depth but was weakly defined.
SR24-001 was drilled to a maximum achievable depth of 251.5m (limit of RC drill rods), encountering no copper sulphides or other lithologies that could confirm or explain the source of FLEM anomaly. The drill hole encountered weak pyrite (iron sulphides) mineralization at 125m and minor clay layers, but they were not in sufficient abundance to explain the EM response.
The 2024 Moving Loop EM (MLEM) survey was extended into the area to validate the FLEM anomaly but did not did not highlight any significant anomalies. The MLEM survey was optimized to search for conductive bodies between 0-250m depth, suggesting that the FLEM anomaly may be located at a deeper level.
Exploration drill hole SR24-005 was drilled to 251.5m and was designed to test an Induced Polarisation (IP) anomaly and stratigraphic section within the central graben area of Storm.
SR24-005 encountered a thick sequence of pyrite mineralization between 58m and 204m and is the likely source of IP anomalism in this area. The drill hole did not intersect the prospective copper horizon, which is interpreted to be below the extent of the drill hole and deeper than 250m in vertical depth.
Hole ID | Prospect | Easting | Northing | RL | Depth (m) | Azi | Inclination |
SR24-001 | Expl. | 465403 | 8174839 | 308 | 251.5 | 180 | -75 |
SR24-005 | Graben | 464200 | 8173324 | 259 | 251.5 | 180 | -75 |
SR24-028 | Expl. | 465867 | 8174040 | 281 | 140.2 | 180 | -65 |
SR24-029 | Expl. | 465900 | 8174500 | 294 | 251.4 | 180 | -65 |
SR24-046 | Thunder W | 464686 | 8172873 | 253 | 199.6 | 0.3 | -60 |
SR24-048 | Thunder W | 464803 | 8172870 | 252 | 199.6 | 0.1 | -60.1 |
SR24-050 | Chinook W | 465862 | 8172885 | 245 | 150.9 | 359.6 | -60.3 |
SR24-056 | Corona E | 466834 | 8172386 | 244 | 150.9 | 0.2 | -60.1 |
SR24-058 | Corona E | 467248 | 8172395 | 245 | 167.6 | 180 | -60.4 |
SR24-060 | Corona E | 466996 | 8172490 | 251 | 141.7 | 200.49 | -60.3 |
SR24-064 | Cirrus E | 462948 | 8173743 | 223 | 150.9 | 210.41 | -60.2 |
SR24-066 | Cirrus E | 462861 | 8173793 | 218 | 150.9 | 210 | -60.2 |
SR24-094 | Chinook W | 465884 | 8172982 | 250 | 199.6 | 215.64 | -60.2 |
SR24-096 | Chinook W | 465828 | 8172789 | 242 | 129.5 | 180.05 | -60 |
SR24-104 | Expl. | 463100 | 8173180 | 213 | 274.3 | 360 | -85 |
SR24-108 | Squall | 464828 | 8172642 | 245 | 182.9 | 180 | -60 |
SR24-110 | Expl. | 464924 | 8171800 | 184 | 182.9 | 206 | -80 |
SR24-135 | Squall | 464779 | 8172593 | 240 | 230.1 | 180 | -75 |
SR24-136 | Expl. | 462798 | 8174973 | 277 | 199.6 | 180 | -70 |
Table 1: Details for the 2024 drill holes in this report.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-001 | NSI | |||||
SR24-005 | NSI | |||||
SR24-028 | NSI | |||||
SR24-029 | NSI | |||||
SR24-046 | 0.00 | 1.52 | 1.52 | 0.36 | - | 1 |
| 9.14 | 12.19 | 3.05 | 0.49 | - | 1.5 |
SR24-048 | NSI | |||||
SR24-050 | 106.68 | 108.2 | 1.52 | 0.46 | - | 1 |
SR24-056 | NSI | |||||
SR24-058 | NSI | |||||
SR24-060 | 13.72 | 15.24 | 1.52 | 0.3 | - | 1 |
SR24-064 | NSI | |||||
SR24-066 | NSI | |||||
SR24-094 | NSI | |||||
SR24-096 | NSI | |||||
SR24-104 | NSI | |||||
SR24-108 | 181.36 | 182.88 | 1.52 | 2.4 | - | 5 |
SR24-110 | NSI | |||||
SR24-135 | 163.07 | 164.59 | 1.52 | 0.5 | - | 3 |
SR24-136 | 38.10 | 39.62 | 1.52 | 0.4 | - | 2 |
Table 2: Significant interval table for the drill holes in this report (>0.2% Cu). For the 2024 exploration drill holes where no copper sulphides were intersected (none detected visually and confirmed with portable XRF), no assay analyses were conducted. (NSI = No Significant Interval.)
Details of the delineation drilling and exploration drill holes for the 2024 Storm program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
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.
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.
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).
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 the 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.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
Agreement with Epstein Research
The Company has entered into an advertisement services agreement with Peter Epstein ("Epstein Research") to increase investor engagement and create more awareness for the Company, starting on October 1, 2024. Epstein Research's engagement is for an initial term of six (6) months and is subject to renewal or cancellation in accordance with its terms (the "Term"). Epstein Research operates from New York, New York, and provides promotional services, including social media and online advertising of the Company posted on Epstein Research homepage, CEO.ca, Substack, and Linked-In; monthly written articles on the Company and/or CEO interviews written exclusively by Peter Epstein; and frequent online commentary on the Company on websites including CEO.ca, Stockhouse, TalkMarkets, LinkedIn, Twitter/X, Yahoo Finance, Facebook, StockTwits.
The Company has paid Epstein Research an amount of US$15,000 for the Term for these services. There are no common shares or options to be received as compensation in the service agreement. In addition, Epstein Research is an unrelated and unaffiliated entity in respect of the Corporation and, at the time of the agreement, Mr. Epstein owns securities of the Company purchased on the open market.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
SOURCE: Aston Bay Holdings Ltd.
News Provided by ACCESSWIRE via QuoteMedia
Drilling, soil geochemistry and electromagnetics continue to highlight large-scale regional exploration potential
Seabreeze Prospect:
Greenfield exploration has defined a new base metal prospect at the far northwestern extent of the 110 kilometre ("km") long copper belt - this new area is named ‘Seabreeze' and covers an area of approximately 10 km x 2 km
Ground gravity survey at Seabreeze has identified dense features within the prospective Allen Bay Formation - the same stratigraphic host to the Storm copper deposits
Hailstorm Prospect:
Geological mapping and rock sampling have discovered chalcocite gossans grading >50% copper ("Cu") within an unexplored area at Storm to the south of the Southern Graben - now named ‘Hailstorm'
Follow-up geochemical sampling has defined a 250 m x 250 m copper anomaly along a major fault
The geological setting is identical to that of the near-surface, high-grade copper deposits at Chinook, Thunder, Lightning Ridge, and Corona
Tornado Prospect:
Deep searching Moving Loop Electromagnetics ("MLEM") has defined new conductors below the limit of current drilling at Tornado, 5 km along strike from the known Storm deposits
All Reverse Circulation ("RC") drill holes have intersected anomalous copper, silver, and zinc in favourable geological locations, confirming the Storm mineralization model at Tornado and providing compelling targets for follow-up drilling
Tempest Prospect:
Reconnaissance drilling at Tempest - located 40 km south of the known Storm copper deposits - has intersected anomalous copper, zinc, and silver within Storm-style stratigraphy
The area is defined by a 4km-long zone of gossans, grading up to 38.2% Cu and 30.8% Zinc ("Zn"), confirming Tempest as a high-priority prospect for follow-up drilling
TORONTO, ON / ACCESSWIRE / November 25, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"Greenfields regional exploration continues to deliver discoveries at Storm. In addition to the successful delineation drilling program this year, the geological team has discovered two new zones with copper, zinc and silver mineralization, reinforcing the belt-wide prospectivity of this 110 km-long trend. The successful prospecting, geophysics, geochemistry and drilling programs all point to the untapped potential for more copper at Storm, and we look forward to testing these new discoveries while advancing the known deposits toward development.
"Work is advancing well on the maiden resource for Storm as well as the development study work with news expected over the coming months."
Figure 1: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide), yielding >50% Cu (50% is the upper limit of the assay technique used).
Figure 2: Prospect location map of the Storm Project highlighting the main prospective copper and zinc stratigraphic horizons.
New copper prospects discovered
Seabreeze
Detailed mapping, geochemical and ground gravity surveys have been completed over the northwestern extent of the 110 km-long prospective copper horizon (Figure 2). This area contains extensive outcrops of Allen Bay Formation rocks, the primary host to the known copper deposits in the Storm area. These surveys were the first detailed exploration of the area, now named ‘Seabreeze.'
Mapping within the prospect area confirms a geological setting similar to that of the Storm deposits, which are approximately 40 km to the east. The mapping at Seabreeze has identified the prospective contact between the Cape Storm and Allen Bay Formations and several fault zones that are known controls of the copper mineralization at the Project.
Soil geochemical sampling was completed within two targeted grids, with 76 soil samples collected at an average 400 m x 400 m spacing (21 samples in the north and 55 in the south, respectively), depicted in Figure 3.
The assays show an anomalous copper signature spatially associated with the northwest-southeast structural trend within the Allen Bay Formation and confirm the prospectivity of the northwestern extent of the copper belt. The results now confirm the potential for further discoveries of copper and zinc along the entire 110 km strike of the belt.
The ground gravity survey was completed at a nominal 200m line- x 50m station-spaced grid over an area of 6 km2 across the contact with the Allen Bay and Cape Storm formations. The survey aimed to screen for dense bodies that may represent accumulations of mineralization and to delineate favourable lithology that may host mineralization.
The gravity survey yielded strong gravity anomalies, likely within the Allen Bay Formation. This association between higher densities and the prospective Allen Bay stratigraphy is observed in the Storm area and is significant at Seabreeze due to the proximity of the Seal zinc-silver deposit (see December 6, 2017, Aston Bay news release), located approximately 3 km to the south: base metal mineralization is typically zoned, with a copper mineralized central core surrounded by zinc mineralization on the periphery. Follow-up exploration at the Seabreeze Prospect will include detailed ground EM and an expansion of the gravity surveys.
Figure 3: Seabreeze prospect showing soil sample locations, copper geochemistry, and the gravity imagery (Bouguer anomaly - hotter colours indicate an increase in density), overlaying regional geology. Note the location of the contact between the Cape Storm and Allen Bay Formations, and proximity to the Seal zinc-silver deposit.
Hailstorm
Reconnaissance mapping and rock sampling in the southern graben area of Storm has discovered a new zone of copper gossans proximal to a major interpreted fault (Figure 2). Follow-up soil sampling identified a 250 m x 250 m copper anomaly located along the strike of the fault, suggesting structural control to the mineralization as is typical at Storm (Figure 4).
Massive chalcocite boulders sampled from the copper gossans returned grades up to 50% Cu (Figure 1 - 50% is the upper detection limit of the assay method used). Massive copper sulfides are commonly associated with large structures in the Southern Graben area, an identical geological setting to the known copper deposits to the north. This new area has been named ‘Hailstorm.'
Follow-up exploration at the Hailstorm Prospect will include RC drilling.
Figure 4: Map of the Southern Graben area showing the location of the Hailstorm Prospect and copper soil geochemistry in relation to the known copper deposits, overlaying aerial photography and major faults.
High-priority EM targets defined at Tornado
The Tornado Prospect is located 5 km along strike from the Storm deposits to the east (Figure 2). It is centred on an area with abundant chalcocite and malachite boulders within a 3.2 km x 1.5 km geochemical copper anomaly. The large copper anomaly shares the same linear trend as the main structural features of the Storm Graben. Most of the anomalous copper samples are located proximal to the interpreted Northern Graben Fault, which is a similar setting to that of the large and laterally extensive Cyclone Deposit.
Exploration at Tornado during 2024 included deep-searching MLEM surveys and RC drilling.
The MLEM survey was conducted over six lines incorporating 115 stations, using a 400 m line-spacing and 100 m station-spacing for a total of 10.9 linear km. The survey aimed to screen the area for high-grade copper sulfides (which are successfully defined by EM at Storm) and to aid in mapping the stratigraphy and structures that could potentially host copper sulfide mineralization.
The survey defined two strong anomalies located within the prospective Allen Bay Formation. The 3D modelling suggests that the EM anomalies may be flat lying and located deeper than the current limit of the recent RC drilling (>150 m vertical depth, Figure 5). The strong positive correlation between the recent MLEM surveys, historical VTEM surveys, and copper mineralization supports the interpretation of the structural setting and deep copper potential at Tornado.
Figure 5: Oblique section view of the drill line at the Tornado prospect looking WNW. The image shows MLEM image (CH18BZ) and geology (map view, top - warmer colours indicating higher conductivity) above 3D inversion shells from the 2011 VTEM survey (cross-section view, bottom - cooler colours indicating higher conductivity). The section location is illustrated in Figure 6.
Historical drill hole AB18-07 was drilled to a downhole depth of 300 m, intersecting brecciated Allen Bay Formation throughout the entire hole and logged visual copper oxide mineralization (0.5% abundance between 19.35 m and 21.2 m downhole). Further to the east, though not covered by the recent MLEM survey, historical drill hole AB18-01/01B also intersected disseminated and veinlet-hosted visual chalcocite between 88.9 m and 110.3 m downhole (0.5 - 1% in abundance). These drill holes have not been assayed.
Five drill holes were completed by the helicopter-portable RC drill, and all holes intersected the prospective Allen Bay Formation. Drill hole SR24-131 was collared in the Douro Formation of the central Tornado graben and only just intersected the Allen Bay Formation at the end of the drill hole, indicating that the central block of the graben may have been faulted downwards approximately 175-200 vertical metres.
Anomalous copper, zinc or silver were observed in all drill holes. The highest copper and silver values were intersected in drill hole SR24-129, located proximal to the northern Tornado graben fault, a similar position to the copper-mineralized historical drill hole AB18-07 as described earlier (Table 2).
Drill hole SR24-133 was drilled 750 m north of the Tornado Graben Fault and intersected a 32 m thick interval of anomalous zinc mineralization from the surface with a maximum value of 1,040ppm Zn. This zonation of a copper mineralized core close to the graben faults (the presumed conduit of the mineralizing fluids) surrounded by peripheral zinc mineralization is typical at Storm.
The Tornado area contains a compelling coincidence of ideal structural and stratigraphic setting, strong gravity and EM anomalies, and copper geochemistry, located just 5 km along strike from Storm. These features rank the area as highly prospective for discovering additional copper mineralization. Follow-up exploration will include RC and deeper diamond drilling.
Visual estimates of mineral abundance, type or habit 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.
Figure 6: MLEM image (CH18BZ) of the Tornado and Blizzard 400 m loop survey overlaying geology and interpreted major faults. Hotter colours indicate higher conductivity.
Drilling confirms copper and zinc at the Tempest Prospect
The Tempest Prospect is located approximately 40 kilometres south of the copper deposits at Storm (Figure 2). The area is defined by a 4km long zone of gossans, with up to 38.2% Cu and 30.8% Zn in surface grab samples (see November 27, 2023, Aston Bay press release).
This area is considered the southern extension of the highly prospective Storm Copper and Seal Zinc horizons. These formations overlap the much older Proterozoic rocks that outcrop in the Boothia Uplift to the west. This geological setting with an unconformity (an ancient weathered surface) between two geological terranes suggests a permeable zone close to potential source rocks, highly prospective for fluid migration and base metal mineralization.
Three shallow reconnaissance exploration drill holes were completed at Tempest in 2025. Each hole reached a downhole depth of 200 m and was designed to test the stratigraphy and potential source of the highly anomalous copper and zinc at the surface (Figure 7).
The drilling confirmed the presence of Storm-style stratigraphy with thick intervals of the Allen Bay Formation. Anomalous copper, silver and zinc were encountered in all three drill holes, with particularly thick intervals of zinc and silver in drill hole SR24-098 (137.3m @ 137ppm Zn, 1.2g/t Ag - Table 2).
Although the high grades of the surface gossans were not replicated with the current drilling, the 4 km strike length of the gossans and thick intervals of zinc and silver in the drilling suggest a significant mineralizing event. Furthermore, the copper deposits at Storm are typically confined to the upper sequence of the Allen Bay Formation near the contact with the Cape Storm Formation. This contact is mapped further east in the Tempest area, suggesting that the current drill holes have intersected the lower, less prospective part of the Allen Bay Formation.
Deep searching ground EM will next be used to screen the area in more detail and to highlight high-priority targets for follow-up drilling.
Figure 7: Map of the Tempest Prospect showing drilling, geochemical sampling locations, rock samples, and lithological unit boundaries overlaying aerial photography.
Hole ID | Prospect | Easting | Northing | RL (m) | Depth (m) | Azimuth | Inclination |
SR24-098 | Tempest | 464948 | 8174283 | 302.8 | 149.4 | 179.71 | -70.5 |
SR24-100 | Tempest | 473230 | 8137717 | 299.7 | 199.64 | 285 | -50 |
SR24-102 | Tempest | 473634 | 8133161 | 296.6 | 199.6 | 109.19 | -45.05 |
SR24-129 | Tornado | 471008 | 8170156 | 295.0 | 199.64 | 180 | -60 |
SR24-130 | Tornado | 471012 | 8170973 | 277.9 | 199.64 | 200.27 | -52.1 |
SR24-131 | Tornado | 470928 | 8169888 | 289.0 | 199.64 | 200.17 | -60.26 |
SR24-132 | Tornado | 470866 | 8169491 | 291.4 | 199.64 | 200.25 | -55.08 |
SR24-133 | Tornado | 470244 | 8171463 | 255.7 | 199.64 | 199.97 | -59.97 |
SR24-134 | Tornado | 470273 | 8169986 | 268.0 | 199.64 | 199.97 | -60.14 |
Table 1: Details for the 2024 regional exploration drill holes.
Hole ID | From (m) | To (m) | Width | Cu ppm | Zn ppm | Ag g/t |
SR24-098 | 0 | 118.87 | 118.87 | 6.5 | 137.3 | 1.2 |
| 128.02 | 143.26 | 15.24 | 5.5 | 64 | 0.6 |
| 146.3 | 150.88 | 4.58 | 5 | 36.7 | 0.8 |
| 188.98 | 190.5 | 1.52 | 5 | 30 | 0.5 |
SR24-100 | 1.52 | 56.39 | 54.87 | 5.1 | 64.4 | 1.0 |
| 57.91 | 65.53 | 7.62 | 5 | 50 | 0.6 |
| 67.06 | 68.58 | 1.52 | 5 | 30 | 0.5 |
| 70.1 | 71.63 | 1.53 | 5 | 40 | 1.0 |
| 73.15 | 76.2 | 3.05 | 5 | 40 | 0.8 |
| 88.39 | 103.63 | 15.24 | 6.5 | 103.9 | 1.5 |
| 105.16 | 108.2 | 3.04 | 5 | 110 | 1.5 |
| 109.73 | 112.78 | 3.05 | 7.5 | 30 | 1.0 |
| 118.87 | 120.4 | 1.53 | 5 | 30 | 2.0 |
| 121.92 | 126.49 | 4.57 | 5 | 30 | 1.0 |
| 137.16 | 140.21 | 3.05 | 5 | 30 | 1.5 |
| 143.26 | 156.97 | 13.71 | 7.2 | 57.8 | 1.4 |
| 182.88 | 188.98 | 6.1 | 6.2 | 42.5 | 1.5 |
SR24-102 | 28.96 | 35.05 | 6.09 | 6.2 | 52.5 | 0.9 |
| 45.72 | 47.24 | 1.52 | 5 | 40 | 1.0 |
| 48.77 | 54.86 | 6.09 | 5 | 35 | 1.0 |
| 65.53 | 67.06 | 1.53 | 5 | 60 | 2.0 |
| 70.1 | 76.2 | 6.1 | 5 | 30 | 1.1 |
| 108.2 | 111.25 | 3.05 | 5 | 35 | 1.0 |
| 115.82 | 117.35 | 1.53 | 5 | 30 | 1.0 |
| 152.4 | 153.92 | 1.52 | 5 | 50 | 1.0 |
SR24-129 | 0.00 | 3.05 | 3.05 | 125.1 | 35.0 | 2.0 |
Incl. | 1.52 | 3.05 | 1.53 | 170.0 | 40.0 | 2.0 |
| 18.29 | 19.81 | 1.52 | 100.0 | 10.0 | 1.0 |
| 53.34 | 59.44 | 6.10 | 177.2 | 17.5 | 1.2 |
Incl. | 54.86 | 57.91 | 3.05 | 289.5 | 15.0 | 1.5 |
| 176.78 | 178.31 | 1.53 | 50.0 | 10.0 | 0.5 |
| 181.36 | 185.93 | 4.57 | 50.0 | 10.0 | 1.0 |
SR24-130 | 0.00 | 1.52 | 1.52 | 50.0 | 30.0 | 1.0 |
| 53.34 | 54.86 | 1.52 | 60.0 | 30.0 | 1.0 |
| 59.44 | 60.96 | 1.52 | 50.0 | 30.0 | 1.0 |
| 64.01 | 65.53 | 1.52 | 50.0 | 60.0 | 1.0 |
| 68.58 | 73.15 | 4.57 | 76.6 | 10.0 | 1.0 |
Incl. | 68.58 | 70.10 | 1.52 | 130.0 | 10.0 | 1.0 |
| 79.25 | 80.77 | 1.52 | 100.0 | 40.0 | 2.0 |
| 88.39 | 89.92 | 1.53 | 50.0 | 50.0 | 1.0 |
SR24-131 | 0.00 | 1.52 | 1.52 | 60.0 | 30.0 | 0.5 |
| 4.57 | 6.10 | 1.53 | 60.0 | 40.0 | 0.5 |
| 7.62 | 9.14 | 1.52 | 50.0 | 50.0 | 0.5 |
SR24-132 | 6.10 | 7.62 | 1.52 | 230.0 | 10.0 | 0.5 |
| 38.10 | 39.62 | 1.52 | 50.0 | 10.0 | 0.5 |
| 56.39 | 64.01 | 7.62 | 66.0 | 12.0 | 0.8 |
Incl. | 60.96 | 62.48 | 1.52 | 100.0 | 10.0 | 0.5 |
| 73.15 | 74.68 | 1.53 | 100.0 | 100.0 | 1.0 |
| 77.72 | 79.25 | 1.53 | 70.0 | 240.0 | 1.0 |
| 166.12 | 169.16 | 3.04 | 95.0 | 85.0 | 1.5 |
Incl. | 166.12 | 167.64 | 1.52 | 140.0 | 160.0 | 2.0 |
| 178.31 | 181.36 | 3.05 | 85.1 | 30.0 | 0.8 |
Incl. | 179.83 | 181.36 | 1.53 | 120.0 | 40.0 | 1.0 |
| 6.10 | 7.62 | 1.52 | 230.0 | 10.0 | 0.5 |
SR24-133 | 0.00 | 3.05 | 3.05 | 120.2 | 686.2 | 0.7 |
Incl. | 1.52 | 3.05 | 1.53 | 170.0 | 1040.0 | 0.5 |
| 7.62 | 9.14 | 1.52 | 90.0 | 480.0 | 0.5 |
| 24.38 | 25.91 | 1.53 | 50.0 | 270.0 | 0.5 |
| 38.10 | 44.20 | 6.10 | 70.0 | 259.9 | 0.5 |
SR24-134 | 32.00 | 33.53 | 1.53 | 90.0 | 110.0 | 1.0 |
| 36.58 | 39.62 | 3.04 | 50.0 | 65.0 | 1.0 |
| 74.68 | 76.20 | 1.52 | 80.0 | 90.0 | 1.0 |
Table 2: Summary of significant drilling intersections for the greenfield regional prospects (>50ppm Cu, 25ppm Zn, 1g/t Ag). The intersections are expressed as downhole widths and are interpreted to be close to true widths.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
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.
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.
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).
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 the 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.
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 110 m* @ 2.5% Cu from surface and 56.3 m* @ 3.1% Cu from 12.2 m as well as the Seal Zinc Deposit (intersections including 14.4 m* @ 10.6% Zn, 28.7g/t Ag from 51.8 m and 22.3 m* @ 23.0% Zn, 5.1g/t Ag from 101.5 m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect, where ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
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 for hundreds of metres of surface 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 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 retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
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 16 m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913 m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5 m* @ 4.4% Cu and 20.5 m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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 1,534 m 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 and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300 m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's 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 AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's 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 entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
SOURCE: Aston Bay Holdings Ltd.
News Provided by ACCESSWIRE via QuoteMedia
98 metres of copper sulfides reinforce large-scale sediment-hosted copper potential
Highlights:
The 2024 deep drilling program has delivered further evidence of a very extensive laterally oriented deeper copper horizon that covers an area of more than 10 square kilometres ("km 2")and remains open
All three deeper drill holes in the 2024 program - collared approximately 2 km apart from each other - have intersected copper sulfides and prospective stratigraphy within the interpreted deeper copper horizon
The second 2024 deep diamond drill hole (ST24-02) drilled during 2024 has intersected an aggregate of 98.6 metres ("m") of copper sulfide mineralization within multiple horizons
The third 2024 deep diamond drill hole (ST24-03) - targeting a 1,300m x 500m EM anomaly below the Cirrus Deposit - was suspended due to a highly fractured zone on approach to the target EM plates, and will now be completed in early 2025
ST24-03 encountered minor copper sulfides in the upper portions of the drill hole and an extensive zone of fractured carbonate rocks at depth - a highly favourable geological setting for the deposition of copper mineralization
The first 2024 deep diamond drill hole (ST24-01) intersected thick copper sulfides from 311m downhole with grades up to 3.7% copper ("Cu") as reported on September 20, 2024
The large volume of mineralisation in the deeper diamond drilling, particularly in ST24-02, continues to highlight the large lateral and vertical extent of the Storm copper system and the potential for large-scale stratigraphic hosted copper deposits similar to those of the Central African Copperbelt
Additional results from the 2024 campaign to be reported in the coming weeks.
TORONTO, ON / ACCESSWIRE / October 30, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on diamond drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented :
"It is encouraging to receive confirmation of our geological model with the drill bit. Drilled to test stratigraphy and structure in a little-explored area, ST24-02 encountered a significant amount of sediment-hosted style copper mineralization. While the mineralization at this location is spread out over a wide interval, it nevertheless highlights the pervasive nature of the mineralizing process at Storm and points to the potential where the copper budget of these pervasive fluids can be concentrated in higher-grade zones as in the near-surface copper deposits currently being defined at Storm.
"Our third deep drill hole remains only partially completed due to drilling difficulties at the end of the season. Drilling in the frozen Arctic ground requires salt to be added to the drilling fluid to prevent freezing. Before reaching the target, the drill intercepted a fractured zone, resulting in the loss of the drilling fluid. Unfortunately, it was too late in the season to resupply the salt and other drilling additives necessary to continue the hole this year.
"The targeted anomaly exhibits characteristics of both fault-hosted "Chinook-style" and stratiform-hosted "Cyclone-style" mineralization, making it a very compelling target. I eagerly look forward to completing this drill hole early next year."
Figure 1: Photo of the diamond drilling rig being prepared at the Storm Project, Nunavut, Canada.
OVERVIEW: DRILLING CONTINUES TO EXPAND THE COPPER SYSTEM
The drill holes for the 2024 deep drilling campaign were designed to test key geological targets at Storm and the potential for new zones of copper mineralization within the ‘Deep Copper Horizon' discovered during 2023 (see August 2, 2023, Aston Bay news release).
Drill hole ST24-02 has intersected thick intervals of low-grade copper sulfide mineralization with multiple thin higher-grade horizons. The entire rock package is variably fractured, with copper sulfides occurring as veins and fracture infill. The large volume of mineralization and brecciation highlight a significant mineralization event, and its location within the centre of the Thunder and Corona graben block supports the potential for further discoveries of economic mineralization at depth.
ST24-03 targeted a large Moving Loop EM (MLEM) anomaly below the Cirrus Deposit and Gap Prospect and encountered a large void/fractured zone on approach to the targeted EM plates, which slowed the drilling and prevented the hole from being completed this season. Given the strong correlation between copper sulfide mineralization and MLEM anomalies at Storm, this EM anomaly remains a high-priority drill target for early 2025.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit outlines, major faults, and deep diamond drill hole locations. All the deeper drill holes have intersected copper at depth within a prospective area of more than ten square kilometres.
DRILL HOLE ST24-02 DETAILS
Drill hole ST24-02 was drilled to a downhole depth of 455m and intersected a combined total of 98.6m of copper sulfide mineralization (Figure 4). The drill hole was designed to test the stratigraphy and structure in the southern areas of Storm, south of the Southern Graben Fault.
In addition to minor copper mineralization hosted within the upper Allen Bay horizons (at the same depth as the known shallow Storm prospects), three main mineralized zones were identified at depth in ST24-02. The mineralization is hosted within abundant sporadic fracturing, variably infilled by copper sulfides averaging 0.1% copper ("Cu") (see Table 2).
The most significant zone of mineralization, from 292m to 324m downhole, is hosted within a bituminous, vuggy, coral dolopackstone-doloboundstone sequence with blebby to veinlet chalcopyrite, chalcocite and bornite with assays up to 0.53% Cu (from 322.5 - 323.5m downhole). The mineralized textures and lithological associations from this zone are consistent with the ‘Deep Copper Horizon' discovered during 2023 and show the persistence of this horizon across multiple fault blocks on the Storm property.
The large volume of visual mineralization within ST24-02 highlights the scale of the copper system at Storm. The proximity of drill hole ST24-02 to the Thunder Prospect and Chinook and Corona deposits provides further evidence that the Allen Bay Formation within the Southern Graben may host high-grade, stratigraphic- and structurally-hosted copper deposits similar to those of the Central African Copperbelt.
Figure 3: Chalcocite (dark grey) and bornite (metallic blue) fracture fill in drill hole ST24-02 at approximately 313.75m downhole (this piece of core is within an interval of 1m @ 0.33% Cu).
Figure 4: NE-SW geological section through ST24-02 looking southeast.
DRILL HOLE ST24-03 DETAILS
Diamond drill hole ST24-03 was designed to target a 1,300m x 500m flat-lying MLEM anomaly (Figure 5 - EM anomaly A1) bounded by a series of large, mostly steeply dipping EM plates (approx. 350m to top, conductance ~40-60S, moderate ~40-60deg S/SW dip, striking ~WNW-ESE) at its the northern edge. The EM anomalies are located below the Cirrus Deposit and the Gap high-grade copper prospect and are interpreted to be proximal to the Southern Graben Fault.
Figure 5: 400m loop MLEM image (CH20BZ) showing anomalies and modelled plates overlying drilling and the geological and structural interpretation of the Storm area. The MLEM anomaly discussed in this release is labelled A1.
ST24-03 has been drilled to a downhole depth of 414m (planned depth of 600-700m) and intersected several zones of fracturing and sporadic copper sulfides (Figure 6). The presence of voids and fractures at the current depth resulted in reduced circulation and the loss of drilling fluids, including the critical salt additive required to prevent freezing in this area of deep permafrost. The drill hole had to be suspended pending the resupply of salt from the Sealift (now delivered) and will be completed as a high priority in early 2025.
Figure 6: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. Drilling was suspended at 414m depth; the planned drill hole depth is 650-700m, to be completed in early 2025.
The drill hole has not yet intersected the targeted MLEM anomaly, but the results are encouraging. The hole was drilled entirely into lower Allen Bay Formation, the host of the majority of copper mineralization at Storm, and intersected multiple organic-rich horizons and thick zones of oxidized fracturing. One notable zone includes a laminated organic-rich mudstone with fine disseminated pyrite and chalcopyrite veinlets from 178m to 180m depth downhole. Minor copper sulfides were also encountered at 305m downhole as patchy chalcopyrite veinlets and infill to a vuggy shell-fragment dolofloatstone. Organic material and hydrocarbons are critical requirements for the deposition of metals in this mineralizing system, and their presence is encouraging.
Fractures and voids at depth and close to the target area are also positive indicators since permeability and porosity are critical for the open-space filling style of high-grade copper mineralization at Storm.
Also noteworthy is that the orientations of the sub-vertical MLEM plates parallel to and directly below the sub-vertical Southern Graben Fault are suggestive of fault-related mineralization, as seen in the strong EM response at the Chinook and Corona Deposits. The faults may have channelled and focussed the metal-bearing fluids, allowing for more intense mineralization. The sub-horizontal component of the MLEM anomaly A1 may also be suggestive of stratiform mineralization, as seen at Cyclone where an EM anomaly delineates flat-lying bodies of high-grade copper mineralization that are directly adjacent to the Northern Graben Fault (Figure 5).
With such a close fit to the predictive geologic model that has already successfully discovered new zones of copper mineralization combined with the proven robust correlation between MLEM anomalies and high-grade copper mineralization at Storm, the untested portion of this drill hole is a compelling high-priority target for the 2025 drill season.
Hole ID | Prospect | Easting | Northing | RL (m) | Depth (m) | Azimuth | Inclination |
ST24-01 | Graben | 464728 | 8173893 | 289.4 | 385 | 0.3 | -80.1 |
ST24-02 | Expl. | 465600 | 8172675 | 246.2 | 455 | 160 | -75 |
ST24-03 | Expl. | 462772 | 8173627 | 213.7 | 414.11* | 35 | -70 |
Table 1: Details for the 2024 deep diamond drill holes at the Storm Project. Note*, drill hole ST24-03 is pending and will be completed during 2025.
Hole ID | From (m) | To (m) | Width | Cu ppm | Zn ppm | Ag g/t |
ST24-02 | 52.00 | 55.00 | 3.00 | 1402 | 10 | 2.0 |
Including | 53.00 | 53.60 | 0.60 | 6100 | 10 | 2.0 |
| 58.00 | 59.60 | 1.60 | 110 | 10 | 2.0 |
| 72.50 | 76.50 | 4.00 | 203 | 10 | 1.1 |
| 77.00 | 79.00 | 2.00 | 953 | 10 | 1.8 |
Including | 78.00 | 78.50 | 0.50 | 3050 | 10 | 2.0 |
| 81.00 | 84.00 | 3.00 | 140 | 10 | 1.3 |
| 85.00 | 86.50 | 1.50 | 253 | 10 | 1.0 |
| 104.00 | 106.00 | 2.00 | 420 | 10 | 1.5 |
| 107.00 | 112.10 | 5.10 | 176 | 10 | 0.9 |
| 114.50 | 115.00 | 0.50 | 640 | 10 | 2.0 |
| 130.30 | 131.00 | 0.70 | 230 | 10 | 1.0 |
| 132.50 | 133.10 | 0.60 | 270 | 10 | 2.0 |
| 170.00 | 172.00 | 2.00 | 195 | 10 | 1.5 |
| 193.00 | 194.50 | 1.50 | 240 | 10 | 2.0 |
| 195.50 | 196.50 | 1.00 | 2290 | 40 | 1.5 |
Including | 195.50 | 196.00 | 0.50 | 4330 | 60 | 2.0 |
| 201.00 | 202.00 | 1.00 | 220 | 30 | 1.0 |
| 203.50 | 205.00 | 1.50 | 207 | 10 | 1.3 |
| 224.00 | 226.00 | 2.00 | 150 | 10 | 1.0 |
| 250.00 | 251.00 | 1.00 | 140 | 10 | 1.0 |
| 286.00 | 287.50 | 1.50 | 317 | 17 | 1.3 |
| 289.50 | 290.50 | 1.00 | 620 | 10 | 1.3 |
| 292.00 | 300.00 | 8.00 | 256 | 10 | 0.8 |
| 300.50 | 301.50 | 1.00 | 200 | 10 | 1.0 |
| 302.00 | 304.00 | 2.00 | 900 | 15 | 2.0 |
Including | 303.00 | 303.50 | 0.50 | 2560 | 10 | 2.0 |
| 305.00 | 308.00 | 3.00 | 745 | 10 | 1.3 |
Including | 306.50 | 307.00 | 0.50 | 1170 | 10 | 0.5 |
| 310.00 | 316.00 | 6.00 | 935 | 10 | 1.0 |
Including | 311.00 | 311.50 | 0.50 | 1140 | 10 | 2.0 |
And | 313.50 | 314.50 | 1.00 | 3270 | 10 | 0.8 |
| 317.00 | 324.00 | 7.00 | 1628 | 11 | 0.9 |
Including | 322.50 | 323.50 | 1.00 | 5295 | 15 | 0.8 |
| 327.50 | 328.00 | 0.50 | 210 | 10 | 1.0 |
| 330.00 | 333.00 | 3.00 | 110 | 10 | 1.3 |
| 348.00 | 349.00 | 1.00 | 120 | 10 | 2.0 |
| 352.00 | 353.00 | 1.00 | 110 | 10 | 1.0 |
| 366.00 | 367.00 | 1.00 | 110 | 10 | 3.0 |
| 369.00 | 370.00 | 1.00 | 140 | 10 | 1.0 |
| 373.00 | 375.00 | 2.00 | 160 | 10 | 1.0 |
| 377.00 | 380.00 | 3.00 | 110 | 10 | 1.3 |
| 381.00 | 388.00 | 7.00 | 140 | 13 | 1.2 |
| 397.00 | 398.00 | 1.00 | 110 | 10 | 1.0 |
| 399.00 | 401.00 | 2.00 | 105 | 10 | 0.8 |
| 409.60 | 418.00 | 8.40 | 388 | 10 | 1.6 |
Including | 413.00 | 413.35 | 0.35 | 1640 | 10 | 2.0 |
| 421.00 | 424.65 | 3.65 | 542 | 10 | 1.8 |
Including | 422.00 | 423.00 | 1.00 | 1280 | 10 | 2.0 |
ST24-03 | 10.00 | 11.00 | 1.00 | 100 | 20 | 0.5 |
| 24.00 | 26.00 | 2.00 | 135 | 30 | 1.0 |
| 33.00 | 34.00 | 1.00 | 100 | 10 | 0.5 |
| 35.00 | 40.00 | 5.00 | 208 | 10 | 0.7 |
| 41.00 | 42.00 | 1.00 | 120 | 10 | 1.0 |
| 43.00 | 49.00 | 6.00 | 125 | 33 | 1.0 |
| 54.00 | 55.00 | 1.00 | 110 | 10 | 0.5 |
| 56.00 | 57.00 | 1.00 | 590 | 10 | 1.0 |
| 66.00 | 70.00 | 4.00 | 153 | 20 | 0.9 |
| 90.00 | 91.00 | 1.00 | 100 | 10 | 0.5 |
| 96.00 | 97.00 | 1.00 | 120 | 10 | 0.5 |
| 108.00 | 119.00 | 11.00 | 298 | 255 | 0.6 |
| 120.00 | 129.07 | 9.07 | 175 | 182 | 0.5 |
| 130.90 | 133.00 | 2.10 | 105 | 45 | 0.5 |
| 152.00 | 153.98 | 1.98 | 150 | 10 | 0.5 |
| 178.70 | 179.00 | 0.30 | 1900 | 80 | 15.0 |
| 180.04 | 180.82 | 0.78 | 170 | 10 | 2.0 |
Table 2: Summary of recent significant drilling intersections for drill holes ST24-02 and ST24-03. Given the exploratory nature of the drilling a cut-off of 0.01% Cu is used to highlight the presence of copper sulfides. In the absence of copper sulfide or oxides, the dolomite host rocks at Storm typically contain 10-25ppm copper. Diamond drill intersections are all core length and true width is expected to be 60% to 100% of core length.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/ .
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.
QA/QC Protocols
The analytical work reported on 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. Drill core 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.
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* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% 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 ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
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 for hundreds of metres of surface 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 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 retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
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 and retains no residual interest in the project. 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* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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 and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's 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 AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's 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 entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
SOURCE: Aston Bay Holdings Ltd.
News Provided by ACCESSWIRE via QuoteMedia
First payment received from a total C$3.46 million allocated to Aston Bay with no use of proceeds restriction
Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has received the initial US$1 million (C$1.38 million1) in funding as part of an agreement with the Company's joint venture partner American West Metals Limited ("American West") and 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 (C$17.3 million[1]) under a royalty package for the Storm Copper Project
Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20% of the funding from the royalty package (C$3.46 million[1]) with no use of proceeds restriction.
Highlights
[1] Based on USD:CAD exchange rate of 1:1.3838.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm Project by such a well-respected international mining royalty company is a strong endorsement of the potential of the Project.
"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm Copper Project. American West continues to actively advance the Project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to twelve months.
"This could bring an additional C$2 million to Aston Bay for a potential total of C$3.46 million non-dilutive funds to advance our other critical minerals and gold exploration projects."
For further details on the royalty package under the Taurus arrangement, see Aston Bay's June 24, 2024 news release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade critical and precious metals potential in North America.
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's 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 AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's 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 entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
SOURCE: Aston Bay Holdings Ltd.
News Provided by ACCESSWIRE via QuoteMedia
Thick and high-grade copper intersections from the surface at Chinook
Chinook Deposit delineation drilling:
Drilling at the Chinook Deposit has intersected thick, high-grade, near-surface copper intervals (interpreted as close to true width), including:
Drill hole SR24-068:
42.7m @ 3.1% Cu, 4.0 g/t Ag from the surface, including,
1.5m @ 7.1% Cu, 60 g/t Ag from 25.9m downhole
Drill hole SR24-080:
35.1m @ 2.7% Cu, 5.8 g/t Ag from 22.9m downhole, including,
9.2m @ 7.3% Cu, 15.3 g/t Ag from 27.4m downhole, and,
3.1m @ 3.9% Cu, 5.5 g/t Ag from 38.1m downhole
Drill hole SR24-081:
29m @ 2.6% Cu, 4.3 g/t Ag from the surface, including,
3.1m @ 11.1% Cu, 1.5 g/t Ag from 1.5m downhole, and,
4.6m @ 4.8% Cu, 5.7 g/t Ag from 21.6m downhole
Cyclone Deposit delineation drilling:
Drilling around and within the Cyclone Deposit continues to intersect thick, high-grade copper intervals (interpreted as close to true width), including:
Drill hole SR24-117 has intersected:
16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m downhole, and
33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m downhole, including,
3.1m @ 6.9% Cu, 23.0 g/t Ag from 54.9m downhole
Assays for the remaining Cyclone drill holes are expected in the next 2-4 weeks
TORONTO, ON / ACCESSWIRE / October 17, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"Storm continues to deliver impressive results from the delineation drilling program conducted by our partners American West. Long intercepts of high-grade copper mineralization from the surface bode well for potential development at the project. We look forward to more drill results in the coming weeks as we work toward calculating the maiden resource for Storm."
Figure 1: Storm Project team geologists Rachel Borg and Jordan Mathieu review the drill core from metallurgical drill hole SM24-02 (see Table 1 for details).
EXCEPTIONAL COPPER INTERSECTIONS FROM THE SURFACE AT CHINOOK
Assay results from drilling at the Chinook Deposit confirm thick and high-grade intersections of copper from the surface and highlight the near-surface, high-grade potential of the deposit (Figure 2). The drill program was designed to inform an upcoming maiden mineral resource estimate for the Storm Project that is currently being constructed to CIM standards.
The shallow, up-dip drilling has intersected outstanding intervals of copper and has increased the thickness of the known mineralization along several drill sections. Drilling on the margins of Chinook has also highlighted its expansion potential, with the deposit remaining open down dip and along strike.
The thick intervals and high grades of the outcropping and near-surface copper mineralization at Chinook support potential open-pit mining of the deposit, reinforcing the development opportunity that Chinook presents as a potential starter mining pit at Storm. Detailed studies continue on a range of mining and development scenarios for the Storm project.
Figure 2: Plan view of the Chinook Deposit showing the interpreted copper mineralized zone and historical and recent drilling, overlying regional geology.
Figure 3: Photo of the Chinook copper deposit area looking north, across the gully from the Lightning Ridge Prospect. The extensive rust-coloured staining indicates an outcropping of copper sulfide. Also visible in the photo are a diamond drilling rig (left, middle) and several white bulk bags used for transporting drill samples.
DRILL HOLE SR24-068 DETAILS
SR24-068 was drilled in the up-dip portion of the Chinook Deposit to a downhole depth of 79.2m (Figure 4), intersecting 43m of intense chalcocite and bornite mineralization from the surface (Table 1). The interval is consistently mineralized with several discrete zones of more intense mineralization grading up to 7.1% Cu (from 25.9m downhole).
The mineralization within the Chinook Deposit is steeply dipping and hosted within the Allen Bay Formation. The geometry and fractured nature of the mineralization within the deposit suggest that it is fault-related. With the immediate Chinook area only being explored to approximately 120m vertical depth, there is outstanding potential to extend the deposit at depth and along strike.
The Chinook Deposit represents one of seven discoveries in the Southern Graben area to date, and there is strong potential for further discoveries within the extensive fault network that delineates the graben.
Figure 4: N-S geological schematic section view through SR24-068 showing the recent drill hole locations, recently received assays and the previous interpretation of the copper mineralized zone (to be updated).
THICK INTERVALS OF COPPER CONTINUE AT CYCLONE
The potential of the Cyclone Deposit is highlighted by the thick and high-grade nature of copper mineralization in these new results, both within and outside the interpreted copper mineralized zone (Figure 5).
Within the mineralized zone, these new drill results from the southeast of the deposit demonstrate the intense copper mineralization that is typically found close to the Northern Graben Fault, a critical structural control on mineralization.
Recent drilling has also hit significant copper mineralization outside of the interpreted zone of copper mineralization at Cyclone. Previous geological interpretations truncated the zone along the Northern Graben Fault (Figure 5). Recent drilling to the southwest of the deposit (see September 27, 2024, Aston Bay news release) confirms that the Cyclone mineralization continues across this structure and is located at depth within the down-faulted stratigraphy of the Central Graben, outside of the previously interpreted mineralized body. With only minimal drilling in this newly identified zone to the southeast, this area remains a highly prospective target for future growth (Figure 6).
Figure 5: Plan view of the Cyclone Deposit showing the interpreted copper mineralized zone and historical and recent drilling overlying regional geology.
DRILL HOLE SR24-117 DETAILS
SR24-117 was drilled in the southeast portion of the Cyclone Deposit to a downhole depth of 100.7m (Table 4) proximal to the Northern Graben Fault.
The mineralization in SR24-117 contains two main zones (16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m and 33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m) of intense vein- and fracture-style copper sulfide mineralization, dominantly chalcocite, hosted within fractured dolomite of the Allen Bay Formation.
Copper-rich chalcocite mineralization is usually characterized by significant lateral continuity within Cyclone. Given the proximity to the Northern Graben Fault, it is interpreted that the mineralization is highly likely to continue to the south across the fault, where the extension to the Cyclone mineralization could be located slightly deeper within the Central Graben (Figure 6).
Figure 6: Geological section view at 465,400E showing the interpreted mineralized intervals (>0.2% Cu) for drill hole SR24-117, and the previous interpretation of the copper mineralized zone (to be updated).
PLANNED PROGRAM
On-site drilling activities have concluded for 2024 with substantial news flow expected to continue, including the laboratory assays for the remaining drill holes over the next month and the results of several ongoing studies throughout Q4 2024 and early 2025.
A maiden mineral resource estimate for the Storm Project is currently being constructed to CIM standards for anticipated Q4 2024 release.
ESG, mining, engineering, metallurgical, and economic studies are continuing with Ausenco and Sacre-Davey Engineering.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SM24-01 | 0 | 8 | 8 | 4.84 | 0.1 | 13.1 |
Including | 3 | 5.38 | 2.38 | 13.41 | 0.4 | 22.8 |
| 38 | 43 | 5 | 0.50 | 0.0 | 1.7 |
| 44 | 59 | 15 | 2.78 | 0.0 | 9.0 |
Including | 46.5 | 55 | 8.5 | 4.54 | 0.0 | 13.8 |
| 60 | 64.5 | 4.5 | 1.34 | 0.0 | 2.1 |
Including | 62 | 63.8 | 1.8 | 2.45 | 0.0 | 3.2 |
| 74.24 | 75.05 | 0.81 | 0.36 | 0.0 | 1.0 |
| 77.5 | 79 | 1.5 | 0.59 | 0.0 | 1.0 |
SM24-02 | 6 | 10 | 4 | 0.61 | 0.0 | 3.8 |
| 11.9 | 26 | 14.1 | 4.90 | 0.0 | 7.0 |
Including | 18.4 | 26 | 7.6 | 8.15 | 0.0 | 5.9 |
| 27 | 29 | 2 | 1.08 | 0.0 | 1.0 |
| 30.35 | 32.5 | 2.15 | 1.18 | 0.0 | 1.8 |
| 33 | 35 | 2 | 3.88 | 0.0 | 4.0 |
Including | 33 | 34 | 1 | 6.86 | 0.0 | 6.0 |
| 37 | 40 | 3 | 8.81 | 0.0 | 12.2 |
Including | 37 | 38 | 1 | 24.40 | 0.0 | 32.0 |
| 41.5 | 44 | 2.5 | 3.12 | 0.0 | 4.0 |
Including | 41.5 | 42.5 | 1 | 6.30 | 0.0 | 7.0 |
| 51 | 55 | 4 | 3.24 | 0.0 | 3.7 |
Including | 51.85 | 54 | 2.15 | 5.64 | 0.0 | 5.8 |
| 56 | 65 | 9 | 3.76 | 0.0 | 3.1 |
Including | 58 | 59.9 | 1.9 | 10.54 | 0.0 | 6.9 |
and | 63 | 64 | 1 | 2.06 | 0.0 | 2.0 |
| 66 | 69 | 3 | 0.30 | 0.0 | 1.0 |
| 71 | 73 | 2 | 0.43 | 0.0 | 1.0 |
| 74 | 76 | 2 | 0.49 | 0.0 | 1.0 |
| 80 | 81.5 | 1.5 | 1.12 | 0.0 | 0.8 |
| 85.3 | 86 | 0.7 | 2.35 | 0.0 | 1.0 |
| 92.5 | 93 | 0.5 | 1.75 | 0.0 | 1.0 |
SR24-068 | 0 | 42.67 | 42.67 | 3.10 | 0.0 | 4.0 |
Including | 25.91 | 27.43 | 1.52 | 7.14 | 0.0 | 6.0 |
SR24-080 | 0 | 1.52 | 1.52 | 0.21 | 0.0 | 1.0 |
| 4.57 | 7.62 | 3.05 | 0.41 | 0.0 | 0.5 |
| 9.14 | 21.34 | 12.2 | 0.93 | 0.0 | 1.6 |
Including | 10.67 | 13.72 | 3.05 | 1.76 | 0.0 | 1.5 |
and | 15.24 | 18.29 | 3.05 | 1.12 | 0.0 | 2.0 |
| 22.86 | 57.91 | 35.05 | 2.72 | 0.1 | 5.8 |
Including | 27.43 | 36.58 | 9.15 | 7.28 | 0.5 | 15.3 |
and | 38.1 | 41.15 | 3.05 | 3.90 | 0.0 | 5.5 |
| 62.48 | 68.58 | 6.1 | 0.53 | 0.0 | 1.1 |
Including | 65.53 | 67.06 | 1.53 | 1.04 | 0.0 | 0.5 |
|
|
|
|
|
|
|
SR24-081 | 0 | 28.96 | 28.96 | 2.56 | 0.1 | 4.3 |
Including | 1.52 | 4.57 | 3.05 | 11.11 | 0.1 | 1.5 |
and | 7.62 | 10.67 | 3.05 | 2.24 | 0.1 | 5.5 |
and | 21.34 | 25.91 | 4.57 | 4.77 | 0.1 | 5.7 |
| 39.62 | 50.29 | 10.67 | 0.56 | 0.0 | 1.4 |
Including | 48.77 | 50.29 | 1.52 | 1.03 | 0.0 | 2.0 |
| 57.91 | 59.44 | 1.53 | 0.31 | 0.0 | 3.0 |
| 62.48 | 64.01 | 1.53 | 0.26 | 0.0 | 7.0 |
SR24-082 | 0 | 7.62 | 7.62 | 0.61 | 0.0 | 3.0 |
Including | 1.52 | 3.05 | 1.53 | 1.11 | 0.0 | 4.0 |
| 10.67 | 13.72 | 3.05 | 0.45 | 0.0 | 2.5 |
| 19.81 | 28.96 | 9.15 | 2.73 | 0.0 | 2.2 |
| 32 | 35.05 | 3.05 | 0.66 | 0.0 | 24.0 |
SR24-083 | 0 | 18.29 | 18.29 | 2.48 | 0.0 | 16.0 |
Including | 4.57 | 10.67 | 6.1 | 5.37 | 0.0 | 2.8 |
| 22.86 | 27.43 | 4.57 | 0.35 | 0.0 | 3.3 |
| 39.62 | 41.15 | 1.53 | 0.52 | 0.0 | 1.0 |
SR24-084 | 3.05 | 4.57 | 1.52 | 0.60 | 0.0 | 2.0 |
| 7.62 | 9.14 | 1.52 | 0.34 | 0.0 | 1.0 |
| 12.19 | 16.76 | 4.57 | 0.78 | 0.0 | 1.3 |
Including | 12.19 | 13.72 | 1.53 | 1.82 | 0.0 | 2.0 |
| 25.91 | 32 | 6.09 | 1.04 | 0.0 | 2.0 |
Including | 27.43 | 28.96 | 1.53 | 3.45 | 0.0 | 3.0 |
| 45.72 | 47.24 | 1.52 | 0.21 | 0.0 | 1.0 |
SR24-085 | 7.62 | 9.14 | 1.52 | 0.43 | 0.0 | 0.5 |
| 10.67 | 12.19 | 1.52 | 0.87 | 0.3 | 1.0 |
| 13.72 | 18.29 | 4.57 | 0.74 | 0.1 | 4.7 |
Including | 16.76 | 18.29 | 1.53 | 1.42 | 0.0 | 10.0 |
SR24-086 | 10.67 | 16.76 | 6.09 | 0.93 | 0.0 | 53.4 |
Including | 10.67 | 13.72 | 3.05 | 1.39 | 0.0 | 83.1 |
| 22.86 | 25.91 | 3.05 | 0.52 | 0.0 | 3.0 |
| 38.1 | 39.62 | 1.52 | 0.21 | 0.0 | 2.0 |
SR24-088 | 54.86 | 56.39 | 1.53 | 0.24 | 0.0 | 2.0 |
SR24-090 | 0 | 1.52 | 1.52 | 0.29 | 0.0 | 3.0 |
| 9.14 | 12.19 | 3.05 | 0.48 | 0.0 | 3.5 |
| 16.76 | 25.91 | 9.15 | 1.05 | 0.0 | 1.3 |
Including | 18.29 | 21.34 | 3.05 | 1.77 | 0.0 | 1.5 |
| 27.43 | 32 | 4.57 | 0.71 | 0.0 | 3.0 |
Including | 28.96 | 30.48 | 1.52 | 1.48 | 0.0 | 2.0 |
| 33.53 | 38.1 | 4.57 | 0.44 | 0.0 | 0.8 |
SR24-092 | 53.34 | 60.96 | 7.62 | 0.41 | 0.0 | 0.9 |
| 64.01 | 65.53 | 1.52 | 0.28 | 0.0 | 0.5 |
Table 1: Summary of recent significant drilling intersections at the Chinook Deposit (>0.2% Cu). The Reverse Circulation ("RC") intersections (SR24* holes) are expressed as downhole widths and are interpreted to be close to true widths. Diamond drill intersections (SM* holes) are all core length and true width is expected to be 60% to 100% of core length.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-077 | 118.87 | 120.4 | 1.53 | 0.45 | 0.06 | 2 |
SR24-113 | 96.01 | 97.54 | 1.53 | 0.3 | 0.0 | 2.0 |
SR24-114 | 44.2 | 45.72 | 1.52 | 0.3 | 0.0 | 1.0 |
| 62.48 | 64.01 | 1.53 | 2.1 | 0.0 | 4.0 |
| 70.1 | 73.15 | 3.05 | 0.7 | 0.0 | 3.5 |
Including | 71.63 | 73.15 | 1.52 | 1.1 | 0.0 | 5.0 |
| 77.72 | 80.77 | 3.05 | 0.3 | 0.0 | 2.0 |
| 100.58 | 102.11 | 1.53 | 0.5 | 0.0 | 2.0 |
SR24-115 | 21.34 | 24.38 | 3.04 | 0.4 | 0.0 | 1.5 |
| 33.53 | 36.58 | 3.05 | 0.4 | 0.0 | 1.5 |
| 47.24 | 48.77 | 1.53 | 0.2 | 0.0 | 0.5 |
| 62.48 | 64.01 | 1.53 | 0.4 | 0.0 | 2.0 |
| 73.15 | 74.68 | 1.53 | 0.2 | 0.0 | 0.5 |
| 77.72 | 79.25 | 1.53 | 0.3 | 0.0 | 1.0 |
SR24-116 | 30.48 | 32 | 1.52 | 0.4 | 0.0 | 2.0 |
| 38.1 | 39.62 | 1.52 | 0.3 | 0.0 | 1.0 |
| 50.29 | 56.39 | 6.1 | 0.9 | 0.2 | 6.0 |
Including | 53.34 | 56.39 | 3.05 | 1.4 | 0.2 | 9.5 |
| 60.96 | 65.53 | 4.57 | 0.4 | 0.0 | 0.8 |
| 71.63 | 73.15 | 1.52 | 0.4 | 0.0 | 0.5 |
| 74.68 | 76.2 | 1.52 | 0.2 | 0.0 | 0.5 |
| 77.72 | 83.82 | 6.1 | 0.8 | 0.0 | 3.5 |
Including | 77.72 | 79.25 | 1.53 | 2.2 | 0.0 | 8.0 |
SR24-117 | 10.67 | 12.19 | 1.52 | 0.5 | 0.0 | 2.0 |
| 15.24 | 32 | 16.76 | 1.0 | 0.0 | 4.0 |
| 35.05 | 68.58 | 33.53 | 1.5 | 0.1 | 8.5 |
Including | 53.34 | 64.01 | 10.67 | 2.8 | 0.1 | 10.3 |
Including | 54.86 | 57.91 | 3.05 | 6.93 | 0.1 | 23 |
| 77.72 | 83.82 | 6.1 | 0.5 | 0.1 | 4.3 |
SR24-118 | 19.81 | 21.34 | 1.53 | 0.4 | 0.0 | 2.0 |
| 35.05 | 38.1 | 3.05 | 0.5 | 0.0 | 1.5 |
| 42.67 | 44.2 | 1.53 | 0.3 | 0.0 | 1.0 |
| 68.58 | 74.68 | 6.1 | 0.3 | 0.0 | 1.0 |
SR24-121 | 89.92 | 91.44 | 1.52 | 0.4 | 0.0 | 1.0 |
SR24-122 | 16.76 | 18.29 | 1.53 | 0.2 | 0.0 | 0.5 |
| 39.62 | 41.15 | 1.53 | 0.7 | 0.0 | 3.0 |
| 47.24 | 48.77 | 1.53 | 0.3 | 0.0 | 2.0 |
| 51.82 | 53.34 | 1.52 | 0.2 | 0.0 | 1.0 |
| 76.2 | 79.25 | 3.05 | 0.3 | 0.1 | 2.5 |
SR24-124 | 106.68 | 108.2 | 1.52 | 0.3 | 0.1 | 2.0 |
| 112.78 | 114.3 | 1.52 | 0.3 | 0.0 | 1.0 |
SR24-125 | 114.3 | 115.82 | 1.52 | 0.4 | 0.0 | 1.0 |
| 117.35 | 118.87 | 1.52 | 0.2 | 0.0 | 1.0 |
| 123.44 | 126.49 | 3.05 | 0.7 | 0.0 | 1.5 |
SR24-127 | 85.34 | 100.58 | 15.24 | 0.8 | 0.1 | 3.5 |
Including | 86.87 | 94.49 | 7.62 | 1.3 | 0.0 | 3.6 |
| 102.11 | 103.63 | 1.52 | 0.3 | 0.0 | 2.0 |
| 105.16 | 109.73 | 4.57 | 0.8 | 0.0 | 5.7 |
SR24-128 | 67.06 | 70.1 | 3.04 | 0.6 | 0.1 | 4.5 |
| 71.63 | 74.68 | 3.05 | 0.4 | 0.0 | 3.5 |
| 80.77 | 82.3 | 1.53 | 0.3 | 0.1 | 6.0 |
| 99.06 | 102.11 | 3.05 | 0.2 | 0.0 | 2.0 |
| 106.68 | 108.2 | 1.52 | 0.3 | 0.0 | 1.0 |
Table 2: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu). The Reverse Circulation ("RC") intersections (SR24* holes) are expressed as downhole widths and are interpreted to be close to true widths.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
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 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* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% 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 ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
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 for hundreds of metres of surface 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 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 retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
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 and retains no residual interest in the project. 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* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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 and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's 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 AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's 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 entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, 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.
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 news release.
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
SOURCE: Aston Bay Holdings Ltd.
News Provided by ACCESSWIRE via QuoteMedia
Glencore (LSE:GLEN,OTC Pink:GLCNF) is preparing to shut down its final two Australian copper mines next week, ending more than six decades of upstream operations in Queensland.
The closure of the underground Enterprise and X41 mines in Mount Isa comes as uncertainty grows over the future of the adjacent copper smelter, which the company says could also be shut down without urgent government support.
The Swiss commodities giant first announced its plan to end mining operations in October 2023, citing declining ore grades and mounting financial losses.
The decision also coincides with Glencore’s sale of its Lady Loretta zinc mine and nearby landholdings to Austral Resources (ASX:AR1), further reducing its footprint in the region.
At the center of the company’s remaining copper assets is the Mount Isa smelter, which processes over one million tons of copper concentrate annually from across Australia, including from BHP (ASX:BHP,NYSE:BHP,LSE:BHP,OTC:BHPLF)Olympic Dam in South Australia.
But that smelter’s future now hangs in the balance. According to an internal staff memo obtained by local media, Glencore warned that without federal and state support, the Mount Isa smelter and Townsville copper refinery will be placed into care and maintenance, putting thousands of direct and indirect jobs at risk.
“To date Glencore has been absorbing losses hopeful that a viable solution could be found,” wrote Troy Wilson, Glencore’s interim chief operating officer in North Queensland, in a message to employees.
He noted that the company is engaged with the Queensland and Australian governments but has yet to secure a funding commitment.
A final decision on the smelter is expected by the end of September.
The potential shutdown could also have wide-reaching consequences for the regional economy.
While the smelter and refinery directly employ about 550 workers, industry group Townsville Enterprise estimates that as many as 17,000 jobs in the region are tied to the copper supply chain and related businesses.
That includes equipment suppliers, service contractors, and downstream manufacturers.
Roland Lobegeiger, a field services manager at Isadraulics in Mount Isa, said the loss of the smelter would be devastating for the town. “Without it, the town’s not going to be here,” he told news.com.au.
“There are other mines — there would be other work in the area, but would the town recover? It’s hard to say,” he added.
The company’s struggle to keep its Queensland operations afloat comes at a time when global smelting margins are being squeezed by Chinese overcapacity.
In May, Bloomberg reported that Chinese smelters matched their record for refined copper production, producing 1.254 million tonnes despite plummeting treatment and refining charges, which are the fees miners pay smelters to process raw ore.
Beijing has allowed massive expansion in smelting capacity to support its clean energy sector, which depends heavily on copper.
Chinese smelters, many of which are state-owned, now produce more than half the world’s refined copper and are often shielded from financial distress by subsidies and state backing. That advantage has fueled growing frustration among non-Chinese producers.
“Unfortunately, it’s no longer a level playing field with our competitors in China heavily subsidised by government, which means they produce copper metal at much lower cost,” Wilson said in June.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.
Australia and Pakistan are planning to collaborate on delivering specialized training programmes to introduce new mining techniques and services, according to several news sites.
The discussions happened during a meeting between Pakistani Federal Minister for Petroleum Ali Pervaiz Malik and Australian High Commissioner Neil Hawkins at the Ministry of Petroleum, which focused on the expansion of a bilateral cooperation in energy and mining.
"Pakistan values Australia's advanced mining capabilities and technical knowledge. We welcome partnerships that build local capacity and attract investment in our mineral and energy sectors," Malik is quoted.
Analysts from BMI, a Fitch Solutions company, predict that Pakistan’s mining sector will experience “meaningful growth” over the next ten years.
In the report, BMI said that the country’s Reko Diq copper-gold project will play a huge role in the sector’s development.
Reko Diq was discovered in the early 1990s through a joint venture between the Geological Survey of Pakistan (GSP) and Australian mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) when it was still BHP Billiton.
Currently, half of Reko Diq’s interest is held by Barrick Mining (NYSE:B,TSX:ABX), with the remaining half split equally between three federal state-owned enterprises and the Government of Balochistan.
The project is expected to begin production in 2029–2030.
A wave of mineral exploration activity in Pakistan is also anticipated over the coming years given commodity price increases and investments from the likes of mainland China and Saudi Arabia.
Over the last decade Australian investment in Pakistan has declined, but Hawkins’ talk with Malik confirmed renewed interest and the recognition of its potential to grow and generate profit.
This interest also highlights promising resource areas such as Balochistan (where Reko Diq is located), as well as Gilgit-Balistan and Azad Kashmir known for their copper, uranium and lithium potential.
Aside from mining, Australia is also collaborating with Pakistan to support the Indus River System Authority (Irsa) with modern telemetry and assessment tools, highlighting water resource management.
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.
Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") is pleased to further update shareholders on the on-going surface exploration in preparation for drilling at the La Union Gold-Silver Project in Sonora, Mexico. Questcorp has an option to earn a 100% interest from Riverside Resources Inc. ("Riverside") in the 2,520 ha (25 km sq) property by making a series of cash payments and share issuance and incurring exploration expenditures.
Questcorp President & CEO, Saf Dhillon stated "The Riverside technical team continues to de-risk the upcoming 1500 metre mid-August maiden drill program through detailed surface mapping and sampling. The discovery of multiple stacked thrust faults in the main mineralized area has significantly enhanced the potential of the project. Management continues to be impressed with the excellent work and progress being made with prudent management of exploration dollars".
Riverside continues with surface exploration in advance of the mid-August diamond drill program. The key finding of the work to date has been the identification of stacked thrust faults in the mineralized area which may significantly enhance host rock volume and mineralization potential. Mapping has also identified previously unmapped intrusive bodies within the property which may act as additional sources of mineralized fluids and subsequently addition potential manto type mineralization.
Rock and soil sampling continues with numerous samples dispatched to the laboratory for analysis. Results are expected in the coming weeks. Drilling contractors have toured the site with the contract soon to be finalized. A bulldozer has commenced road maintenance in preparation for the drill program.
The La Union Project
The La Union Project is a carbonate replacement deposit ("CRD") project hosted by Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane. The structural setting features high-angle normal faults and low-to-medium-angle thrust faults that sometimes served as mineralization conduits. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides, consistent with a CRD model (see the technical report entitled "NI 43-101 Technical Report on the Union Project, State of Sonora, Mexico" dated effective May 6, 2025 available under Questcorp's SEDAR+ profile). These targets also demonstrate intriguing potential for large gold discoveries potentially above an even larger porphyry Cu district potential as the Company's target concept at this time.
Questcorp cautions investors that grab samples are selective by nature and not necessarily indicative of similar mineralization on the property.
The technical and scientific information in this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (BC), a director of the Company and a "qualified person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Questcorp Mining Inc.
Questcorp Mining Inc. is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares comprising the North Island Copper Property, on Vancouver Island, British Columbia, subject to a royalty obligation. The Company also holds an option to acquire an undivided 100% interest in and to mineral claims totaling 2,520.2 hectares comprising the La Union Project located in Sonora, Mexico, subject to a royalty obligation.
Contact Information
Questcorp Mining Corp.
Saf Dhillon, President & CEO
Email: saf@questcorpmining.ca
Telephone: (604) 484-3031
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Riverside's arrangements with geophysical contractors to undertake orientation surveys and follow up detailed survey to confirm and enhance the drill targets. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of Riverside to secure geophysical contractors to undertake orientation surveys and follow up detailed survey to confirm and enhance the drill targets as contemplated or at all, general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive board or regulatory approvals. There can be no assurance that the geophysical surveys will be completed as contemplated or at all and that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Forte Minerals Corp. (“Forte” or the “Company”) (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA), is pleased to announce the closing of its previously announced non-brokered private placement (the “Strategic Placement”) with a strategic investor (the “Investor”). The Investor has acquired 6,326,066 common shares at a price of C$0.90 per share, for gross proceeds of C$5.7 million.
Following today’s closing, the Investor holds 9.99 % of Forte’s issued and outstanding shares on a non-diluted basis, establishing a meaningful, long-term position in the Company’s copper-gold growth pipeline.
Patrick Elliott, President & CEO, commented:
“Closing this placement is a pivotal milestone for Forte. The investor’s conviction and long-term horizon validates our exploration thesis in Peru. With capital in hand and technical collaboration secured, we can accelerate exploration & drill permitting at Alto Ruri while unlocking value across our broader portfolio.”
Use of Proceeds:
Consistent with the terms announced on July 16, 2025, at least 80% of the proceeds will be directed toward exploration activities at Forte’s flagship Alto Ruri high-sulfidation epithermal gold project in central Peru. Remaining funds will be allocated to general working capital and corporate purposes.
Investor Rights Agreement Highlights:
Concurrent with closing, Forte and the Investor entered into an Investor Rights Agreement whereby the Investor is entitled to certain rights, subject to the Investor maintaining certain ownership thresholds in the Company, including technical information sharing rights and the right to participate in future equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its percentage ownership interest in the Company. The Investor has also agreed to voting support and standstill covenants.
In addition, under the Investor Rights Agreement, the Investor and Forte will:
A copy of the Investor Rights Agreement will be made available on SEDAR+.
All shares issued under the Strategic Placement are subject to a four-month plus one-day statutory hold period expiring November 24, 2025.
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (Cu) and gold (Au) assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C., the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.
On behalf of FORTE MINERALS CORP.
(signed) “Patrick Elliott”
Patrick Elliott, MSc, MBA, PGeo
President & Chief Executive Officer
Forte Minerals Corp.
For further information, please contact:
Investor Inquiries
Kevin Guichon, IR & Capital Markets
E: kguichon@forteminerals.com
C: (604) 612-9976
Media Contact
Anna Dalaire, VP Corporate Development
E: adalaire@forteminerals.com
T: (604) 983-8847
info@forteminerals.com
www.forteminerals.com
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Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward-looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Copper prices have seen considerable gains in 2025, reaching a record high on the COMEX of US$5.68 per pound on July 8. Rising prices and supportive policy have elevated many copper stocks.
The price of copper has experienced volatility since the start of the year, as shifting US trade policy has created competing scenarios amid recession and the imposition of tariffs.
On July 8, the price spiked to fresh all-time highs after US President Donald Trump announced he would impose a 50 percent tariff on all copper being imported into the US.
Although no specific timeline was set for when the tariffs would take effect, the price of metals gained on the COMEX as traders worked to secure supplies ahead of any potential deadline.
Despite since recording a marginal pullback, copper has continued to trade near record highs.
Meanwhile, the copper price on the London Metals Exchange didn't receive the same lift from the tariff news, although it did briefly move above US$10,000 per metric ton on July 2 before pulling back to under US$9,700.
Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2025 by year-to-date gains below. Data for this article was retrieved on July 16, 2025, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.
Year-to-date gain: 281.25 percent
Market cap: C$303.42 million
Share price: C$0.305
St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines' Davao de Oro province. The project consists of 184 mining claims.
According to the latest preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce.
The company is currently working toward an update to the study.
On May 30, St. Augustine announced that it had entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor's wholly owned subsidiary Kingking Milling, which holds the development rights to King-king.
Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.
The project's exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.
On June 18, St. Augustine completed a debt conversion with Queensberry Mining, converting C$1.67 million in debt owed to Queensbury into 25.31 million common shares in St. Augustine at C$0.066 per share.
A follow-up announcement from Queensberry Mining stated that the shares represent a 2.5 percent stake in St. Augustine, increasing Queensberry’s holdings in the company to 52 percent of the total issued and outstanding shares.
Shares in St. Augustine Gold and Copper reached a year-to-date high of C$0.325 on July 7.
Year-to-date gain: 269.41 percent
Market cap: C$1.59 billion
Share price: C$3.14
Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska, US.
Northern Dynasty says the site is “one of the greatest stores of mineral wealth ever discovered.”
It hosts a measured and indicated copper resource of 6.5 billion metric tons and an inferred copper resource of 4.5 billion metric tons. The Pebble property's measured and indicated resources for molybdenum, gold and silver total 1.26 million metric tons, 53.82 million ounces and 249.3 million ounces, respectively.
The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed.
Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and the federal circuit of appeals before the Supreme Court would hear it.
Northern Dynasty spent the rest of 2024 advancing its case in Alaska's state court. In March of that year, it announced the filing of actions to vacate the EPA’s veto.
In 2025, shares of Northern Dynasty began to surge following Trump’s March 20 executive order that called for expedited approvals for domestic mineral production and included copper as a strategically important mineral.
Since Trump became president, Northern Dynasty has been attempting to work with the EPA to vacate the veto on the project. On February 18, the company agreed to grant the EPA a requested 90 day extension to allow for review by the new leadership in the agency, and granted a further 30 day extension on May 14 and 20 day extension on June 12.
The most recent news came on July 4, when Northern Dynasty reported it was in negotiations with the EPA to explore a potential settlement and a decision was expected within the next two weeks.
Shares in Northern Dynasty reached a year-to-date high of C$3.14 on July 16.
Year-to-date gain: 133.15 percent
Market cap: C$715.56 million
Share price: C$4.29
Imperial Metals is a mine development and production company with operations in British Columbia, Canada.
It holds a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry copper mine, which has been under care and maintenance since 2016.
On May 9, the company clarified that claims by third parties that an injunction was granted to halt construction at the tailings facilities of its Mount Polley operation were incorrect, and that normal operations of the mine and construction of the tailing facilities would continue. This clarification followed an application for an interim injunction by Xatśūll First Nation on May 8, challenging provincial approval for a 4 meter raise of the tailings storage facility embankment.
A June 30 update reported that the BC Supreme Court reserved judgement on the case after a four day hearing, with a decision expected August 6. The court permitted construction of the tailings storage raise to continue in the interim, and Imperial stated it will not deposit tailings reliant on the raise until the court makes its decision.
The company also released an update from its 2025 exploration program at the mine, highlighting an assay of 0.46 percent copper over 152.5 meters, which included an intersection of 0.67 percent copper over 85 meters.
Imperial released its Q2 and H1 production results for the Mount Polley mine on July 9, reporting that the mine's copper and gold production in the first half of the year increased 10.6 and 8.3 percent respectively, attributed to higher mill throughput as well as higher grades and recoveries for both metals. The mine produced 18.4 million pounds of copper and 21,682 ounces of gold during the period.
As for Red Chris, in Imperials' first quarter financial results released on May 12, the company reported its total Q1 copper production increased to 23.13 million pounds from 16.66 million pounds in Q1 2024. Imperial’s 30 percent share of production was 6.94 million pounds of copper.
Shares in Imperial reached a year-to-date high of C$5.49 on June 12.
Year-to-date gain: 124.24 percent
Market cap: C$95.21 million
Share price: C$0.37
Generation Mining is a copper and palladium exploration and development company working to advance its flagship Marathon copper-palladium project in Northwestern Ontario, Canada.
The property consists of 46 leases and 933 claim cells covering a total area of 21,883 hectares. Certain areas of the property are subject to net smelter royalties, which range from 1 percent to 4 percent.
A feasibility study for the project released on March 28 demonstrated an after-tax net present value of US$1.07 billion with an internal rate of return of 27.6 percent and a payback period of 1.9 years. It has a mine life of 13 years with planned annual production of 42 million pounds of copper and 168,000 ounces of palladium.
The included mineral resource estimate for Marathon reported a total measured and indicated resource of 1.09 billion pounds of contained copper from 244.1 million tons of ore with an average grade of 0.2 percent.
During the first half of 2025, Generation has been working to gain the necessary permits from the Ontario government required to begin construction at the site. The company reported on March 11 it received the final construction permit, and on May 22 received the final environmental permit, allowing it to begin construction.
While the company has not announced when this will occur, it has continued to raise funds throughout the second quarter. On June 24, it closed on an C$11.5 million bought-deal financing.
Additionally, the company reported on June 6 that the Ontario government named Marathon in its recent request to the federal government to provide funding for shovel-ready critical mineral projects.
Generation's share price has climbed significantly since mid-May, and reached a year-to-date high of C$0.44 on June 9.
Year-to-date gain: 100 percent
Market cap: C$270.83 million
Share price: C$0.75
Meridian Mining is an exploration and development company developing its flagship Cabaçal copper-gold project in Mato Grosso, Brazil. The project license covers a 50 square kilometer area and hosts an 11 kilometer volcanogenic massive sulfide corridor containing gold, copper and silver.
A prefeasibility study released March 10 demonstrates a post-tax base case net present value of US$984 million with an internal rate of return of 61 percent and a payback period of 17 months. The project has a predicted mine life of 10.6 years with total life of mine production of 169,647 metric tons of copper.
The included mineral resource estimate for Cabaçal shows a measured and indicated resource of 204,470 metric tons of contained copper from 51.43 million metric tons of ore with an average grade of 0.4 percent.
It also hosts significant gold and silver resources.
Meridian has been carrying out an extensive exploration program at the site. The most recent results came on July 9, when it reported significant copper grades and highlighted an interval of 2.6 percent copper equivalent over 28.6 meters, including an intersection of 6.9 percent copper over 2.8 meters.
Additionally, Meridian reported on May 8 that it has hired Ausenco Brazil as the lead engineer to complete a definitive feasibility study for Cabaçal. It is targeting the first half of 2026 for completion.
Shares in Meridian reached a year-to-date high of C$0.88 on June 12.
Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper's price has climbed to new all time highs in 2025, bringing many stocks with it.
Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2022, 32 percent of copper globally was used in equipment manufacturing and 26 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
Check out our article on the topic for more copper uses.
Investors can get exposure to copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.
For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.
Copper exchange-traded funds (ETFs) focused on mining companies can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers. There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.
In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP). This Canadian copper ETF is focused solely on pure-play and diversified copper-mining companies.
There are multiple ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return.
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.
Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.
The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.
Lastly, the copper is refined at a refining plant or smelter using one of two methods, pyrometallurgy and hydrometallurgy. Pyrometallurgy is employed for copper ore that is sulfide rich, while hydrometallurgy is used when the ore is oxide rich. The Investing News Network's guide on copper refining goes into further detail about how those processes work. Once these processes are complete, the copper is concentrated to up to 99.99 percent purity.
Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2024, putting out 5.3 million metric tons of the metal. Other major top copper producers are the Democratic Republic of Congo with 3.3 million MT, Peru with 2.6 million MT, China with 1.8 million MT. Indonesia and the US were tied in 2024 1.1 million MT of copper.
Article by Dean Belder; FAQs by Lauren Kelly.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty Minerals.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Copper has performed well in recent years, and prices for the red metal reached new record highs in July on US President Donald Trump's threats of 50 percent tariffs on copper imports.
The outlook for the red metal is positive in the short-term and there is plenty of optimism about copper over the longer term.
Many market watchers are forecasting robust copper prices, especially as low supply is coming up against higher usage from sectors such as the renewable energy and electric vehicle industries. Fastmarkets is predicting that copper demand from energy transition sectors should grow at a CAGR of 10.7 percent in the decade to 2034.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances.
The list below outlines the best-performing copper stocks on the ASX, and was generated on July 9, 2025, using TradingView’s stock screener. Copper stocks with market caps above AU$10 million at that time were considered.
Year-to-date gain: 575 percent
Market cap: AU$72.38 million
Share price: AU$0.054
Ausquest is a mineral exploration company with polymetallic projects in Australia and Peru. In Australia, the company has a strategic alliance agreement with South32 (ASX:S32) that encompasses base metal projects across Western Australia and South Australia.
Ausquest's main focus in the first half of 2025 is its portfolio of copper-gold prospects along the southern coastal belt of Peru, which includes the Cangallo porphyry copper, Lantana and Playa Cali copper projects.
Shares of Ausquest started the year trading at AU$0.008, and soared after the company announced a major large-scale porphyry copper-gold discovery at Cangallo during its maiden drill campaign on the property on January 23. For example, hole CANRC001 returned an interval of 348 metres grading 0.26 percent copper and 0.06 parts per million (ppm) gold from 6 metres, including 26 metres at 0.36 percent copper and 0.07 ppm gold.
The company's share price reached AU$0.043 by January 28, and jumped even higher to AU$0.057 on February 6 after the company reported that further drill results confirmed the significance of the porphyry copper-gold discovery at Cangallo.
More recently, on June 12, Ausquest commenced Stage 2 of its drill campaign at Cangallo.
"The Stage 2 RC drilling program is designed to extend the original copper-gold intersections by re-directing drill-holes from the original drill pads as well as stepping out to the west, south and north to help locate the centre of the porphyry system(s)," the press release states.
Ausquest's share price hit a year-to-date high of AU$0.064 on June 20.
Year-to-date gain: 94.44 percent
Market cap: AU$119.41 million
Share price: AU$0.14
Kingston Resources is working to establish itself as a mid-tier gold and base metals company with multiple production streams. Its flagship Mineral Hill gold and copper mine in New South Wales is currently producing gold and silver. The company is looking to begin copper concentrate production from the mine next year.
In early June, Kingston announced high-grade gold and copper intercepts confirming the growth potential at the project's Southern Ore Zone, which the company states "provide optionality to extend the underground mine plan and improve economic returns." Later in the month, the first gold concentrate production and sales in 10 years were achieved at the mine.
“With flotation successfully recommissioned, we now have full processing optionality — from gold doré and concentrate to separate copper, lead and zinc concentrates — and a clear pathway to underground mining. This is a pivotal step in unlocking long-term value and cash flow. We remain firmly on track for copper concentrate production by mid-2026, positioning FY26 as a breakout year for Kingston,” Managing Director and CEO Andrew Corbett stated in the press release.
Year-to-date gain: 87.5 percent
Market cap: AU$25.65 million
Share price: AU$0.06
Magmatic Resources is a copper and gold explorer in New South Wales, Australia, and its Myall, Wellington North and Parkes projects are located in the East Lachlan region of the state. This area is home to one of Australia’s largest gold and copper producing operations, Newmont’s (ASX:NEM,NYSE:NEM,TSX:NGT) Cadia East mine.
Magmatic has a farm-in and joint venture agreement with Fortescue (ASX:FMG) subsidiary FMG Resources on the Myall copper-gold project. Under the agreement, signed in March 2024, Fortescue may spend up to AU$6 million over four years to earn a 51 percent interest in the project, after which it may spend an additional AU$8 million to bring its stake in Myall to 75 percent. Fortescue is also a cornerstone investor in Magmatic Resources with a 19.9 percent stake.
On March 25 of this year, Magmatic announced partial results from the diamond drill program at Myall launched earlier in the year. Results from the hole drilled at its Calais target revealed the potential for a new copper-gold discovery, Magmatic reported, with an interval of 42.8 meters grading 0.19 percent copper and 0.03 g/t gold, including 10.8 metres at 0.39 percent copper and 0.07 g/t gold.
The company released the results for the remainder of the 12 hole drill program on June 6, including a follow-up diamond drill hole completed at the Calais target. Best assay results from this hole included 8 metres at 0.23 percent copper and 0.04 g/t gold within 26 meters at 0.14 percent copper and 0.08 g/t gold.
“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA Project and intersecting a gold-copper zone at this early stage is very encouraging. We are working closely with Fortescue on a follow-up program,” Managing Director David Richardson stated.
Magmatic’s share price hit a year-to-date high on July 4, coming in at AU$0.06 per share.
Year-to-date gain: 37.93 percent
Market cap: AU$11.05 million
Share price: AU$0.04
Revolver Resources has two wholly owned copper projects in Queensland, Australia: Dianne and Osprey. At both of these projects, the company is targeting Mount Isa style copper and IOCG deposits.
Revolver is advancing toward a final investment decision on bringing the Dianne copper mine into production. So far this year, it has reached some key milestones toward that end, giving its share price a boost.
In February, the company announced that it had finalised the SX/EW process front-end engineering design, a critical technical milestone required for the AU$1.3 million grant awarded by the Queensland Critical Minerals and Battery Technology Fund the previous year.
In preparation for a restart of production at Dianne, Revolver launched a diamond drill program in mid-June. The following week, the company announced it had completed the site engineering design, the final requirement needed to satisfy the scope of work outlined in the grant, and as such received the remainder of the grant funding.
Revolver’s share price hit a year-to-date high of AU$0.04 on July 7. The company is targeting a restart of mining activities at Dianne in the second half of 2025 with first copper cathode production slated for the first half of 2026.
Year-to-date gain: 21.43 percent
Market cap: AU$98.21 million
Share price: AU$0.425
Carnaby Resources is advancing its Greater Duchess copper-gold project in Queensland, which hosts several IOCG deposits. The company has secured binding tolling and offtake agreements with Glencore (LSE:GLEN,OTC Pink:GLCNF).
Carnaby has had a substantial amount of positive newsflow out of Greater Duchess so far in 2025, much of it coming from its ongoing work towards a pre-feasibility study (PFS) for the project, which is slated for completion in the second half of this year.
In February, the company highlighted significant drill results from its PFS related work on the property, including 12.2 metres at 6.8 percent copper and 1.8 g/t gold at the Mount Hope target.
In mid-April, Carnaby announced that the Queensland government awarded the project two grants totaling AU$386,000. Later in the month, the company kicked off a drill campaign at the Trekelano copper-gold project with results intended to be included in the Greater Duchess PFS as a source of mineral resource growth.
The company's share price has trended upwards since May, during which time Carnaby has released multiple rounds of assays from its Trekelano drill campaign. The first results came on May 27 and included assays of 41 metres at 2.3 percent copper and 0.5 g/t gold. Subsequent reports highlighted broad intervals of mineralisation at the project, including 164 metres at 0.4 percent copper and 0.2 g/t gold on June 25 and 154 meters at 0.9 percent copper and 0.2 g/t gold on July 9.
Shares in Carnaby Resources reached a year-to-date high of AU$0.45 on July 3.
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Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.