
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
Loyal Metals Limited (ASX:LLM) (Loyal, LLM, or the Company) is pleased to announce that it has acquired a binding option to purchase the Highway Reward Copper Gold Mine in Queensland, Australia, one of the highest-grade copper mines worldwide, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au 1-9. This acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. No exploration has been conducted on the mining leases since mining ceased in July 2005, despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study 3,4. With over $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques11.
Key Highlights
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
Click here for the full ASX Release
This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
One of the sharpest copper supply crunches in recent memory is rattling global commodities markets, as inventories at the London Metal Exchange (LME) plummet and the spot price soars.
Bloomberg reported that as of Monday (June 23), copper for immediate delivery was trading at a premium of US$345 per metric ton over three month futures, the widest spread since a record squeeze in 2021.
That dramatic price divergence reflects the market’s acute concerns over access to physical copper, with readily available inventories on the LME falling by around 80 percent this year alone.
Available stockpiles now cover less than a single day of global demand, amplifying anxiety across the supply chain.
Backwardation in metals markets typically suggests that buyers are scrambling to obtain physical supply. In copper’s case, a combination of logistical, geopolitical and structural forces is driving the surge.
LME stockpiles have been rapidly drawn down as traders and manufacturers shift metal to the US in anticipation of potential trade barriers, spurred by US President Donald Trump's tariff moves.
That migration has created acute shortages in Europe and Asia. Chinese smelters, responding to the price premium and slackening domestic demand, have begun exporting surplus copper to global markets. Yet those flows have not kept pace with the drawdowns, and China's own inventories have also dwindled.
The LME had hoped recent regulatory interventions would prevent another disorderly squeeze like the one that disrupted the nickel market in 2022. Last week, the exchange enacted new rules mandating that traders with large front-month positions offer to lend those holdings if they exceed available inventories.
The so-called “front-month lending rule” is meant to discourage hoarding and promote liquidity.
However, recent copper trading data suggest that no single trader is behind the current squeeze. On Monday, the Tom/next spread — a one day lending rate — spiked to US$69 per metric ton.
This would only occur if no one entity held enough copper to trigger lending obligations under the new rules, indicating the tightness is likely the result of broad-based market dynamics rather than manipulation.
As mentioned, the LME has begun cracking down on oversized positions across its metals complex.
In a June 20 statement, the exchange introduced a temporary, market-wide rule to manage large front-month exposures. Under the updated rules, traders holding positions in the front-month contract for a metal that exceed the total available exchange inventories — excluding any stock they already own — must offer to lend those positions at “level,” meaning they are required to roll them over to the next month at the same price.
The rule aims to rein in aggressive moves by commodities trading houses that have made deep inroads into metals markets over the past year. The LME emphasized in its release that recent market interventions are targeted, adding that the newly introduced rule offers a standardized approach.
Still, the unprecedented depth of copper’s backwardation — now extending years into the future — suggests that broader supply/demand dynamics are at play, beyond what position limits alone can control.
For manufacturers and industrial users, the squeeze presents a serious cost and planning risk. Many rely on the LME as a pricing and hedging mechanism. But when exchange inventories drop this low, even large players can face trouble sourcing metal to meet contract obligations. With exchange-based supply nearly exhausted, companies may increasingly turn to off-market deals or bilateral supply agreements — often at higher prices.
This shift weakens the LME’s role as a central clearinghouse for global copper, and raises questions about its ability to handle future shocks, especially as energy transition policies boost long-term demand for the metal.
Market watchers will also be looking to the next moves from Chinese exporters, US trade policy under Trump and the LME’s enforcement of its new regulations.
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.
Copper miners with productive assets have much to gain as supply and demand tighten.
In May 2024, the copper price hit a new all-time high of US$10,954 per metric ton (MT) on the London Metal Exchange and US$5.20 per pound on the COMEX on the back of increasing demand and growing supply concerns.
Copper is one of the most important resources for the energy transition. However, in recent years, demand for the red metal has outpaced mining supply. While construction and electrical grids have long been major markets for copper, today the rise in demand for electric vehicles, EV charging infrastructure and energy storage applications are emerging drivers of copper consumption.
Another trend driving future copper demand is the rapid urbanization in the Global South, as rural populations migrate to cities, putting pressure on electricity grids.
Due to the challenges associated with finding, developing, permitting and mining copper deposits, the higher demand is being met by slow growth of new supply. Mines that are in operation tend to be quite large and operate for decades as copper producers concentrate on mine expansions and brownfield projects aimed at extending mine lifetimes.
Given those factors, investors should keep an eye on the world’s top copper miners and their operations.
This list of the 10 largest copper-mining companies in the world is ranked by attributable copper production for 2024.
As companies' reporting methods for copper production differ, the Investing News Network has calculated attributable copper production for the companies below using figures from company reports and data from Mining Data Online in order to provide investors with the most accurate ranking of global copper production by company.
Copper production: 1.46 million metric tons
BHP is one of the world’s largest mining companies, and its global portfolio of assets includes significant copper mining operations in Chile, Australia and Peru.
According to the company’s quarterly operational review data, the mining giant reported consolidated copper production of 1.46 million metric tons across the calendar year 2024.
Its most significant copper asset is the Escondida mine, the world’s largest copper mine. BHP holds a 58 percent stake in the Chilean operation, which, according to MDO data, produced 2.04 billion pounds of copper in 2024. The company wholly owns the Pampa Norte operations in Chile, which produced 586 million pounds of copper in 2024.
BHP also owns the Olympic Dam polymetallic mine, the largest mine in Australia. The South Australian mine hosts one of the world’s largest copper deposits as well as the largest uranium deposit. In 2023, BHP expanded its portfolio in the state with its acquisition of OZ Minerals and its Prominent Hill and Carrapateena copper operations.
Copper production: 1.44 million metric tons
The Chilean state-owned Codelco is the world’s third-largest producer with copper production of 1.44 million metric tons in 2024. According to its 2024 annual report, its copper output increased 1.2 percent from 1.42 million metric tons in 2023.
Its largest asset is the Chuquicamata mine located in Northern Chile, between 2017 and 2021 annual production was in the 700 million to 850 million pound range. However, lower grades in recent years have led to production falling below 600 million pounds. In 2024, Chuquicamata increased slightly to 637 million pounds.
The mine transitioned from an open pit to an underground mine beginning in 2019. In its report, the company stated that phase one of its continuity infrastructure project had reached 73 percent completion and that plans for the second phase were undergoing feasibility studies.
The company’s other significant Chilean mines include El Teniente, Quebrada Blanca and Andina.
Copper production: 1.26 million metric tons
Freeport-McMoRan is consistently ranked among the world’s top copper producers, and its share of copper production from its mines totaled 1.26 million metric tons of copper in 2024. The company reported producing 4.21 billion pounds, or 1.9 million metric tons, of the red metal, calculated on a 100 percent basis for all operations except its Morenci joint venture.
The largest contributor to its output is the Grasberg copper-gold mine in Indonesia. The mine itself is a joint venture between Freeport and state-owned Indonesia Asahan Aluminum, with the entities holding interests of 48.76 percent and 51.24 percent respectively. According to MDO, copper output for the mine in 2024 totaled 1.8 billion pounds.
Grasberg has undergone a transition from an open pit to an underground block cave, and expansion work continues at the site. As of the close of 2024, the mine had 469 open drawbells.
Additionally, Freeport holds a 55 percent stake in the Cerro Verde copper-molybdenum complex in Peru. The mine routinely produces between 800 million and 1 billion pounds of copper and is expected to be in operation until 2052.
Its largest US based operation is its 72 percent owned Morenci mine in Arizona, which produced 700 million pounds in 2024. It also owns the Safford and Sierrita mines in the same state.
Copper production: 951,600 metric tons
Mining major Glencore's copper production dipped by 6 percent in 2024 to 951,600 metric tons from the 1.01 million metric tons produced in 2023. The company’s 2024 annual report attributed the decline to lower planned production at its Antapaccay and Collahuasi mines due to factors including lower grades, water constraints and geotechnical challenges.
Located along Chile’s coast, Collahuasi is the company's largest operation, a 44/44/12 joint operation between Glencore, Anglo American (LSE:AAL,OTCQX:NGLOD) and Japan’s Mitsui & Co. (OTC Pink:MITSF,TSE:8031). The mine produced 558,600 metric tons of copper in 2024.
The partners are working to build a large-scale desalination plant designed to help overcome water shortage issues. The plant reached 86 percent completion in 2024 and is expected to begin operating in 2026. Once open, it will provide 1,050 litres of desalinated water per second to the mine via a 194 kilometer pipeline.
Other significant copper-producing assets in the company’s portfolio include Antamina in Peru, Mount Isa in Australia and the Katanga Complex in the Democratic Republic of the Congo.
Copper production: 883,462 metric tons
A majority-owned, indirect subsidiary of Grupo Mexico (OTC Pink:GMBXF), Southern Copper recorded 883,462 metric tons of total copper production for 2024, a 6.9 percent increase over 2023. In the company’s 2024 results, the company attributed the increase to higher production across all operations, with a 10.7 percent increase from its Peruvian assets and a 4.3 percent increase from Mexican production.
The company operates major copper mines in Peru and Mexico and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.
Its largest copper-producing asset is the Buenavista mine in Northern Mexico, which sits atop one of the world’s largest porphyry copper deposits. According to MDO, the site produces approximately 700 billion to 750 billion pounds of copper per year.
Its other copper operations include the Cuajone and Toquepala mines in Peru and the La Caridad mine in Mexico.
Copper production: 772,700 metric tons
British miner Anglo American reported a 6.5 percent decrease in copper production to 772,700 metric tons from 826,200 metric tons in 2023.
The company attributed the decline to lower recovery and grades at the Collahuasi and Los Bronces operations in Chile, noting that the planned closure of the Los Bronces processing plant also impacted production. The company holds a 44 percent stake in Collahuasi and 50 percent in Los Bronces.
In addition to Collahuasi, the company also owns a 60 percent stake in the Quellaveco mine in Peru, with Mitsubishi owning the remaining 40 percent. The open pit mine started operating in 2022 and, according to MDO, produced 675 million pounds of copper in 2024.
It also owns a 50 percent stake in the El Soldado mine in Chile, which it operates in partnership with Mitsui, which holds a 30 percent stake, and Mitsubishi Materials (OTC Pink:MIMTF), which holds the remaining 20 percent. Data from MDO shows that the mine produced 48,200 metric tons of copper in 2024.
Copper production: 729,700 metric tons
Poland’s KGHM Polska Miedz Group has operations in Europe, North America and South America, and says that it controls over 40 million metric tons of copper ore resources worldwide. In 2024, KGHM produced 729,700 metric tons of copper, a slight increase from the 710,900 metric tons of copper produced in 2023.
According to MDO, KGHM’s largest operation is the Polkowice-Sieroszowice mine in Western Poland. The mine has been in operation since 1968 and produces approximately 430 million to 440 million pounds of copper annually.
The company’s Polish operations also include the Rudna mine, which produced 338 million pounds of copper last year, and the Lubin mine, which produced 156 million pounds.
Other options under the KGHM banner include the Robinson mine in Nevada, United States, and the 55 percent owned Sierra Gorda mine in Chile.
Copper production: ~502,600 metric tons
CMOC Group is a new addition to the top 10 after its copper production jumped significantly in 2024, with its share of production from its joint venture copper-cobalt mines in the Democratic Republic of the Congo totaling approximately 502,600 metric tons. On a 100 percent basis, the company reported annual copper production of 650,161 metric tons.
The majority of CMOC's copper production came from its Tenke Fungurume copper-cobalt mine, an 80/20 joint venture with the state-owned mining firm Gecamines. According to MDO data, the mine has experienced significant growth over the past few years, ramping up from 400 million pounds of copper in 2020 to 618 million pounds in 2023. In 2024, Tenke Fungurume's copper production soared to 992 million pounds, or 450,138 metric tons.
Its other DRC mine is Kisanfu, a 71/24/5 joint venture with Chinese battery manufacturer Contemporary Amperex Technology (SZSE:300750) and the DRC government. The mine produced 200,013 metric tons of copper cathode in 2024, up substantially from 114,000 in 2023.
Copper production: 448,800 metric tons
Antofagasta’s share of copper production from its four joint venture operations in Chile totaled 448,800 metric tons in 2024.
The company's largest operation is its 60 percent owned Los Pelambres mine, a joint venture with Mitsubishi. According to MDO, Los Pelambres’ copper production totaled 320,000 metric tons in 2024, up from 300,000 the previous year.
Its Centinela mine is another significant producer, with 224,000 metric tons of copper mined in 2024. The company is constructing a second concentrator at Centinela that, once it comes online in 2027, should add 144,000 metric tons of copper production annually and extend Centinela’s mine life by 15 years to 2051.
The company's other Chilean joint ventures are the Antucoya and Zaldivar mines.
Copper production: 358,910 metric tons
Rounding out the top 10 is Canada’s Teck, which increased consolidated copper production by 50 percent in 2024, reaching 446,000 metric tons. On an attributable basis, the copper company's production totaled 358,910 metric tons in 2024.
Much of the gain came from the ramp-up of the Quebrada Blanca mine in Chile. The mine started production in 2023 and produced just 122 million pounds of copper that year. 2024 saw a significant advancement, with the mine producing 458 million pounds of the red metal.
Teck holds a 60 percent ownership stake in the mine, while Japan’s Sumitomo (OTC Pink:SSUMF,TSE:8053) controls a 30 percent stake and Chile’s state-run Codelco owns the final 10 percent.
Teck also owns the Highland Valley mine in British Columbia, Canada. The mine is one of the largest open pit mines in Canada and produced 226 million pounds of copper in 2024.
Other copper operations in the Teck portfolio include Antamina in Peru and Carmen de Andacollo in Chile.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Astrotricha Capital SEZC appointed Advisors
White Cliff Minerals Limited (“WCN” or the “Company”) (ASX: WCN; OTCQB: WCMLF) is pleased to announce that John Hancock will join the Board of White Cliff Minerals effective 1 August 2025.
The Company is also pleased to announce that is has entered an advisory mandate with John Hancock’s family office Astrotricha Capital SEZC with Gavin Rezos as its CEO. This engagement, alongside John’s appointment to the Board comes at a pivotal time for White Cliff as its highly anticipated follow up campaign at the Rae Copper Project will shortly commence.
“Alongside our brokers, we have now worked with our Strategic Advisor John Hancock and his family office Astrotricha Capital on two successful capital raises totalling more than A$15m. We now welcome John to the Company as a Non-Executive Director who, alongside Astrotricha CEO Gavin Rezos, will bring further industry experience and strategic advice as we embark on the next phase of exploration at our Rae Copper Project where we will shortly commence drilling at the high-grade Danvers deposit and the giant geophysical anomaly at the sedimentary target – Hulk."
Troy Whittaker - Managing Director
"White Cliff's first mover advantage in what may be one of the most prospective copper regions globally led to my involvement as Strategic Advisor and then via on-market purchases and the capital raises, to become the Company's largest shareholder. The Company is well-funded to shortly commence the large drill campaign at Rae as a follow on from our earlier world class intercepts at the Danvers deposit. I am pleased Gavin Rezos, via Astrotricha Capital SEZC, will provide his extensive experience and networks to compliment my own contribution."
John Hancock - Incoming Non-Executive Director
John’s experience in the mining and exploration industry began more than 40 years ago visiting Pilbara iron ore prospects with his grandfather, Lang Hancock. During the 1990s he was part of marketing missions representing the Hope Downs Iron Ore project to customers and investors in China, Japan and Germany, including co-presenting the project at the 1997 Iron and Steel Conference held in Berlin. After two years working in South Africa with Iscor Mining (now Kumba) and on return to Australia completing an MBA, John transitioned to the role of investor and over the last 20 years has built a record of successful early-stage investments in Lithium and Uranium, including substantial holdings in Vulcan Energy and Aura Energy. His experience in international resource development and capital markets includes the role of Senior Advisor to a New York based fund that during his tenure has deployed more than $500m to small-cap companies in both Australia and Canada, particularly within the mining industry.
"Astrotricha has introduced high net worth investors and funds from Australia and globally to the WCN register. Our combined successful track record in assisting the development of resource projects and many years’ experience in international capital markets, corporate advisory, project development and corporate governance has attracted a range of co investors, both financial and strategic, ready to follow Astrotricha into new companies as those companies develop and their market capitalisation grows. Astrotricha’s aim is to invest at an early stage into potential Tier 1 resource companies and assist them over the development journey. White Cliff was identified as a prime candidate by John Hancock in 2024.”
Gavin Rezos - CEO Astrotricha Capital SEZC
Gavin Rezos has extensive Australian and international investment banking, corporate advisory and governance experience and is a former Investment Banking Director of HSBC Group with regional roles during his career based in London, Sydney and Dubai. Admitted as a solicitor in Australia and England, Gavin has been legal advisor for HSBC on transactions in Australasia, Europe, Latin America and the Middle East. Gavin has held Chairman, Board and CEO positions of public companies in the resources, materials and technology sectors in Australia, the UK, Germany and the US and during these tenures raised a total of over $1.8 billion for project development. Gavin is the former Chairman of Vulcan Energy Resources, non-executive director of Iluka Resources and of Rowing Australia, the peak Olympics sports body for rowing in Australia. As an early-stage founder director, Gavin has taken 3 companies from start up to the ASX300 and one to a market capitalisation of over $1 billion.
Director Retirement
Daniel Smith has informed the Board of his intent to retire as a director of White Cliff to focus on his other professional interests from 1 August 2025. The Board is grateful to Dan for his contribution to White Cliff over the last 5 years and wishes him all the best in his future endeavours.
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Friday (June 20) was the last day for the spring session of Canada’s parliament before its summer break.
On the agenda for the day was a vote on bill C-5, “The One Canadian Economy Act,” which was introduced on June 5.
The bill is in part a response to the recent shift in US trade policy under Donald Trump’s administration. It will provide a new framework to fast-track projects of national interest, including mining and energy projects, to boost Canada’s economy.
However, it hasn’t been without controversy. Primarily, it has been met with opposition from some Indigenous groups, who feel it will override treaty obligations and environmental review processes.
In parliament, it also met some resistance from the conservative opposition, who amended the bill to close loopholes they felt would allow the government to skirt conflict of interest and lobbying laws.
The bill is widely expected to pass the House of Commons and the Senate, with broad support from the Conservative Party.
Also on Friday, Statistics Canada released April’s monthly mineral production survey.
The data shows across-the-board declines in both production and shipments of copper, gold and silver from the previous month.
Copper production dropped the most in April, down to 35.1 million kilograms from 40.1 million in March, while shipments slipped to 30.1 million kilograms from the 50.5 million recorded the previous month.
Gold and silver production fell slightly, with gold declining from 17,059 to 16,708 kilograms, and silver declining from 26,700 to 25,412 kilograms. However, shipments of both fell more precipitously between March and April. Gold shipments dropped from 19,049 to 14,848 kilograms, while silver shipments fell from 29,578 to 22,106 kilograms.
In the US, the Federal Reserve held its fourth meeting of the year to determine the direction of the benchmark federal funds rate on Tuesday (June 17) and Wednesday (June 18).
The central bank decided to hold the rate at the current 4.25 to 4.5 percent range, which it last set in November 2024. The decision comes as it awaits the effects of tariffs to be felt more broadly in the economy, noting uncertainty whether it will be a one-time shock or be more persistent through the rest of the year.
The decision fell in line with analysts’ expectations, who are not predicting a rate cut until the Fed’s September meeting.
In Canada, major indexes were mixed at the end of the week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) was largely flat, posting a small 0.14 percent loss during the week to close at 26,497.57 on Friday.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared worse, losing 2.18 percent to 711.18, although the CSE Composite Index (CSE:CSECOMP) jumped 1.58 percent to 117.36.
US equities were all in negative territory this week, with the S&P 500 (INDEXSP:INX) losing 0.55 percent to close at 6,967.85, the Nasdaq-100 (INDEXNASDAQ:NDX) slipping 0.23 percent to 21,626.39 and the Dow Jones Industrial Average (INDEXDJX:.DJI) sinking 0.88 percent to 42,206.83.
The gold price was down this week, losing 0.42 percent to US$3,371.39 at by Friday's close. Although it jumped to a high of US$37.29 mid-week, the silver price pulled back and ultimately lost 0.82 percent to end the week at US$36.02.
In base metals, the COMEX copper price gained 1.88 percent over the week to US$4.88 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 5.47 percent to close at 580.99.
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 183.33 percent
Market cap: C$24.75 million
Share price: C$0.085
Royalties is focused on building cash flow through the acquisition mineral and music royalty assets.
The company has a 100 percent interest in the Bilbao silver property in Zacatecas, Mexico, which hosts silver, zinc and lead deposits. As silver prices improve, the company is seeking to monetize the property.
Shares of Royalties surged this week after its 88 percent owned subsidiary Minera Portree won its lawsuit against Capstone Copper (TSX:CS,OTC Pink:CSCCF), asserting its ownership of a 2 percent net smelter return royalty on five mineral concessions at the Cozamin copper-silver mine in Zacatecas.
The protracted legal dispute began after Capstone re-assigned the royalty to itself through a 2019 contract without informing or paying Minera Portree.
Under the terms of the judgment, the 2 percent NSR will revert back to Minera Portree along with royalties for the exploitation of concessions between 2002 and 2019. The amounts for those royalties will be set at the execution phase. Capstone Gold is also ordered to pay royalties from the Portree 1 concession from August 2019 to present.
Earlier in the week, Royalties increased its stake in Music Royalties, which pays a 7.2 percent annual yield from 30 music catalogues. The company will now receive royalties of C$102,000 per year from its investment.
Weekly gain: 100 percent
Market cap: C$21.14 million
Share price: C$0.42
Altima Energy is a light oil and natural gas exploration and development company with operations in Alberta, Canada.
Its primary asset is the Richdale property in Central Alberta. The property consists of five producing light oil wells and sits on 5,920 acres of long-term reserves. The property hosts combined proved and probable reserves of just under 2 billion barrels of oil equivalent, with a pre-tax net present value of C$25.8 million.
The company also owns two wells at its Twinning light oil site near Nisku, seven producing wells at its Red Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid gas production property.
Although Altima hasn’t released news in the last few months, its share price surged mid-week.
Weekly gain: 71.43 percent
Market cap: C$11.62 million
Share price: C$0.06
Trillion Energy is an oil and gas producer focused on supplying the European and Turkish markets.
The company owns a 49 percent share in the SASB gas field with Turkish Petroleum (TPAO) owning the remainder. The field is located in the southwestern Black Sea, and covers a license block area of 12,387 hectares. Trillion also owns a 19.6 percent interest in the Cendre oil field, with TPAO owning the majority 80 percent.
On April 26, the company released its 2024 year-end reserve report. In the announcement, Trillion reported that its attributable total proved and probable reserves at the SASB gas field increased to 62.3 billion cubic feet of gas and 247 million barrels of oil, with a pre-tax NPV of US$363.6 million.
Trillion Energy’s share price climbed in the second half of the week. Although it did not put out a press release, the company stated in posts on X Wednesday and Friday that the partners are “actively engaged on-site” advancing gas lift operations through “carefully managed on-platform efforts.”
Weekly gain: 52 percent
Market cap: C$18.81 million
Share price: C$0.380
Search Minerals is a rare earth element exploration and development company working to advance its flagship Deep Fox project in Newfoundland and Labrador, Canada.
The project is near the port of St. Lewis on the Southeast Labrador coast and consists of 63 mineral claims covering an area of 1,575 hectares. The company also owns the nearby Foxtrot deposit. A May 2022 technical report shows a combined indicated mineral resource for the two properties of 375 parts per million (ppm) praseodymium, 1,402 ppm neodymium, 185 ppm dysprosium and 32 ppm terbium from 15.09 million metric tons of ore.
Search Minerals released a corporate update on June 13 saying its shares were being reinstated for trading on the TSXV. The update detailed how, under previous management, the company’s TSXV listing was subject to a cease trade order in April 2024 due to the previous management team failing to file annual financial statements for 2023. Search’s new board and management team, elected and appointed in mid-2024, brought the company back into compliance.
Search recommenced trading Monday, and its shares climbed on June 19 after the company announced unreleased assay results from a 2022 Phase 4 drill program at Deep Fox. Highlighted assays included one hole with a 29.92 meter interval grading 256 ppm dysprosium, 1,848 ppm neodymium, 496 ppm praseodymium and 43.5 ppm terbium.
The company said the results validate their belief in the mineralization at the site, and that it would drive forward development of Deep Fox, which it called a generational asset, without delay.
Weekly gain: 50 percent
Market cap: C$12.26 million
Share price: C$0.06
Homeland Nickel is an exploration company with projects in the US and Canada.
The company owns four nickel projects in Oregon: Cleopatra, Red Flat, Eight Dollar Mountain and Shamrock. The projects are in the early exploration stage, with the company being guided by historic work at each property.
Homeland is also working on the Great Burnt copper-gold project in Newfoundland and Labrador, Canada. The project is a 30/70 joint venture with Benton Resources (TSXV:BEX,OTC Pink:BNTRF), which earned its stake in the property through an earn-in agreement with Homeland in July 2024.
On June 11, Noble Mineral Exploration (TSXV:NOB,OTCQB:NLPXF) and Canada Nickel's (TSXV:CNC,OTCQX:CNIKF) announcement on June 11 of positive assay results from their joint venture Mann nickel project in Ontario. Homeland owns 2.95 million shares of Canada Nickel and 9.96 million shares of Noble.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) (Cyprium or the Company) invites shareholders to join an investor webinar and live Q&A hosted by Executive Chairman Matt Fifield on Tuesday 24th June 2025. Investors will be guided on a virtual site visit of the Nifty Copper Complex showcasing the sulphide and heap leach resources and extensive brownfield infrastructure.
Executive Chair Matt Fifield said
“The Nifty Copper Complex hosts a prolific orebody and has many advantages of brownfield infrastructure. Our recent work with visualisation vendor VRIFY enables us to show interested parties the condition of the site, and make sense of the proposed open pit mine plan in a whole different light. I’m excited to share these tools with our shareholders.”
INVESTOR WEBINAR DETAILS
Date: Tuesday 24th June 2025
Time: 11:00am AWST (Perth), 1:00pm AEST (Sydney/Melbourne)
Register: https://bit.ly/4n3kfvj
Questions: The Company invites investors to submit questions via the registration page.Click here for the full ASX Release
This article includes content from Cyprium Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.