Aston Bay Announces Board Changes

Aston Bay Announces Board Changes

Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce the appointment of Jeff Wilson, Gary O'Connor and Mark Pryor to the Board of Directors with immediate effect

Mike Dufresne has resigned from the Board of the Company effective January 25th but will remain as Qualified Person for the Storm Project for Aston Bay. Ian MacPherson, a director since the Company's inception in 2012, has also resigned from the Board and will transition to an advisory role for the Company.

"Jessie Liu-Ernsting and I enthusiastically welcome Jeff, Gary and Mark to our Board," stated Thomas Ullrich, CEO of Aston Bay. "These talented individuals bring broad experience from across the industry, encompassing resource expansion, mine development, mergers and acquisitions, and mining finance. The Board now has significant depth in these areas, as well as expanded relationships and contacts within the exploration and investment communities."

"As a cofounder of Aston Bay, Mike has been instrumental in advancing the Storm Project and I am very pleased that he will continue as QP. I thank Ian for his guidance and wish him the best in his other endeavours."

Jeffrey R. Wilson has over 25 years experience in the mining industry, having served as a director, officer and advisor of multiple public and private companies in the mineral exploration and mining investment industries. Mr. Wilson is currently President & CEO of Precipitate Gold Corp. Mr. Wilson began his career in the early 1990's a Corporate Communications Manager and eventual Director of Welcome Opportunities Ltd. (which was bought out by Endeavour Mining Capital in 2002) and Aquiline Resources Ltd. (which was bought out by Pan American Silver in 2009). In 2005, Mr. Wilson was involved in the formation of Silver Quest Resources Ltd., which was bought out in 2012 by New Gold Inc. Mr. Wilson brings a wealth of contacts throughout the investment community including institutional investors, retail brokers, investment bankers, mining analysts and private investors.

Gary O'Connor has over 40 years of diverse experience as a mineral exploration and development professional in the management of successful resource projects as well as the evaluation, technical due diligence, and supervision of large mineral exploration and development projects throughout various geologic settings and regions covering a variety of metals and minerals. Mr. O'Connor was recently CEO and President of Moneta Gold Inc. Previously he worked as Vice-President of Dundee Resources for 10 years, responsible for the technical due diligence of resource projects for investment purposes for the corporation and managed funds. In previous roles he worked as the Vice-President, Exploration of Gabriel Resources and European Goldfields in Romania, and as District Exploration Manager for Freeport-McMoRan Copper & Gold in Indonesia. While with Freeport Mr. O'Connor worked on the due diligence and discovery of a major gold fraud on the Busang gold "deposit" in Kalimantan by Bre-X. Mr. O'Connor graduated from the University of Auckland in 1982 with a degree in geology, geophysics and environmental studies, and is a Fellow of the Australasian Institute of Mining and Metallurgy, and a Fellow of the Society of Economic Geology.

Mark J. Pryor is a geologist with a 40-year track record of successfully advancing multiple precious metal, copper, coal, REE and Li projects from discovery through to exploitation. He is currently Executive Vice President of the Exploration Division at The Electrum Group, based in Denver. Mr. Pryor has worked for majors (Anglo American, Placer Dome, Antofagasta) as well as various private and public companies in the Americas, Africa, FSU and Asia. He is the former CEO of Montero Mining & Exploration, COO of Edenville Energy and has held various senior and VP Exploration positions with companies such as Laurentian, Candente, Monarch Resources, Viceroy, Minefinders, Renholm and Amlib/Avesoro. Mark has headed multi-disciplinary teams in the discoveries of the following projects that have been mined, in operation and or at feasibility including: Svengali (Au - Anglo American/Cluff Minerals), Rodeo (Au - Monarch/Golden Minerals Corp.), San Sebastian (Ag/Au - Monarch/Hecla Mining Corp.), San Agustin (Au - Monarch/Argonaut Gold Inc.), El Compas (Ag - Monarch/Endeavour Silver), San Julian (Au/Ag - Monarch/Fresnillo plc.), La Pitarilla (Ag/Au - Monarch/Endeavour Silver), Canaima (Au - Monarch Resources/Hecla Mining.), Bochinche (Au - Monarch Resources), Kokoya (Au - Avesoro), Mkomolo/Namwele (Coal - Edenville Energy) and the Celaya Project (Ag/Au - Electrum). Mr. Pryor graduated from Aberdeen University in 1981 with a degree in Geology & Mineralogy and is a Fellow of the Geological Society, Fellow of the Society of Economic Geologists, a member of the Institute of Directors and QP under the South African Council for Natural Scientific Professions.

Stock Option Grant

The Company also announces it has granted incentive stock options to certain of its directors, officers, and consultants to purchase up to an aggregate of 16,225,000 common shares of the Company (the "Options"). The Options are exercisable for a period of seven years, at a price of $0.115, being the closing price of the Aston Bay common shares on the TSX Venture Exchange on January 24th, the last trading day prior to the date of the grant. All Options were granted in accordance with the Company's stock option plan.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The Company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.

The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under such agreement, 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.

For more information contact:

Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

SOURCE:Aston Bay Holdings Ltd



View the original press release on accesswire.com

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Aston Bay Holdings

Aston Bay Holdings

Aston Bay Holdings Ltd is an exploration-stage company. It is engaged in the exploration and development of gold and base metal deposits in Virginia, USA and Nunavut, Canada. Its projects are Buckingham Gold property, Virginia Gold Belt, Polymetallic Base, and Precious metals, Storm Copper Project, and Seal Zinc deposit.
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Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) has identified major benefits for utilising pre-concentration technology at its Reward high grade gold mine.

Ore sorting pre-concentration test work was initiated with leading ore sorting provider TOMRA with outstanding results.

94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results were reported;

- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,

- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

Refurbishment of the plant is well underway, and Vertex anticipates that the plant will be re-installed at Hill End later this year. The Company anticipates production will commence in January 2025.

Vertex acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

ORE SORTER TEST WORK AND IMPLEMENTATION INTO THE HILL END GRAVITY PLANT

Pre-concentration technology initiated at the Hill End Gravity Plant to separate highgrade ore from waste before it enters the processing plant.

By processing only high-grade ore, energy consumption can be reduced, water consumption will be halved leading to lower operating costs and reduction of the carbon footprint.

The small sorting unit will be simply incorporated in the existing plant being refurbished by Gekko.

Previous scoping test results from TOMRA suggested that the Greywacke country rock can be efficiently and effectively separated from the high-grade quartz carrying the gold leading to significant head grade uplift and reduced material to be processed.

Test Results

94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted.

The following results are reported;

- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,

- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

ACQUISITION OF A LM90 UNDERGROUND DRILL RIG

Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

The Vertex team are planning diamond drill programs for the following:

- Below the current JORC-2012 Reward Resource with the aim of expanding upon the existing resource;

- Fosters Exploration Target; and

- South Star prospect area

Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the 'Reward mid depths' as it is located just 80m to ~200m below the Amalgamated Adit. Refer to Figure 1*

Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target.

The LM90 has several advantages well-suited to Vertex's requirements, including:

- The ability to work on surface and underground;

- Safe, Semi-automated, with a rod-handler system which allows for less manual handling;

- Allows greater flexibility in drilling over a number of resource and exploration areas; and

- LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs.

Vertex acquiring its own rig has many advantages;

- Per-metre drill costs will be significantly less than hiring an external drill contractor

- More control and accuracy over precision of drilling.

- Works well with Job sharing

- Reduces pressure on Mining crew to have drill cuddy availability

- The LM90 rig will be accounted for as an asset on the Vertex balance sheet

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/CHF6G92O



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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