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Epworth Project:
Assays received from 376 rock grab samples and 39 lake sediment samples
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
- The first payment of US$5m (C$6.9m1) under the royalty package has been advanced to American West and Aston Bay
- Further payments to the royalty package are:
- US$3.5m (C$4.9m1) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for development at Storm
- US$4m (C$5.5m1) upon announcement of an increase in the JORC-compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- Funding under the royalty package will be allocated to American West and Aston Bay in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West and 20% for Aston Bay
- There is no use of funds restriction for Aston Bay, providing a non-dilutive source of funds to advance the Company's other projects and contribute to Aston Bay's robust balance sheet
- The funding has enabled an expansion of the exploration and development activities conducted by American West at Storm, including:
- Expansion of the 2024 drill program, which will underpin a maiden resource currently being constructed to Canadian Institute of Mining standards, as well as a significant anticipated upgrade to the American West's JORC-compliant estimate
- An investment in the 2025 field activities with bulk supplies being delivered to site by ship charter - saving approximately C$4 million on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies - including detailed testwork that supports the potential for a direct shipping operation - which will support the delivery of a PFS anticipated in early 2025
[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.
View the original press release on accesswire.com
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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.
View the original press release on accesswire.com
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Aston Bay and American West Metals Report Multiple New Copper Targets Along the 110km-long Copper Belt at the Storm Project, Nunavut, Canada
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.
View the original press release on accesswire.com
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Aston Bay and American West Metals Report Assays from Deep Drilling at the Storm Project, Nunavut, Canada
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.
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Aston Bay and American West Metals Report 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada
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.
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada
Drill results outside of known mineralization confirm the expansion potential
Cyclone resource upgrade and expansion:
Assays confirm that the resource drilling around and within the Cyclone Deposit has intersected further thick high-grade copper intervals including:
Drill hole SR24-093 was drilled 75m southof the current known area of mineralization and has intersected:
53.3m @ 3.9% copper (Cu), 12.6 grams per tonne (g/t) silver (Ag) from 86.9m downhole, including,
22.9m @ 8.5% Cu, 17.8g/t Ag from 86.9m downhole, including,
9.1m @ 14.4% Cu, 21.3g/t Ag from 93m downhole
Drill hole SR24-070 has intersected:
45.7m @ 1.9% Cu, 9.4g/t Ag from 35.1m downhole, including,
27.4m @ 3.1% Cu, 14.6g/t Ag from 35.1m downhole, including,
15.2m @ 4.2% Cu, 16.2g/t Ag from 35.1m downhole
Drill hole SR24-045 has intersected:
57.9m @ 1% Cu, 4.3g/t Ag from 32m downhole, including,
10.7m @ 3.2% Cu, 16.0g/t Ag from 65.5m downhole
Sealift and 2025 program preparation:
NEAS cargo ship MV Mitiq has successfully completed the 2024 sealift operation at Storm
The sealift has delivered large quantities of supplies directly on Somerset Island for the 2025 exploration, resource expansion, and development programs, which is expected to save an estimated $4 Million on the 2025 budget
Bulk samples containing copper were also transported offsite via the cargo ship, demonstrating the complete logistics chain for the potential direct shipping product mining operation
TORONTO, ON / ACCESSWIRE / September 27, 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"), who is the operator of the 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.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"It is exciting to hit such a long interval of high-grade copper outside of the previously known zone of mineralization as we work toward calculation of a maiden resource estimate this fall. This suggests there is more to be found, and it bodes well for additional discoveries and expansion of the known existing mineralization with next year's campaign.
"We congratulate NEAS on the arrival of their cargo ship MV Mitiq into Aston Bay. This sealift is a first for the project that will significantly reduce the cost for both the delineation drilling and exploration diamond drilling programs next year. The successful operation demonstrates that bulk cargo and equipment can be economically transported to the project and that potential products could be delivered to market on the return journey. This will play an important part in future programs and development plans at Storm."
Figure 1: NEAS cargo ship MV Mitiq at anchor in Aston Bay for the Storm Project sealift.
EXCEPTIONAL COPPER INTERSECTIONS CONTINUE AT CYCLONE
Assay results from the latest batch of drill holes have been received and continue to highlight the expansion and upgrade potential of the Cyclone Deposit (Figure 2).
The latest assays have confirmed very thick and high-grade intersections of copper within and outside of the current known mineralization envelope, particularly at the west end and to the south of the deposit. The west end of Cyclone hosts the shallowest and highest-grade copper mineralization within the deposit, considered very favourable for a potential open-pit mining operation in future. The infill drilling also continues to confirm the excellent lateral continuity of the mineralization.
Assays for the remainder of the outstanding drill holes are expected in batches over the coming weeks.
Figure 2: Plan view of the Cyclone Deposit showing the copper mineralized zone outlines and historical and recent drilling, overlain on regional geology.
DRILL HOLE SR24-093 DETAILS
SR24-093 was drilled to the southwest of the Cyclone Deposit and to a downhole depth of 150.9m (Figure 3). The drill hole was designed to follow up other strong copper intersections outside of the known mineralization in the southern area including SR24-009 which intersected 15.2m @ 1.4% Cu, including 1.5m @ 6.4% Cu from 109.7m downhole (See August 15, 2024, Aston Bay news release.
Drill hole SR24-093 intersected 53m of strong chalcocite mineralization (53.3m @ 3.9% Cu) from 86.9m downhole with an intensely mineralized zone and semi-massive sulfide zone between 86.9m and 109.7m downhole averaging 8.5% Cu over 22.9m (Table 1).
The mineralized Allen Bay host rock in SR24-093 is displaced downward relative to the Cyclone Deposit south of the large fault that forms the northern boundary of the Central Graben. The faults that define this large block of down-dropped prospective rock within the Central Graben either host or are spatially associated with the majority of the copper mineralization at Storm. The graben block itself, with the prospective Allen Bay stratigraphic horizon covered by the barren overlying Douro formation at the surface, is little explored. These new intercepts highlight the potential for the Central Graben to host significant copper mineralization concealed at depth.
The large 75m step-out from the previous drilling, thickness, and grade of the copper mineralization are promising for the discovery of additional mineralization to the southwest of the Cyclone Deposit and elsewhere in the large but underexplored Central Graben.
Figure 3: N-S geological schematic section view through SR24-093 and SR24-073 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization..
DRILL HOLE SR24-045 and SR24-070 DETAILS
SR24-045 and SR24-070 are located on the same drill section and have intersected intense copper sulfide mineralization on the margins of the known zones of mineralization at Cyclone (Figure 2).
Mineralization in both drill holes consists of zones of intense vein- and fracture-style copper sulfide mineralization with thick intervals over 3% Cu hosted within fractured dolomite of the Allen Bay Formation.
The dominant copper sulfide mineral observed within the drill holes is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and within veins. The mineralogy and intensity of copper mineralization is typically characterized by significant lateral continuity within Cyclone.
Figure 4: Geological section view at 464,850E showing the mineralized intervals (>0.2% Cu) for drill holes SR24-011, SR24-15 and SR24-023, and the interpreted zones of copper mineralization.
SEALIFT - DEMONSTRATION OF COMPLETE LOGISTICS CHAIN
The NEAS cargo ship MV Mitiq has recently completed a sealift operation at the Storm Project. The ship anchored in Aston Bay and has delivered large quantities of aviation and diesel fuel, salt for diamond drilling, lumber, heavy machinery, and other supplies in preparation for the 2025 exploration and delineation drilling program.
The sealift is carried out using large, tugboat-guided barges maneuvered onto a suitable beach (Figure 5), and then off-loaded using large wheeled loaders. Materials are hoisted from the ship to the barges (and vice versa) using large cranes. This system eliminates the need for wharves or other port infrastructure to load and unload cargo (Figures 6 & 7).
The sealift has also demonstrated the loading operations and sent bulk samples of RC chips off-site. The mineralized samples will be used for metallurgical purposes and the process has demonstrated the complete logistics chain for a potential mining operation at the Storm Project: it is envisaged that potential copper direct shipping product would be transported to market in sea containers via sealift on empty ships returning to port on the east coast of Canada.
Whereas the sealift has incurred expenses on the 2024 program, the exercise is expected to save approximately $4m on the 2025 program budget.
Figure 5: Photo of the sealift tug and barging operation underway on Aston Bay, Nunavut.
Figure 6: Offloading of cargo at the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.
Figure 7: Photo of the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-043 | 91.44 | 99.06 | 7.62 | 0.4 | 0.0 | 0.9 |
100.58 | 102.11 | 1.53 | 0.3 | 0.0 | 1.0 | |
105.16 | 106.68 | 1.52 | 0.2 | 0.0 | 2.0 | |
SR24-045 | 32.00 | 89.92 | 57.91 | 1.0 | 0.0 | 4.3 |
Including | 65.53 | 76.20 | 10.67 | 3.2 | 0.0 | 9.0 |
SR24-049 | 27.43 | 44.20 | 16.76 | 1.0 | 0.0 | 2.9 |
Including | 27.43 | 35.05 | 7.62 | 1.5 | 0.0 | 4.0 |
48.77 | 68.58 | 19.81 | 0.4 | 0.0 | 1.3 | |
Including | 65.53 | 67.06 | 1.52 | 1.1 | 0.0 | 1.0 |
SR24-053 | 83.82 | 86.87 | 3.05 | 0.4 | 0.0 | 0.5 |
SR24-061 | 48.77 | 51.82 | 3.05 | 0.5 | 0.0 | 1.0 |
Including | 42.67 | 45.72 | 3.05 | 1.0 | 0.0 | 2.0 |
and | 50.29 | 51.82 | 1.52 | 1.1 | 0.0 | 1.0 |
92.96 | 94.49 | 1.52 | 0.5 | 0.0 | 1.0 | |
111.25 | 117.35 | 6.10 | 0.2 | 0.0 | 1.0 | |
SR24-063 | 22.86 | 36.58 | 13.72 | 1.3 | 0.0 | 4.0 |
Including | 27.43 | 32.00 | 4.57 | 3.1 | 0.1 | 8.7 |
42.67 | 45.72 | 3.05 | 0.5 | 0.1 | 3.0 | |
50.29 | 51.82 | 1.52 | 0.3 | 0.0 | 1.0 | |
59.44 | 60.96 | 1.52 | 0.3 | 0.0 | 1.0 | |
65.53 | 71.63 | 6.10 | 0.3 | 0.2 | 2.5 | |
SR24-067 | 12.19 | 21.34 | 9.14 | 0.3 | 0.0 | 1.0 |
30.48 | 35.05 | 4.57 | 0.8 | 0.0 | 2.0 | |
Including | 30.48 | 32.00 | 1.52 | 1.2 | 0.1 | 2.0 |
44.20 | 45.72 | 1.52 | 0.3 | 1.0 | 3.0 | |
50.29 | 62.48 | 12.19 | 1.0 | 0.1 | 4.6 | |
Including | 50.29 | 51.82 | 1.52 | 1.0 | 0.0 | 6.0 |
and | 57.91 | 62.48 | 4.57 | 1.9 | 0.1 | 8.7 |
59.44 | 68.58 | 9.14 | 0.3 | 0.0 | 2.0 | |
73.15 | 74.68 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-070 | 27.43 | 28.96 | 1.52 | 0.4 | 0.0 | 1.0 |
35.05 | 80.77 | 45.72 | 1.9 | 0.1 | 9.4 | |
Including | 35.05 | 62.48 | 27.43 | 3.1 | 0.1 | 14.6 |
Including | 35.05 | 50.92 | 15.24 | 4.2 | 0.1 | 16.2 |
SR24-071 | 33.53 | 35.05 | 1.52 | 0.4 | 0.0 | 9.0 |
65.53 | 82.30 | 16.76 | 0.8 | 0.1 | 3.7 | |
Including | 67.06 | 68.58 | 1.52 | 2.3 | 0.0 | 7.0 |
and | 79.25 | 80.77 | 1.52 | 2.9 | 0.1 | 15.0 |
SR24-072 | 59.44 | 67.06 | 7.62 | 1.0 | 0.0 | 3.8 |
Including | 59.44 | 64.01 | 4.57 | 1.5 | 0.0 | 4.7 |
71.63 | 74.68 | 3.05 | 0.6 | 0.0 | 3.0 | |
79.25 | 80.77 | 1.52 | 0.7 | 0.0 | 2.0 | |
SR24-073 | 45.72 | 54.86 | 9.14 | 0.2 | 0.0 | 2.7 |
65.53 | 82.30 | 16.76 | 0.4 | 0.0 | 3.2 | |
Including | 73.15 | 74.68 | 1.52 | 1.1 | 0.0 | 6.0 |
86.87 | 88.39 | 1.52 | 0.6 | 0.0 | 4.0 | |
SR24-075 | 97.54 | 105.16 | 7.62 | 0.6 | 0.0 | 4.4 |
Including | 97.54 | 99.06 | 1.52 | 1.1 | 0.0 | 7.0 |
SR24-076 | 106.68 | 120.40 | 13.72 | 0.8 | 0.0 | 2.4 |
Including | 109.73 | 112.78 | 3.05 | 2.1 | 0.0 | 5.5 |
128.02 | 129.54 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-087 | 25.91 | 30.48 | 4.57 | 0.5 | 0.0 | 1.7 |
48.77 | 57.91 | 9.14 | 1.0 | 0.0 | 2.8 | |
Including | 50.29 | 56.39 | 6.10 | 1.3 | 0.0 | 3.8 |
76.20 | 88.39 | 12.19 | 0.6 | 0.0 | 2.5 | |
Including | 76.20 | 79.25 | 3.05 | 1.4 | 0.0 | 4.0 |
SR24-089 | 9.14 | 10.67 | 1.52 | 0.5 | 0.0 | 2.0 |
21.34 | 25.91 | 4.57 | 0.4 | 0.0 | 1.7 | |
38.10 | 53.34 | 15.24 | 0.4 | 0.0 | 1.5 | |
Including | 42.67 | 44.20 | 1.52 | 1.1 | 0.0 | 3.0 |
57.91 | 59.44 | 1.52 | 0.5 | 0.0 | 1.0 | |
65.53 | 68.58 | 3.05 | 0.4 | 0.0 | 1.5 | |
88.39 | 89.92 | 1.52 | 0.3 | 0.0 | 3.0 | |
SR24-091 | 16.76 | 24.38 | 7.62 | 0.4 | 0.0 | 2.6 |
32.00 | 35.05 | 3.05 | 0.3 | 0.0 | 0.8 | |
53.34 | 62.48 | 9.14 | 0.3 | 0.0 | 1.5 | |
70.10 | 77.72 | 7.62 | 0.2 | 0.0 | 1.2 | |
SR24-093 | 86.87 | 140.21 | 53.34 | 3.9 | 0.3 | 12.6 |
Including | 86.87 | 109.73 | 22.86 | 8.5 | 0.3 | 17.8 |
Including | 92.96 | 102.11 | 9.14 | 14.4 | 0.0 | 21.3 |
Including | 99.06 | 102.11 | 3.05 | 27.7 | 0.0 | 39.0 |
SR24-095 | 39.62 | 41.15 | 1.52 | 0.8 | 0.0 | 3.0 |
SR24-097 | 57.91 | 60.96 | 3.05 | 0.2 | 0.1 | 2.5 |
71.63 | 74.68 | 3.05 | 0.3 | 0.0 | 2.0 | |
85.34 | 86.87 | 1.52 | 0.4 | 0.0 | 1.0 | |
SR24-099 | 62.48 | 73.15 | 10.67 | 0.3 | 0.0 | 1.7 |
83.82 | 86.87 | 3.05 | 0.8 | 0.1 | 1.5 | |
SR24-101 | 67.06 | 70.10 | 3.05 | 0.4 | 0.0 | 1.5 |
86.87 | 89.92 | 3.05 | 0.2 | 0.0 | 1.5 | |
92.96 | 94.49 | 1.52 | 0.3 | 0.0 | 2.0 | |
126.49 | 128.02 | 1.52 | 0.9 | 0.0 | 3.0 | |
140.21 | 141.73 | 1.52 | 0.5 | 0.0 | 2.0 | |
SR24-103 | 65.53 | 71.63 | 6.10 | 0.3 | 0.0 | 1.5 |
94.49 | 108.20 | 13.72 | 0.5 | 0.0 | 1.9 | |
Including | 102.11 | 103.63 | 1.52 | 2.2 | 0.0 | 5.0 |
SR24-105 | 96.01 | 106.68 | 10.67 | 0.4 | 0.0 | 1.1 |
112.78 | 114.30 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-107 | 60.96 | 64.01 | 3.05 | 0.5 | 0.0 | 1.0 |
100.58 | 103.63 | 3.05 | 0.3 | 0.0 | 0.8 | |
SR24-109 | 118.87 | 120.40 | 1.52 | 0.7 | 0.0 | 2.0 |
SR24-111 | 67.06 | 68.58 | 1.52 | 0.2 | 0.0 | 1.0 |
97.54 | 99.06 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-112 | 51.82 | 53.34 | 1.52 | 0.3 | 0.0 | 2.0 |
76.20 | 99.06 | 22.86 | 0.8 | 0.0 | 3.4 | |
Including | 76.20 | 85.34 | 9.14 | 1.8 | 0.0 | 6.2 |
Table 1: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu). 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.
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 10 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 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, and 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.
View the original press release on accesswire.com
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Nuvau Minerals Inc. to Participate in BMO and PDAC Conferences
Nuvau Minerals Inc. (TSXV: NMC) ("Nuvau" or the "Company") is pleased to announce that the Company will be participating in two conferences over the next month: the BMO Global Metals, Mining, and Critical Metals Conference and the Prospectors and Developers of Canada Conference (PDAC). The focus at both will be meeting with existing shareholders and new investors to talk about progress at Nuvau's Matagami Project in Québec.
"Nuvau is participating in these conferences to share our story with a broader audience," said Peter van Alphen, the Company's Chief Executive Officer. "We are looking forward to providing current and new investors with a deeper insight into the Matagami opportunity, including the exploration potential for base metals and gold on this large land package in the Northern Abitibi, as well as the rare opportunity to bring this property back into production in the near term. If you are attending either of these events, please schedule a one-on-one meeting with us or stop at our booth to speak with our team."
- 34th Annual BMO Global Metals, Mining, and Critical Metals Conference
Peter van Alphen, CEO, and Steve Filipovic, CFO, will attend the BMO Conference in Florida from February 23-26, 2025, to participate in one-on-one meetings with some of our existing investors as well as new potential investors.
- PDAC 2025
The Nuvau team will be at Booth 2349 of the Investors Exchange on Sunday, March 2 to Wednesday, March 5. Nuvau again will use this event to meet with new and current investors to introduce the company and provide an update on current activities.
Peter van Alphen will be presenting at the Québec Day, hosted by the Québec Ministry of Natural Resources and Forests. The presentation will take place on Tuesday, March 4 at 2:35 ET in room 206D in the North Building.
The Matagami Opportunity
The Matagami Mining Camp represents a compelling investment opportunity. Located in the northern Abitibi Greenstone belt in the province of Québec, the Matagami property is in the heart of a region that boasts a history of significant mineral endowment. The exploration potential of the Matagami property is substantial, with over 1,300 km² of highly prospective ground in a region renowned for its base and precious metal deposits.
In addition to the exploration potential, mineral resources have been identified on the property including three deposits collectively referred to as the Caber Complex. These resources represent a potential mine life of nearly 10 years as determined in the PEA prepared by Nuvau.
The property is also unique in the region as it includes extensive existing infrastructure including a permitted, 3,000 tonne per day, processing plant, and the permitted past-producing Bracemac McLeod Mine. This infrastructure will significantly reduce initial capital requirements if the Company reaches the point of restarting production.
About Nuvau Minerals Inc.
Nuvau is a Canadian mining company focused on the Abitibi Region of mine-friendly Québec. Nuvau's principal asset is the Matagami Property that is host to significant existing processing infrastructure and multiple mineral deposits and is being acquired from Glencore.
For more information go to our website www.nuvauminerals.com.
For further information please contact:
Nuvau Minerals Inc.
Peter van Alphen
President and CEO
Telephone: 416-525-6023
Email: pvanalphen@nuvauminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Disclaimer & Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-Looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the Agreement. Forward-Looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241898
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Bold Ventures Announces PDAC 2025 Booth and Plans for Winter Exploration
Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the Company will have a booth at the Prospectors and Developers Association of Canada (PDAC) convention from March 2nd to 5th (booth #2610). The Company's President and COO, Bruce MacLachlan, the Company's V.P. Exploration, Coleman Robertson, and the Company's CEO, David Graham, will be present for the duration of the conference, as well as the preceding Metals Investor Forum from February 28th to March 1st.
The Bold exhibition booth will showcase various samples, maps and photographs from the Company's Burchell Gold and Copper Project, the Company's Traxxin Gold Project, and the Company's Wilcorp Gold Project, all located between Thunder Bay and Atikokan, Ontario. Of particular interest is the recent high-grade gold discovery at the Burchell Project. The 111 Zone discovery yielded impressive gold values ranging from 10 ppb Au up to 68,000 ppb Au (68 g/t Au or 2.2 oz./t Au). See Bold press releases dated December 12, 2024and January 9, 2025. The exhibition booth will also showcase more recently obtained results from the three properties, see Bold press release dated January 17, 2025.
Winter Plans
The Company is also pleased to announce plans for winter exploration on the Burchell and Traxxin properties, which will involve test lines of Very Low Frequency (VLF) and Magnetometer ground geophysics.
At Burchell the target areas will be the new 111 Zone as well as the northwest part of the Property, where the Moss Gold Trend (along strike from the Moss Gold Deposit) is projected to pass through the Bold claim group for approximately 1.8 km, and where historical diamond drilling returned a best intersection of 0.9 g/t Au over 6.4 meters.
At Traxxin the target area will be the Traxxin Main Zone, where 2021 drilling by Bold returned up to 3.6 g/t Au over 12.3 m (including 6.1 g/t Au over 4.9 m), and its northern extension onto Bedivere Lake, where new anomalous gold values were obtained on an island in the fall of 2024. The survey will also cover two subparallel conductive trends to the west and east of the Traxxin Main Zone which require further investigation. The conductive trends were identified in a 2017 induced polarization (I.P.) survey.
A summary of recent developments for Bold's Burchell, Traxxin, Wilcorp and Farwell properties is provided below. The three news releases linked above provide more details and figures relating to these developments. More information on the properties can also be found in the web pages linked below in each section.
Burchell Gold-Copper Project
In 2024 the 111 Zone was discovered in the central part of the Burchell Property, returning between 10 ppb Au and 68 g/t Au in a 3+ meter wide zone of sheared, altered volcanic rocks. The zone is situated within a northeast-trending magnetic low, possibly corresponding to a structural corridor which traverses the property for more than 10 km. Little historical exploration is documented in the immediate area, with the closest significant gold showing being 3 km along strike to the southwest, returning historical values up to 42.2 g/t Au over 0.6 m in a chip sample (Osmani 2017, see reference below).
A November 2024 MMITM soil survey, in the northwest corner of the property, was designed to test the strike extension of the Moss Trend on the adjacent Moss Gold Property to the west, one of several subparallel polymetallic trends in the region (see Goldshore Resources Inc.'s September 28, 2023 news release.) The 74-sample MMI soil survey returned coincident gold, copper and molybdenum anomalies, as well as zinc anomalies.
The Burchell Gold-Copper Project is located approximately 105 km west of the port city of Thunder Bay in the south-central portion of Northwestern Ontario (see the Burchell Location Map). The claims are accessible via logging roads and secondary Highway 802 south from Trans-Canada Highway 11 travelling west from Thunder Bay. For additional information regarding the Burchell Gold-Copper Project visit the Burchell Gold-Copper Project Page.
Reference: Osmani, A., 2017. NI 43-101 Technical Report on the Burchell Lake Property, Northwestern Ontario, Thunder Bay Mining District, NTS 52B/10SE, for Tanager Energy Inc.
Traxxin Gold Project
In late 2024, prospecting was carried out on an island northeast of the Traxxin Main Zone. Assay results ranged from Traxxin Gold Project Page.
The Traxxin claim group is located 130 km west of Thunder Bay, Ontario (see the Traxxin Gold Project Location Map). The claims are road accessible via TransCanada Highway 11. Local infrastructure includes rail, power and an experienced mineral exploration workforce and mining supply, all located within hours of the property.
Wilcorp Gold Project
In September 2024, a grab sample from a historical pit on the Wilcorp Property returned 16.3 g/t Au. A second phase of sampling in November yielded assays from 207 ppb to 7.28 g/t gold 60 meters along strike to the west-southwest. This trend is sub-parallel to a second trend 15-25 meters across strike to the southeast, which was sampled by Bold in 2012 along a length of 40 meters, returning from 140 ppb Au up to 14.4 g/t Au. This area, historically referred to as the Eagle Prospect, was previously mechanically stripped, sampled, and drilled, returning a best intersection of 1.8 g/t Au over 7.6 m in drill core.
Another gold bearing trend, approximately 170 meters in length, was also identified in 2024. Located approximately 75 meters across strike to the south of the historical trenches noted above, sampling returned a range of values from
Finally, a new anomaly of 333 ppb Au was obtained in the southern part of the property, associated with strong I.P. chargeable and conductive anomalies.
The Wilcorp claim group is located approximately 13 km east of the town of Atikokan, Ontario (see the Wilcorp Gold Project Location Map) in McCaul Township, and 17 km south of Agnico Eagle's Hammond Reef deposit, which contains combined reserves and resources of 5.6 Moz of gold at 0.71 gpt Au (Agnico Eagle website, 2022). For a full description of the Wilcorp Gold Project visit the Wilcorp Gold-Project Page.
Farwell Gold-Copper Project
In January of this year, Bold signed an amendment to the Farwell Property Option Agreement. Details of the amended agreement are presented in the news release dated January 17, 2025 linked above.
Bold Ventures has submitted an early exploration permit application to the Ontario Mining Lands Administration System that anticipates an exploration program consisting of geophysical and geochemical surveys and diamond drilling. The Company is currently negotiating exploration agreements with local First Nation interests.
No field work was carried out on the Farwell Property during 2024.
The Farwell claim group is located in the east Lake Superior region of Northeastern Ontario approximately 55 km northwest of Wawa, Ontario (see the Farwell Gold-Copper Location Map). The Trans-Canada Highway 17 connects Wawa with Sault Ste. Marie to the south and the towns of White River and Marathon to the northwest. For a full description of the Farwell Gold-Copper Project visit the Farwell Gold-Copper Project Page.
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo., V.P. Exploration for Bold Ventures and a qualified person (QP) for the purposes of NI 43-101.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page.
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
| "Bruce A MacLachlan" | "David B Graham" |
| Bruce MacLachlan | David Graham |
| President and COO | CEO |
| Direct line: (705) 266-0847 | |
| Email: bruce@boldventuresinc.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241532
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Red Metal Resources Planning 2025 Work Program on 100% Owned Hydrogen-Prospective Mineral Claim Package Spanning Quebec and Ontario
Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") is pleased to announce that it is planning a Phase 1 work program and data compilation for its recently acquired, 100% owned, portfolio of highly prospective mineral claims and mineral claim applications, consisting of seven separate claim packages, covering 172 mineral claims and totaling over 4,546 hectares.
These highly prospective claim packages are located to the North, Northeast and the Southwest of Quebec Innovative Materials Corp.'s ("QIMC") recent hydrogen-in-soil discovery in the Saint-Bruno-de-Guigues area, of over 1,000 ppm, announced on September 4th 2024, as well as covering similar geology to the west located in the Larder Lake Mining District of Ontario, along the Quebec border near the town of Ville-Marie, QC.
Figure 1. RMES 7 Mineral Claim blocks in Ontario and Quebec in proximity to recent Hydrogen discovery
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4932/241568_1eb61dfe54ac5b01_001full.jpg
These claim blocks are contiguous on three sides to Quebec Innovative Materials Corp. and cover possible extensions in multiple directions. To date, 164 of the 172 claims have been approved by the Quebec Ministry of Natural Resources and Forests and the Ontario Ministry of mines.
Ontario's Firstbrook Township hosts documented occurrences of copper, lead, cobalt, silver and kimberlite. The area boasts excellent infrastructure, including power and easy road access.
Geologic or white hydrogen offers a clean, renewable and potentially abundant source of energy with a range of environmental and economic benefits. Its carbon-free nature, high energy density and compatibility with existing infrastructure make it a promising solution for meeting future energy needs and achieving global climate goals.
Red Metal Resources President and CEO, Caitlin Jeffs stated,"We have established a significant and highly prospective claim package covering 172 mineral claims and totaling over 4,546 hectares to the North, Northeast and the Southwest of Quebec Innovative Materials Corp.'s ("QIMC") recent hydrogen-in-soil discovery in both Quebec and directly across the border in Ontario. Red Metal is actively planning a Phase 1 work program to encompass its Quebec and Ontario claims and highlight the potential for new discoveries of hydrogen as well as base and precious metals as we continue to advance our Carrizal Copper/Gold property in Cordillera, Chile."
Red Metal Resources is planning an initial exploration program that could include but not limited to:
Gas sampling from the soil and underwater surveys in Timiskaming Lake. These surveys can be used to locate degassing zones associated with faults in the Timiskaming rift.
Gravimetry and audiomagnetotellurism (AMT) geophysics to assess variations in the thickness of local sedimentary rock deposits (gravity troughs) over the Archean basement. AMT data will assist in locating graben-related faults in the St-Bruno-de-Guigue area that are covered by quaternary sediments.
Regional remote sensing gas surveys to identify specific targets to provide useful remote sensing data for hydrogen and helium exploration.
Fieldwork can be carried out with access to properties through main roads and paved highways.
The Company is currently reviewing regional geologic data to assist in the evaluation of potential additional acquisitions in the immediate area as well as the formulation of an initial exploration plan with further details to be provided in due course.
This news release contains information about adjacent properties on which the Company has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
Qualified Person
The technical content of this news release has been reviewed and approved by Caitlin Jeffs, P. Geo, who is a Qualified Person ("QP") as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company's portfolio of projects include seven separate mineral claim blocks and mineral claim applications, highly prospective for Hydrogen, covering 172 mineral claims and totaling over 4,546 hectares, located in Ville Marie, Quebec and Larder Lake, Ontario, Canada. As well, the Company has a Chilean copper project, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.
For more information, visit www.redmetalresources.com
Contact:
Red Metal Resources Ltd.
Caitlin Jeffs, President & CEO
1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com
Forward-Looking Statements - All statements in this press release, other than statements of historical fact, are "forward-looking information" within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal's public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241568
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StrategX Discovers High-Grade Copper at East Arm, Great Slave Lake, Northwest Territories, Canada
StrategX Elements Corp. (CSE: STGX) ("StrategX" or the "Company") is pleased to announce the discovery of high-grade copper mineralization at its East Arm Copper Project ("East Arm"). Recent surface sampling has returned copper values ranging from 1% to 10%, underscoring significant exploration potential within a 2-km corridor of sedimentary-hosted mineralization accessible from the Great Slave Lake. Encouraged by these results, the Company has expanded its property position by staking an additional 6,425 hectares in the area.
StrategX's copper targets at East Arm are situated along a major continental-scale craton margin, hosted in Paleoproterozoic sediments, and occur on trend with the Pine Point Zinc mine, currently being developed by Osisko Metals. For further details, refer to Figures 1-4.
Key Highlights:
- High-Grade Copper Mineralization: Surface rock chip samples have returned copper values of up to 10.1% Cu, with mineralization hosted in Paleoproterozoic sediments along the Murky Channel Fault. The results align with a sedimentary-hosted copper deposit model.
- Significant Copper & Silver Values: Copper mineralization includes chalcocite and covellite-both key high-grade copper minerals-accompanied by elevated silver values up to 54.5 g/t.
- Advancing Exploration: StrategX is compiling historical exploration data to refine targets and design a modern drill-focused exploration program. Historical surface sampling has reported copper values ranging from 2% to 35% Cu over a 2-km trend (see Figures 2 & 3).
A summary of the recent high-grade copper assay results from the Company's sampling program is presented in Table 1.
| Table 1 - StrategX Assay Results (2024) | ||||
| Northing | Easting | Silver (Ag) ppm | Copper (Cu) ppm | Copper (Cu) % |
| 488362 | 6903463 | 24.9 | >10000 | 1.28 |
| 488374 | 6903459 | 54.5 | >10000 | 5.11 |
| 488415 | 6903479 | 7.0 | >10000 | 6.05 |
| 488440 | 6903303 | 0.7 | 336 | 0.03 |
| 488395 | 6903282 | 1.9 | 267 | 0.03 |
| 488384 | 6903272 | 1.4 | 661 | 0.06 |
| 488376 | 6903258 | 2.8 | 1320 | 0.13 |
| 488432 | 6903261 | 1.1 | 52.5 | 0.01 |
| 488444 | 6903278 | 0.6 | 249 | 0.03 |
| 488483 | 6903343 | 10.0 | >10000 | 2.65 |
| 488559 | 6903391 | 42.6 | >10000 | 10.10 |
| 488585 | 6903403 | 33.2 | >10000 | 2.91 |
East Arm Copper Project Overview
The East Arm Copper Project is easily accessible, located 315 km northeast of Hay River Harbour, a major transportation hub connecting to Alberta via highway. StrategX's mineral claims can be reached by boat, with the nearest community, Łutselk'e, accessible via a 45-minute scheduled flight from Yellowknife (see Figure 1).
Recent fieldwork on the westernmost area of East Arm has confirmed high-grade copper hosted in brecciated sediments, expanding the known footprint of copper showings (Figures 2 & 3). The area has not been explored since the 1970s, when isolated historical blasted trenches revealed highly anomalous copper values. Historical reports also describe extensive chalcopyrite, bornite, and chalcocite mineralization, though no assay data was recorded. Figure 4 provides photos of high-grade copper mineralization observed in recent surface rock samples collected by the Company.
Figure 1: Location of the East Arm Copper Project and recent staking completed in the Murky Channel high-grade copper target area
To view an enhanced version of this graphic, please visit:
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Figure 2: Location of high-grade copper showings at Murky Channel area.
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https://images.newsfilecorp.com/files/8512/241584_figure2.jpg
Figure 3: A view to the northeast of the East Arm Copper showings along the Murky Channel Fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8512/241584_figure3.jpg
Figure 4: Photos 1, 2, 3a-b are referenced in Figure 2 as to their location in the field.
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https://images.newsfilecorp.com/files/8512/241584_figure4.jpg
Next Steps
- Detailed petrographic analysis of copper mineralization and sedimentary host rock.
- Ongoing compilation of historical data to refine drill targets.
- Comparative studies of world-class sedimentary-hosted copper deposits to assess potential.
- Complete surface geochemical and geophysical surveys.
- Geological mapping and prospecting to further delineate high-priority targets.
StrategX is excited to advance field exploration at East Arm in the coming months, with the goal of defining drill targets and potentially discovering a significant high-grade copper deposit in the Northwest Territories.
Importance of Copper
Key to the Green Energy Transition - Copper is essential for electric vehicles, renewable energy systems, and global electrification, playing a crucial role in building a sustainable future.
Rising Demand vs. Limited Supply - Global demand for copper is projected to significantly exceed supply, driven by infrastructure expansion, electrification, and technological advancements.
Aging Mines & the Need for New Discoveries - Many of the world's largest copper mines are reaching depletion, increasing the urgency for new high-grade deposits.
Scarcity of High-Grade Copper - Industry experts highlight that high-grade copper deposits are becoming increasingly rare, making new discoveries highly valuable.
Market Growth & Investment Potential - Copper prices have trended upward again, above US$4 per lb (the record all-time high was $5.20 per lb in May of 2024), fueled by supply shortages, growing industrial demand, and its critical role in the global economy.
Qualified Person
The geological and technical data contained in this press release were reviewed and approved by the Vice President - Exploration for StrategX, Gary Wong, P.Eng., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Analytical Methods & QA/QC Protocols
Grab samples, by their nature, are selected samples and may not be indicative of underlying mineralization.
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 geochemistry laboratory and is independent of the Company and the QP.
Samples were crushed entirely to 70% passing - 2mm, 250g split off and pulverized to better than 85% passing 75 microns. Multi-Element Ultra Trace uses a four-acid digestion performed on 0.25g sample to quantitatively dissolve most geological materials, culminating in analytical analysis performed with a combination of ICP-AES and ICP-MS (method ME-MS61). Overlimit samples (> 10,000 ppm Cu) were then subjected to Cu-OG62 method, which uses a four-acid digestion and an ICP finish on a 0.4g sample.
No external QA/QC samples were inserted because of the relatively small program size and the fact that these were field grab samples.
About StrategX
StrategX is an exploration company focused on discovering critical metals in northern Canada. With projects located on the East Arm of the Great Slave Lake (Northwest Territories) and the Melville Peninsula (Nunavut), the Company is pioneering new discoveries in these underexplored regions. By integrating historical data with modern exploration techniques, StrategX provides investors with a unique opportunity to participate in new critical metal district discoveries. These essential metals play a key role in global electrification, the green energy transition, and national supply chain security. For the latest updates and insights, visit our Investor Portal.
On Behalf of the Board of Directors
Darren G. Bahrey
CEO, President & Director
For further information, please contact:
StrategX Elements Corp.
info@strategXcorp.com
Phone: 604.379.5515
For further information about the Company, please visit our website at www.strategXcorp.com
Neither the Canadian Securities Exchange nor its regulation services accept responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241584
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