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Thick and high-grade copper intersections from the surface at Chinook
Chinook Deposit delineation drilling:
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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Aston Bay and American West Metals Report 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada
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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Aston Bay and American West Metals Thick High-Grade Copper in Deep Drilling at the Storm Project, Nunavut, Canada
Large copper system at depth confirmed by assays with up to 3.7% Cu
Drilling Highlights
Deep diamond drilling has discovered Cyclone-style copper mineralization at depth and confirmed the prospectivity of the Central Graben area
Drill hole ST24-01 has intersected:
10m @ 1.2% copper ("Cu") from 311 metres ("m") downhole, including,
3m @ 2.2% Cu from 315m downhole, including,
0.5m @ 3.7% Cu from 315.5m downhole
The drilling confirms the large lateral extent of the Storm copper system at depth and highlights the potential of the ‘Deep Copper Horizon' to host large-scale stratigraphic hosted high-grade copper deposits
Assays for a second deep diamond drill hole ST24-02 - drilled approximately 1,500m south of ST24-01 and which intersected 99.2m of visual copper sulfide - are expected in the coming week
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
TORONTO, ON / ACCESSWIRE / September 20, 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:
"The first deep drill hole of the year adds another success to the 2024 exploration program at Storm. The style of copper mineralization intercepted, and its stratigraphic location is similar to Cyclone - this may be the fault-offset southern portion of the deposit and could add to a potential future resource.
"In addition to extensions to known mineralization, this discovery highlights the discovery potential of the deeper stratigraphic levels in the Central Graben area, an expanse of over ten square kilometres. Every deep drill hole has hit copper mineralization at approximately the same depth, and we continue to improve our geophysical modeling to hit thicker and higher-grade intercepts in this very large and prospective horizon.
"The value of these deeper discoveries is not limited to the potential value of the copper alone. The geophysical signature of exploration success that we obtain from these drill holes will be fed back into the model to further refine our targeting for even better copper intercepts at depth."
Figure 1: Chalcocite (dark grey) breccia and native copper (metallic) blebs within fractured dolomite in drill hole ST24-01 from approximately 315.87m downhole. This interval yielded 3.7% Cu.
DEEP COPPER SYSTEM PROSPECTIVITY CONFIRMED
Diamond drill hole ST24-01 was designed to test the stratigraphy of the Central Graben and the potential for new zones of copper mineralization within the ‘Deep Copper Horizon' that was discovered during 2023 (see September 26, 2023, Aston Bay news release).
The horizon intersected by ST24-01 is the same interpreted mineralized stratigraphic horizon that hosts the Cyclone Deposit at shallow levels north of the North Graben Fault. Significantly, the drill hole intersected copper mineralization at the same depth as encountered in every other widely-spaced drill hole within the large Central Graben. The consistency of copper mineralization in this horizon highlights the laterally extensive and likely stacked nature of the deep copper system which now covers an area of over 10km2.
The intercepts in ST24-01 further support the potential of Storm to host large-scale stratigraphic and structurally hosted high-grade copper deposits similar to those in the Central African Copperbelt.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit outlines, major faults, and deep diamond drill hole locations.
DRILL HOLE ST24-01 DETAILS
ST24-01 was drilled to a downhole depth of 385m and intersected a 22m-thick zone of breccia and vein style copper mineralization containing two sub-zones of stronger mineralization.
The upper 2m thick sub-zone contains veinlets of chalcocite hosted within a moderately fractured zone from 302.5m downhole.
The strongest zone of mineralization was intersected between 311m and 321m downhole, displaying the typical sediment hosted copper mineralogical profile with a high-grade core of native copper and chalcocite with peripheral chalcopyrite and other less copper-rich sulfide minerals (Table 1 and Figure 3).
The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the Allen Bay Formation. The Allen Bay is the main host of the copper mineralization within the Storm area, and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit discovered to date.
Mineralization encountered in ST24-01 could represent the southern continuation of Cyclone within the down-thrown Central Graben block (Figure 4), demonstrating the discovery potential for additional large and high-grade deposits. Further, the intersection of copper mineralization at the same stratigraphic position in every widely-spaced deep hole drilled to date highlights the prospectivity of the entire 10km2 Central Graben. This large and relatively unexplored area is a key target for follow-up drilling.
Table 1: Summary of recent significant drilling intersections for drill hole ST24-01 (>0.2% Cu).
Figure 3: Downhole drilling data from ST24-01 showing (left to right), natural log curve of copper grades, shaded copper bins (>0.2%) within drill hole trace, and copper assay value (ppm).
Table 2: Details for deep diamond drill hole ST24-01.
Figure 4: Schematic geological section at 464730E showing the Cyclone interpreted copper mineralized zone, mineralized intervals in existing drilling outside of Cyclone, including ST24-01. The mineralization intersected by ST24-01 is situated immediately below the Cape Storm Formation, similar to the Cyclone Deposit. Here the Central Graben block is interpreted to be displaced downward approximately 250m.
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
News Provided by ACCESSWIRE via QuoteMedia
Aston Bay and American West Metals Announce 13% Copper in Assays at the Cyclone Deposit and a New Copper Discovery at the Storm Project, Nunavut, Canada
Drilling Highlights
Drilling surpasses 20,000 metres ("m") with 128 Reverse Circulation (RC) drill holes and 14 diamond drill holes now completed in 2024 at Storm and Tempest
Drilling continues 24/7
The resource potential of the Cyclone Deposit is further highlighted with exceptional high-grade copper intervals confirmed by assays including:
Drill hole SR24-057 has intersected:
1.5m @ 13.5% copper ("Cu"), 23g/t silver ("Ag") from 54.9m downhole, and,
3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,
1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole
Drill hole SR24-035 has intersected:
3.1m @ 3.9% Cu, 10.5g/t Ag from 57.9m downhole, including,
1.5m @ 5.9% Cu, 16.0g/t Ag from 57.9m downhole, and,
4.6m @ 1.4% Cu, 5.0g/t Ag from 71.6m downhole, including,
1.5m @ 3.1% Cu, 11.0g/t Ag from 71.6m downhole
Drill hole SR24-031, located outside of the known zone of mineralization, has intersected:
27.4m @ 1.1% Cu, 3.5g/t Ag from 96m downhole, including,
4.6m @ 3.1% Cu, 7.7g/t Ag from 109.7m downhole
Exploration drilling and Moving Loop Electromagnetics (MLEM)
Drilling of an MLEM anomaly in an untested area south of the Thunder Prospect has intersected strong visual copper sulfides from approximately 181.4m downhole - this new discovery is named ‘Squall'
The deep-searching 400m loop MLEM survey is currently underway at Tornado where it has identified two EM anomalies spatially coincident with outcropping copper
Drilling of the 1,300m x 500m EM anomaly below the Cirrus Deposit is in progress with the diamond hole planned to a depth of 600m
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
TORONTO, ON / ACCESSWIRE / September 3, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities and geophysical surveys 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:
"The outstanding results keep coming in from the exploration program conducted by our partner American West at Storm. The drilling, which has exceeded the planned 20,000m of drilling, continues to expand the known areas of copper mineralization with more RC and diamond drill holes underway.
"In addition, we have made another significant copper discovery, named "Squall," by drilling a blind MLEM geophysical target. This is the second discovery from drilling MLEM anomalies this year. Both discoveries are in the little-explored Southern Graben area where there is no outcropping copper mineralization, spotlighting both the growth potential for a resource at Storm and confirming the effectiveness of MLEM in pointing the way to copper discoveries.
"The diamond drill has just started spinning on a new MLEM target located below the Cirrus deposit. The configuration of this large 1,300m x 500m anomaly suggests a potentially mineralized horizon with feeder faults as predicted by the geological model and as seen elsewhere at Storm. With the positive hit rate drilling EM targets at Storm, we eagerly anticipate seeing this core.
"Exploration activities at the Tornado, Blizzard, and Tempest areas are also yielding very compelling targets, with additional work, including drilling, underway."
OVERVIEW
A total of 128 RC drill holes and 14 diamond drill holes have been completed at Storm and Tempest during 2024, exceeding the planned target of 20,000m (Figure 1). Drilling continues, with further assays expected in batches over the coming weeks.
Recent results from the Cyclone Deposit have confirmed further intersections of very high-grade copper up to 13.5% Cu both within and outside of the current resource envelope.
Exploration drilling targeting an MLEM anomaly in the Southern Graben area has intersected strong visual copper sulfides at the end of the hole. The new discovery and area have been named ‘Squall' and the drill hole is being extended to confirm the full extent of the mineralization.
The deep-searching MLEM survey is currently underway in the Tornado and Blizzard areas and has identified two high-priority EM anomalies located in favourable stratigraphy and spatially coincident with outcropping copper. Previous drilling at Storm has confirmed the strong correlation between EM targets and high-grade copper sulfides, the most recent example being Squall, which makes these compelling targets potentially leading to the discovery of copper within a new and untested area.
Figure 1: Recent and existing drill hole locations and copper deposit outlines, overlain on aerial photography.
EXCEPTIONAL COPPER HITS AT CYCLONE
Assay results from drill holes SR24-026, -027, -031, -033, -035, -037, -039, -055, -057, and -059 have been received and continue to confirm thick, near-surface intervals of copper sulfide mineralization.
The drilling results demonstrate consistent copper grades and highlight the excellent lateral continuity of the high-grade mineralization within Cyclone (Figure 2). Additionally, thick intervals of coherent copper mineralization (>1% Cu) have been intersected outside of the existing known zone of copper mineralization, highlighting the resource potential to the north and south of the deposit.
Drilling has confirmed that a small area in the central-eastern portion of the resource is characterized by a "tight" massive dolomudstone facies with lesser brecciation and sulfide veining.
RC drilling at Cyclone continues with a focus on expanding the potential resource to the west, north, and northeast. Drilling at Storm over the past three seasons has been designed to inform an upcoming maiden mineral resource that is currently being constructed to CIM standards, with the release of the resource anticipated by year's end.
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 SR24-057 DETAILS
SR24-057 has returned exceptional copper grades in the far-eastern part of Cyclone defining new extensions to mineralization. The drill hole, and others around it, have the potential to significantly bolster the higher-grade resources within the far-eastern end of the Cyclone deposit.
Four zones of strong copper sulfide mineralization hosted within fractured dolomite of the Allen Bay Formation were intercepted in the hole.
The upper 1.5m-thick zone of semi-massive chalcocite yielded 13.5% Cu, potentially extending the upper lode of copper mineralization (Figure 3) to the northeast by approximately 100m.
The lower three zones contain strong (up to 3.7% Cu) vein- and fracture-style chalcocite mineralization with minor chalcopyrite bounded by wide zones of lower grade (
This intensity and character of copper mineralization in SR24-057 is characterized by significant lateral continuity within Cyclone. This, and the spatial relationship to the similarly mineralized drill hole SR24-031 (see below description), is a strong indicator for potential resource growth at what is now the eastern boundary of the deposit.
Figure 3: SW-NE Geological schematic section view through SR24-033 and SR24-057 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization.
DRILL HOLE SR24-031 DETAILS
Drilled to the north-east of the Cyclone Deposit, SR24-031 was designed to test for potential extensions of copper mineralization to the north of Cyclone, between the previously known limit of mineralization and 2023 drill hole SR23-55 (7.6m @ 1.0% Cu from 105.2m downhole, including 1.5m @ 2.0% Cu from 109.7m downhole).
Three zones of copper sulfide mineralization were intersected (Figure 4). A thick interval of mineralization is vertically zoned with a strong chalcocite-dominant inner core (between 96m and 121.9m downhole) with chalcopyrite margins. This zonation of copper minerals is typical of sediment-hosted copper systems. The 27.4m thick main zone of mineralization (averaging 1.1% Cu and 3.4g/t Ag from 96m downhole) contains a 4.6m thick zone of very strong chalcocite veining averaging 3.1% Cu and 7.7g/t Ag from 109.7m downhole.
The drill hole is located within a large and little-tested area to the north of Cyclone. The thickness and mineralogy of the copper mineralization in both SR24-031 and -057 have the potential to add significant resources to the north of the Cyclone Deposit.
Figure 4: Geological schematic section view at 465,400E showing the recent drill hole assays and the interpreted zones of copper mineralization.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-026 | 30.48 | 41.15 | 10.67 | 0.7 | 0.0 | 1.5 |
including | 36.58 | 38.10 | 1.52 | 3.2 | 0.0 | 3.0 |
62.48 | 67.06 | 4.57 | 0.9 | 0.0 | 1.2 | |
including | 62.48 | 65.53 | 3.05 | 1.3 | 0.0 | 1.5 |
SR24-027 | 42.67 | 44.20 | 1.52 | 0.3 | 0.0 | 2.0 |
67.06 | 68.58 | 1.52 | 0.3 | 0.0 | 2.0 | |
SR24-031 | 62.48 | 64.01 | 1.52 | 0.5 | 0.0 | 1.0 |
96.01 | 123.44 | 27.43 | 1.1 | 0.0 | 3.4 | |
including | 97.54 | 103.63 | 6.10 | 1.3 | 0.0 | 2.8 |
and | 109.73 | 114.30 | 4.57 | 3.1 | 0.1 | 7.7 |
SR24-033 | 54.86 | 64.01 | 9.14 | 0.2 | 0.0 | 1.3 |
73.15 | 74.68 | 1.52 | 0.2 | 0.0 | 1.0 | |
80.77 | 86.87 | 6.10 | 0.3 | 0.0 | 0.9 | |
91.44 | 92.96 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-035 | 41.15 | 44.20 | 3.05 | 0.2 | 0.2 | 1.0 |
51.82 | 62.48 | 10.67 | 1.3 | 0.0 | 3.9 | |
including | 57.91 | 60.96 | 3.05 | 3.9 | 0.0 | 10.5 |
Including | 57.91 | 59.44 | 1.52 | 5.9 | 0.0 | 16.0 |
67.06 | 76.20 | 9.14 | 0.8 | 0.0 | 2.8 | |
including | 71.63 | 73.15 | 1.52 | 3.1 | 0.0 | 11.0 |
SR24-037 | 36.58 | 38.10 | 1.52 | 0.3 | 0.0 | 2.0 |
50.29 | 54.86 | 4.57 | 0.3 | 0.0 | 2.3 | |
59.44 | 68.58 | 9.14 | 0.3 | 0.0 | 2.0 | |
73.15 | 74.68 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-039 | 42.67 | 44.20 | 1.52 | 0.2 | 0.0 | 2.0 |
48.77 | 51.82 | 3.05 | 0.5 | 0.0 | 2.5 | |
83.82 | 85.34 | 1.52 | 0.7 | 0.0 | 2.0 | |
SR24-055 | 51.82 | 59.44 | 7.62 | 0.4 | 0.0 | 1.3 |
including | 51.82 | 53.34 | 1.52 | 1.1 | 0.0 | 3.0 |
86.87 | 91.44 | 4.57 | 0.8 | 0.0 | 1.7 | |
SR24-057 | 54.86 | 56.39 | 1.52 | 13.5 | 0.4 | 23.0 |
85.34 | 88.39 | 3.05 | 2.0 | 0.0 | 8.0 | |
including | 85.34 | 86.87 | 1.52 | 3.7 | 0.1 | 15.0 |
99.06 | 105.16 | 6.10 | 0.4 | 0.0 | 1.1 | |
109.73 | 111.25 | 1.52 | 1.8 | 0.0 | 3.0 | |
SR24-059 | 44.20 | 45.72 | 1.52 | 0.4 | 0.0 | 2.0 |
64.01 | 65.53 | 1.52 | 0.3 | 0.0 | 1.0 | |
70.10 | 71.63 | 1.52 | 0.3 | 0.0 | 0.5 |
Table 1: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu).
SQUALL - NEW COPPER DISCOVERY
The recent EM surveys in the Storm area identified over 10 new, near-surface targets with a 200m loop survey (designed to screen from 0-200m depth) and a further five new deeper targets identified with the 400m loop survey (screening >200m depth).
The first of these anomalies to be drill tested during 2024 resulted in the discovery of the Gap Prospect and was shown to be related to high-grade copper sulfides (8m @ 5.3% Cu from 39m downhole in drill hole SR24-03).
DRILL HOLE SR24-108 DETAILS
RC drill hole SR24-108 was designed to test high-priority EM anomaly A3, which is visible in the data from both the 200m and 400m loop EM surveys (Figure 5). The coincident data suggested that the target may be located at a depth that crossed the designed detection ranges of the two surveys.
Drilling 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 anomaly and intersected strong visual copper sulfides in the last sampling interval of the hole (181.4 - 182.9m). The presence of copper has been confirmed with spot readings by portable XRF.
The interval contains strong visual chalcocite hosted within dense breccias and veins, typical of the copper deposits at Storm. The copper sulfides have been locally weathered to malachite and the host unit appears to be oxidizedoxidized.
Additional drill rods have been sourced to extend the drill hole to test the full extent of the mineralized interval. The new discovery has been named "Squall.'
Figure 5: 400m loop MLEM image (CH20BZ) overlain on drilling and the geological and structural interpretation of the Storm area. The MLEM anomalies discussed in this report are labeled A1- A5.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
Hole ID | From (m) | To (m) | Min | Description |
SR24-108 | 0.0 | 59.4 | ma | Allen Bay Formation with trace ma |
59.4 | 181.4 | Allen Bay Formation - Dolomudstone | ||
181.4 | 182.9 | cc, ma | Strongly weathered cc (2%) within oxidised unit |
Table 2: Summary geological log for drill hole SR24-108. Drill hole was terminated at 182.9m due to availability of drill rods.
Mineralization key for Table 2: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visual estimation of sulfide content
CIRRUS AND GAP DRILLING
Diamond drilling also continues on the largest of the southern EM anomalies, located at depth below the Cirrus Deposit and Gap Prospect (Anomaly A1 on Figure 5; see Figure 6 for interpreted cross section). The 1,300m x 500m flat-lying target is bounded by a series of large, steeply dipping EM plates (approx. 350m to top, conductance ~40-60 siemens, moderate ~40°-60° south-southwest dip, striking east-southeast) at its the northern edge where the anomaly is truncated at the Southern Graben Fault.
The sub-vertical conductors are interpreted to represent faults, potentially the plumbing system responsible for moving mineralizing fluids, that intersect the large, flat-lying conductance anomaly representing a permeable horizon. Both the faults and the flat horizon may now be mineralized by sulfides, causing the EM response. Similar EM anomalies drilled at Storm have been confirmed as copper sulfides, making this large anomaly a compelling drill target.
Figure 6: 3D ortho-section view (looking NW) showing MLEM imagery, modeled conductors and drill hole ST24-03, currently underway, with planned drill hole trace (CH20Z MLEM image - hotter colours indicate higher conductivity).
TORNADO - MLEM HIGHLIGHTS NEW CONDUCTORS
The MLEM surveys are currently underway in the Tornado and Blizzard areas, which are located approximately 10km along strike to the east of Storm. The geological setting is interpreted to be identical to that of Storm and contains numerous outcropping copper occurrences.
A number of EM anomalies have been identified in the preliminary data, some of which are coincident with geochemical copper anomalies and copper gossans at surface (Figure 7).
The fly RC drill rig has moved down to the area and once the final modeling and interpretation of the EM data is complete, will test the new high-priority EM targets. The drilling will also initially test a number of key geological features to gain a better understanding of the stratigraphy of the area and to aid in the interpretation of the MLEM data.
Figure 7: MLEM image (CH18BZ) of the Tornado and Blizzard 400m loop survey overlaying geology and interpreted major faults. Hotter colours indicate higher conductivity.
PLANNED PROGRAM
RC drilling is continuing in the Storm area with the track-mounted drill rig on resource development and high-priority geophysical targets.
The fly RC drill rig has moved to the Tornado and Blizzard copper prospects.
Diamond drilling is in progress on deep exploration targets in the Storm area, with ST24-03 underway.
Additional assays for the ongoing drill program are expected within the next 2 to 4 weeks.
Deep-looking EM surveys are underway in the Tornado and Blizzard copper prospect areas.
The environmental monitoring, archaeology, and survey activities for the 2024 program have been completed, with final reports expected in the coming months.
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
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Aston Bay Announces Initiation of Airborne MobileMT Geophysical Survey and Expanded Claims Holdings at the High-Grade Copper-Silver Epworth Project, Nunavut, Canada
HIGHLIGHTS
Property-wide 8,105 line-kilometre (line-km) helicopter-borne MobileMT electromagnetic ("EM") geophysical survey is underway to identify copper exploration targets and delineate regional and property-scale structures
9 claims added for an additional 11,900 hectares ("ha") (119 square kilometers ("km2")) to claims package now totaling 89,000 ha (890 km2)
Prospecting, sampling and mapping program now complete
Nearly 400 grab rock samples and 44 lake sediment samples collected for assay, 50 samples for petrological study
TORONTO, ON / ACCESSWIRE / August 29, 2024 /Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to report on sampling, mapping and geophysical programs underway at the Epworth Project ("Epworth" or the "Project") in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"We are excited to be working on our second high-grade copper project in Nunavut. Epworth has proven high-grade copper-silver-zinc mineralization at the surface, like our Storm Project, along with intriguing kicks of cobalt and gold.
"The prospecting team from Emerald Geological Services has just wrapped up their sampling program and Dr. Elizabeth Turner has completed her initial mapping program. Encouraged by the preliminary results, we have staked an additional 119 km2; our claims package now exceeds 890 km2.
"The MobileMT geophysical survey is now underway property-wide. This innovative method utilizes the natural energy of lightning strikes across the globe to produce electromagnetic fields to detect anomalies in the subsurface. The method has been proven effective in delineating both primary targets and structures in similar mineralization elsewhere and has recently been deployed at other projects in Nunavut. In addition to these new surveys, our consultants are digitizing and reinterpreting several historical geophysical surveys to assist in our understanding of the geological environment.
"We are eager to begin compilation of the new and historical data to assist in targeting for anticipated drilling next year."
Bruce MacLachlan from Emerald Geological Services, vendor of the Epworth Property, added:
"The recent prospecting and mapping program was highly successful, having discovered significant new copper mineralization and having gained a better understanding of historical showings. The results of the program, in conjunction with the ongoing geophysical survey and studies carried out by Dr. Elizabeth Turner, will guide the next phase of exploration as we hone in on the best target areas for future groundwork and drilling."
Prospecting, Mapping and New Claims
Geologists from Emerald Geological Sciences have recently completed a 35-day prospecting and rock and lake sediment sampling program at four critical areas on the property: Metallic South/Payback, Northwest Claims, Southwest Claims and the historical CBC Showing areas (Figures 1 and 2.) Nearly 400 grab rock samples and 44 lake sediment samples were collected for assay.
Figure 1: Location of the Epworth Project, Nunavut, Canada.
Figure 2. Expanded claim block and location of 2024 field season sampled areas, Epworth Project, Nunavut.
Dr. Elizabeth Turner, Technical Advisor to Aston Bay, conducted a seven-day helicopter-supported mapping program beginning in early August as well as a literature review. Dr. Turner collected 50 samples for petrological study in addition to conducting regional mapping and stratigraphic studies to better define the Epworth mineralization and place it in a regional geological context.
Encouraged by the initial feedback from the mapping crew, the Company has staked an additional 119 km2 in the north-west area of the project bringing the total claims package to over 890 km2 (Figure 1).
MobileMT Geophysical Survey
Expert Geophysical Systems has initiated an 8,105 line-km MobileMT EM geophysical survey spanning the entire expanded claim block. The survey will be conducted with 100-metre ("m") line spacing in the northern half of the claim block and 200m spacing in the southern half.
MobileMT uses naturally occurring electromagnetic fields generated by lighting discharges over the planet. The electromagnetic fields and the currents induced by these fields are used in MobileMT to understand the variations in the electrical resistivity of the subsurface. MobileMT is capable of delivering geoelectrical information from shallow to > 1 km depth range with high spatial and resistivity resolution. MobileMT system detects resistivity contrasts of geology structures and boundaries of any shape and in any direction due to total field (three-component) measurements.
The Company believes the results of the geophysical survey will greatly improve the understanding of the geological environment and, in conjunction with newly digitized historical geophysical data and new geological interpretations, will assist in developing targets for further work, including anticipated drilling, in 2025.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade 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%.
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
SOURCE:Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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World Copper Files Technical Report for Updated Resource Estimate for the Zonia Project
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated July 17, 2024 to its short form base shelf prospectus and amended and restated short form base shelf prospectus dated June 7, 2024
World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0) ("World Copper" or the "Company") is pleased to announce that further to its news release dated September 9, 2024, World Copper has filed on SEDAR+ a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report for an updated mineral resource estimate (the "Updated Resource Estimate") for the Zonia copper-oxide deposit in Arizona, USA ("Zonia" or the "Project").
The NI 43-101 technical report is entitled "Resource Estimate for The Zonia Project 2024 Update" (the "Technical Report") and is dated October 24, 2024 and dated effective August 27 , 2024. The Technical Report was prepared pursuant to NI 43-101 by Sue Bird, P.Eng., of Moose Mountain Technical Services ("MMTS"), an independent qualified person as defined by NI 43-101 (the "QP"). The Technical Report is available on World Copper's SEDAR+ profile at www.sedarplus.ca and is available on World Copper's website at www.worldcopperltd.com.
Updated Resource Estimate for Zonia
The Updated Resource Estimate contains Indicated Resources of 109.9 million short tons grading 0.299% total-copper (TCu) containing 657 million pounds of copper, and Inferred Resources of 59.2 million short tons grading 0.254 % total-copper containing 301 million pounds of copper, which is a significant expansion of the Zonia resource estimate in the Indicated category compared to previous estimates. These numbers differ slightly from those in the September 9, 2024 news release https://www.sedarplus.ca/csa-party/records/document.html?id=36569ac7f403fafcdc1c63db82f0b1569d3b0209b2fed187f0276066b6fcce1b, as adjustments were made to the calculation for depletion from historical underground workings.
The classified resources are outlined in detail in Table 1 at the base case cut-off grade of 0.18% and at a range of cut-off grades in Table 2. The Updated Resource Estimate was completed for World Copper as part of the Company's overall exploration plan for Zonia (see news release dated May 22, 2022).
Table 1. Updated Zonia Mineral Resource Estimate at the Base Case Cutoff Grade
| Classification (Oxidation State) | Copper Cut-off grade (%) | Short Tons (Million) | Grade (TCu%) | Cu Lbs. (Million) |
| Indicated (Oxide) | 0.18 | 99.3 | 0.302 | 600 |
| Indicated (Mixed) | 0.18 | 10.6 | 0.271 | 57 |
| Total Indicated | 0.18 | 109.9 | 0.299 | 657 |
| Inferred (Oxide) | 0.18 | 43.8 | 0.257 | 225 |
| Inferred (Mixed) | 0.18 | 15.4 | 0.247 | 76 |
| Total Inferred | 0.18 | 59.2 | 0.254 | 301 |
Notes to the Updated Resource Estimate Tables:
- The effective date of the Updated Resource Estimate is August 27, 2024.
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101
- The base case Mineral Resource has been confined by "reasonable prospects of eventual economic extraction" shape using the following assumptions:
- Metal price of US$4.00/lb of Cu
- Metallurgical recovery of 75% in oxides and 70% in the transitional zone
- Offsite costs of US$0.05/lb of Cu
- Processing Costs of US$4/ton milled and General & Administrative (G&A) costs of CDN$ 2.00/ton milled
- Mining cost of CDN$2.00/ton mined
- 48-degree pit slopes
- The 150% price case pit shell is used for the resource confining shape
- The resulting NSR = Cu*US$3.95/lb *0.75 for oxides and NSR = Cu*US$3.95/lb *0.70 in the transitional zone.
- It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (see "Cautionary Note to United States Investors").
- Numbers may not add due to rounding.
- There are no material differences between the mineral resources reported in the September 9, 2024 news release and the Technical Report.
Table 2. Zonia Mineral Resources Over a Range of Cut-off Grades
| Cut-off Grade TCu (%) | Indicated | Inferred | ||||
| Tonnage (ktons) | Grade (TCu%) | Cu Metal Content (Mlbs) | Tonnage (ktons) | Grade (TCu%) | Cu Metal Content (Mlbs) | |
| 0.15 | 130,591 | 0.278 | 726 | 77,197 | 0.233 | 360 |
| 0.16 | 123,826 | 0.285 | 705 | 71,325 | 0.240 | 342 |
| 0.17 | 117,035 | 0.292 | 682 | 65,353 | 0.246 | 322 |
| 0.18 | 109,856 | 0.299 | 657 | 59,216 | 0.254 | 301 |
| 0.20 | 95,615 | 0.316 | 603 | 46,918 | 0.271 | 254 |
| 0.21 | 88,745 | 0.324 | 575 | 41,127 | 0.280 | 230 |
| 0.22 | 81,859 | 0.333 | 546 | 36,332 | 0.289 | 210 |
Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a reasonable prospect of eventual economic extraction pit has been used to confine the Updated Resource Estimate using parameters detailed in the table notes. The QP for the Updated Resource Estimate is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Updated Resource Estimate. Factors that may affect the estimate include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement.
Zonia Resource Modelling
Data verification efforts for the Updated Resource Estimate carried out by MMTS included discussions with World Copper personnel, personal inspection of the Project area with the collection and submission of check samples to an external laboratory, an audit of the exploration drillhole database, and a detailed review of additional information obtained from historical reports and information provided by the Company. MMTS also completed checks on the geologic information as compared to the paper logs, and checks of the assay values contained in the exploration database as compared to assay certificates provided by World Copper.
QUALIFIED PERSONS
Sue Bird, P.Eng., of MMTS, an independent qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.
ABOUT World Copper Ltd.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile. Both projects have estimated resources with significant soluble copper mineralization, and they boast exciting potential to expand the resource base. The Company is dedicated to sustainable practices and leveraging technology to develop safe and productive mining operations in stable, mining-friendly jurisdictions.
Detailed information is available at World Copper's website at https://worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
"Gordon Neal"
Gordon Neal
President & Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Gordon Neal or Michael Pound
Phone: 604-638-3287
E-mail: info@worldcopperltd.com
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
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Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, and the discovery and delineation of mineral deposits/resources/reserves, are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licences and regulatory approvals in connection with the future development of Zonia in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of World Copper's projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on Zonia, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics, including the impact on World Copper's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper's continuous disclosure documents. All of World Copper's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Standards. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227776
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Forte Minerals to Acquire the Miscanthus Epithermal Gold and Porphyry Copper Prospects in Central Perú with Environmental Drilling Permit
Forte Minerals Corp. ("Forte"or the"Company") (CSE:CUAU)(OTCQB:FOMNF)(Frankfurt:2OA), has finalized the acquisition of the Miscanthus high sulphidation epithermal gold-Ag ("Au-Ag") and porphyry copper-molybdenum-gold ("Cu-Mo-Au") prospects ("Miscanthus" or the "Property") from its strategic partner Globetrotters Resource Group Inc. ("GlobeTrotters"). Key details include
Property Details: Miscanthus consists of 4 concessions totaling 3,200 hectares.
Previous Ownership: Initially acquired by Globetrotters in 2022 from Sumitomo Metal Mining Perú S.A. ("Sumitomo").
Transfer: The concessions are to be transferred to Forte's Peruvian subsidiary, Cordillera Resources Perú S.A.C.
Acquisition Terms under the Mineral Asset Purchase Agreement dated October 21, 2024 between the Company and Globetrotters
One-time cash payment of US $27,000.00
Issuance of 3,000,000 common shares of Forte at deemed price of $0.23 per share.
1.0% net smelter return royalty ("NSR") interest on the concessions to Globetrotters.
Environmental Approval: Miscanthus has an approved DIA environmental drilling permit, allowing for up to 40 platforms of drilling over 172 hectares, significantly reducing permitting risk.
Property Highlights
Location: Approximately 390 km southeast of Lima at 4,100 meters elevation.
Access: Via a network of paved and gravel roads, 60 km inland from Nazca.
Proximity to Infrastructure: 120 km from Marcona port and near the Mantaro-Southern Perú power grid.
Exploration Potential: Miscanthus is considered highly prospective, with the potential for the discovery of a large, telescoped porphyry Cu-Mo-Au system, overprinted by high-sulphidation epithermal Au-Ag mineralization. (See Figure 1 for more details.)
Figure 1: Location map of the Miscanthus Property.
Previous Exploration Work: Sumitomo acquired the Property in 2018 and carried out detailed geological mapping, geochemical sampling, and geophysical surveys outlining an untested high-sulphidation epithermal Au-Ag target. Upon receiving environmental approval ("DIA") and successfully negotiating an agreement with the local community for the drill permit application, Sumitomo transferred ownership to the Property, along with the approved DIA, to GlobeTrotters in 2022. GlobeTrotters then conducted further detailed geological mapping, geochemical sampling and geophysical surveys on the Property confirming the high-sulphidation epithermal Au-Ag target and identifying a potential large, telescoped porphyry Cu-Mo-Au system at depth.
Geological Features
The Property is situated on the Western Cordillera and associated with Miocene-aged volcanic and volcanoclastic rocks forming part of the Tertiary Volcanic Arc which is known to host several large Miocene-aged epithermal Au deposits including Barrick's Pierina deposit and Newmont's Yanacocha and Minas Conga deposits as well as several large Miocene-aged porphyry Cu-Mo-(+Au) deposits including Chinalco's Toromocho, Southern Copper's Michiquillay and Rio Tinto's La Granja deposit.
High-Sulphidation Epithermal Au-Ag Target
The high-sulphidation epithermal Au-Ag target is characterized by several multidirectional, structurally controlled silica ledges and vuggy silica altered outcrops within an extensive 1,000 metre x 500 metre advanced argillic alteration zone (Figure 2). This advanced argillic alteration is characterized by intense quartz-alunite-kaolinite alteration, hosted within weakly deformed, locally brecciated Miocene-aged volcanic and volcanoclastic rocks of andesitic to dacitic composition.
Figure 2: Alteration map outlining the high-sulphidation epithermal Au target areas with anomalous surface rock Au geochemistry. Source: Globetrotters Resource Group 2023 and 2024, author: Manuel Montoya
This alteration aligns with anomalous surface rock geochemistry, with up to 183 ppb Au and 8.9 ppm Ag, and notable anomalies in Ba, Mo, Pb, As, Sb, and Hg. Furthermore, this target correlates with a sizeable, coincident low magnetic susceptibility and high chargeability - high resistivity geophysical anomaly.
Sumitomo obtained DIA environmental approval for 172 hectares surrounding this target, allowing for up to 40 platforms of drilling.
Copper East Target
Recent exploration on the eastern side of the Property identified a 3-kilometre x 1-kilometre Cu-Mo surface rock geochemistry anomaly, named the Copper East target (Figure 3). This Cu-Mo target is also hosted within Miocene-aged volcanic and volcaniclastic rocks which seem more deeply eroded into the roots of the high-sulphidation system.
Figure 3: Alteration map outlining the Copper East and Copper SW target areas with anomalous surface rock Cu geochemistry. Source: Globetrotters Resources Group 2023 and 2024, Author: Manuel Montoya
Here, alunite-pyrophyllite-diaspore forms wormy and patchy alteration textures (Figure 4) within more pervasive sericite-clay alteration, accompanied locally by porphyry-related D-type veining (Figure 5). These features indicate the transition to the upper part of a telescoped porphyry Cu-Mo-(Au) system.
Figure 4: Outcrop from the Copper East target area with intense alunite-pyrophyllite alteration as wormy and patchy alteration textures anomalous in surface rock Cu geochemistry with grade of up to 133 ppm Cu.
Figure 5: Outcrop from the Copper East target with intense porphyry related D-type veining anomalous in surface rock Cu geochemistry with grades of up to 108 ppm Cu.
Copper SW Target
Detailed mapping and surface rock geochemistry have outlined a second large 3-kilometre x 1-kilometre Cu-Mo surface rock geochemistry anomaly, known as the Copper SW target. This Cu-Mo target is adjacent to and overlaps with the high-sulphidation epithermal Au-Ag target and correlates with a large IP high chargeability geophysical anomaly. Further exploration work is planned to evaluate these Cu-Mo targets, potentially outlining a cluster of large, telescoped porphyry Cu-Mo-(Au) systems overprinted by high-sulphidation epithermal Au-Ag mineralization on the Property. A qualified person for the Company has not done sufficient work on the Property to verify the work completed by others and the historical results presented in this release should not be relied upon.
Permit and Land Rights
Sumitomo conducted an environmental baseline study and an archaeological study as part of the drill permitting process. In March 2022, they received DIA environmental approval, valid for five (5) years, to drill 40 platforms over 172 hectares to test the high-sulphidation epithermal Au-Ag target. This approval was transferred to GlobeTrotters upon obtaining title to these concessions and will be transferred to Cordillera Resources SAC as part of the acquisition. The property land rights are controlled by a local indigenous community and several private landowners, who have provided access for the early exploration work completed to date.
CEO Remarks
Patrick Elliott, President, and CEO, remarked, "This acquisition is another strategic win for Forte. The Miscanthus copper and gold prospects are coherent, well defined and the historical work and capital expended since 2018 by Sumitomo and Globetrotters have significantly de-risked the exploration potential for Forte.
This is a true testament to the strategic partnership between Globetrotters and Forte to generate and deliver high quality, drill ready targets in a highly prospective region of Perú. Forte would like to acknowledge the persistence and determination of our partner, Globetrotters, in securing these prospects. It significantly mitigates the risks associated with the early stages of exploration, discovery and drill permitting in a premier mining jurisdiction.
Exploration projects of this calibre that have drill permits in hand are extremely hard to find let alone acquire. Recently, the DIA drill permitting process can take up to 3 years, so to have this in place is a real bonus which adds tremendous value and optionality to be able to mobilize and drill the targets at any time."
Related Party Transaction
Additionally, as GlobeTrotters is the beneficial owner of more than 10% of Forte's outstanding shares, it is a "related party" to the Company within the meaning of Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). As such, the acquisition of the Property constitutes a "related party transaction" within the meaning of MI 61-101.
The Company intends to rely on exemptions from the formal valuation and the minority shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the Property and consideration payable therefore does not constitute more than the 25% of the Company's market capitalization. The Company expects to complete the acquisition within 5 business days. All securities issuable in the acquisition will be subject to a four month and one day hold period pursuant to applicable securities laws and the rules and policies of the CSE.
Qualified Person and NI 43-101 Disclosure
Richard Osmond, P.Geo., is the Company's Qualified Person ("Qualified Person") as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
ABOUT Forte Minerals CORP.
Forte Minerals Corp., a junior exploration company that has blended assets in partnership with GlobeTrotters Resources Perú S.A.C., has built a robust portfolio of high-quality Cu and Au assets in Perú. The Company aims to generate significant value growth by strategically situating early-stage and drill-ready targets alongside a historically discovered and drilled porphyry system for Cu and Au resource development. Notwithstanding its resource focus, Forte is deeply committed to community engagement, environmental stewardship, and fulfilling its societal responsibilities.
On behalf of Forte Minerals CORP.
(signed) "Patrick Elliott"
Chief Executive Officer
For further information, please contact:
Glen Watson, Investor Relations
1-844-863-3622
gwatson@forteminerals.com
Forte Minerals Corp.
office: 604-983-8847
info@forteminerals.com
www.forteminerals.com
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest management's discussion and analysis, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Forte Minerals Corp
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Quetzal Copper Announces AGM Results
Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") is pleased to announce the results from the Annual General Meeting (the "Meeting") held on October 16, 2024.
Shareholders voted in favour of all matters of business before the Meeting. Each of those matters is set out in detail in the Management Information Circular published in connection with the Meeting, which is available on the Company's website https://quetzalcopper.com.
A total of 5,734,714 common shares were voted at the AGM represent 13.377% of the outstanding common shares of the Company. Shareholders voted in favour of (a) reappointing WDM Chartered Professional Accountants as auditors (98.943% in favour), (b) setting the number of directors at three (98.943% in favour), and (c) ratifying the and approving the Company's stock option plan (98.856% in favour).
Election of Directors
The following nominees listed in the Management Information Circular were elected as directors of the Company until the next annual meeting of shareholders or until the successors are elected or appointed, with the voting results being as follows:
| Nominee | Votes For | % For | Votes Withheld | % Withheld |
| Matthew Badiali | 5,649,089 | 98.507 | 85,625 | 1.493 |
| Barry Coughlan | 5,649,089 | 98.507 | 85,625 | 1.493 |
| John Fraser | 5,674,089 | 98.943 | 60,625 | 1.057 |
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. The Company's principal project, Princeton Copper, is located adjacent to Hudbay's Copper Mountain mine in southern British Columbia. The company currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico.
Quetzal Copper Limited
Matthew Badiali, CEO
Phone: (888) 227-6821
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to exploration and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227388
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Awalé Uncovers 3.5km Gold Footprint on 100%-Owned Ground and on Trend from the BBM Discovery
HIGHLIGHTS
Greater than 37ppb gold footprint over a 3.5 kilometre open trend with peak value of 1.3 grams gold.
The 'Sienso' gold footprint is next door to the BBM discovery - only 4km away.
Was revealed by the same Termite Mound sampling methodology used at BBM.
The 'Sienso' trend remains open to the south.
'Sienso' is situated within 100% Awalé owned property.
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Awalé Resources Limited. (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce it has uncovered a new and open 3.5 kilometre ("km") long > 37 parts per billion ("ppb") gold in termitaria footprint with a peak value of 1.3 grams per tonne ("g/t") gold ("Au"). The program was completed within Awalé's 100%-owned 'Sienso' permit next door to the BBM discovery which lies 4km along strike to the northwest (see Figures 1 and 2).
"This new find at Sienso was made using the same termite mound sampling method that led to the BBM discovery. Termite mounds are great exploration tools as they provide in-situ sample from deep in the ground to be analysed for gold and other metals. This methodology has proven effective in our terrain, and we are delighted termitaria sampling has uncovered another large gold footprint at such an early stage of exploration on our 100%-owned ground. The discovery hole at BBM was drilled under a 1.2 g/t termitaria sample, so we are excited to follow-up this new target given its proximity and similar characteristics to BBM. With the seasonal rains soon subsiding, we will proceed with an Induced Polarization ("IP") geophysics program over this anomaly. If the geophysical results support the anomaly we will drill this target at the earliest opportunity."- Commented Andrew Chubb, CEO of Awalé Resources.
Awalé completed a soil and termitaria survey in 2 phases: initially at a 400m x 50m spacing, followed by infill to a 200m x 50m spacing. All samples were analysed with a portable X-Ray Fluorescence (pXRF) machine and samples were selected for gold analysis after mapping the anomalous pathfinder elements. Higher tenor anomalism within the 3.5km trend is coincident with a bend in the structural trend, similar to the BBM discovery. Additionally, there are coincident late intrusive rocks spatially associated with the change in strike that also show similarities to the BBM discovery.
Figure 1: Awalé Permits in NW Côte d'Ivoire - Showing new geochemistry area as red box in Awalé's 100%-owned Sienso permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_002full.jpg
Figure 2: New 3.5km long > 37 ppb Gold footprint in Awalé's 100%-owned Sienso Permit. A direct extension of the BBM disvovery.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_003full.jpg
100%-Owned Awalé
Sienso's gold footprint is part of Awalé Resources' 100%-owned ground. The Company's Odienné Project consists of five (5) permits spanning 1,693 km2, all 100% Awalé owned - comprising the permits shown in orange in Figure 1. The Awalé-Newmont Joint Venture ("OJV") consists of two additional permits contiguous within the Odienné Project and cover a total area of 796 km2 (hatched permits in Figure 1). Awalé manages all exploration activities at OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Next Steps for the Sienso Permit
In this quarter, the Company will conduct IP geophysics over the new target area. If the results from the program align with the geochemical anomaly, an initial drill program will follow in Q1 2025. Surface Termitaria and Soil geochemistry will continue along the open southern extensions of the anomalies mentioned in this release as well as new programs along parralel structural targets further east within the Sienso permit area.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently undertaken in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project spanning 2,489 km2 in seven permits.
Quality Control and Assurance
pXRF analysis is completed by the company with an Innov-X Vanta Handheld XRF Analyser, samples are hand crushed and dried where necessary and sieved to -80 mesh (passing 170 micron) and analysed for 90 seconds using 3beam 'soil mode'. Standards are used in the stream every 50 analyses; field duplicates are also routinely analysed. Selected samples are sent to the laboratory where analytical work for soil and termitaria geochemical samples is being carried out at the independent Intertek Laboratories Australia Ltd. an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their laboratory in Tarkwa. Samples are logged in the tracking system, weighed, dried, and pulverized to better than 85%, passing a 75-micron screen. Samples were fire assayed with an AAS finish. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Abbreviations Used in this Release
| Au | Gold | |
| g/t | Grams per tonne | |
| ppb | parts per billion | |
| km | Kilometre | |
| m | Metre |
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG) and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227361
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Heritage Mining Announces Closing of the First Tranche of its Non-Brokered Private Placement of Units and Flow-Through Shares
(TheNewswire)
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VANCOUVER, BC TheNewswire - October 21, 2024 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that it has closed the first tranche (" Tranche One ") of its fully allocated non-brokered private placement financing previously announced on September 23, 2024.
The Company raised an aggregate of $1,076,002.00 pursuant to Tranche One, of which $605,002 was raised on the issuance of 12,100,040 flow-through Shares (" FT Shares ") and $471,000 was raised on the issuance of 9,420,000 units (" Units "). Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (" Common Share ") and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 36 months at an exercise price of $0.10 (" Warrant "). Each FT Share was issued at a price of $0.05 and is comprised of one Common Share which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada) and one Warrant.
Michael Wekerle, Managing Director of Altitude Capital , Commented:
"The completion of Tranche One demonstrates the market's confidence in Heritage Mining's strategic vision and exploration potential. With Tranche Two on the horizon and the backing of key stakeholders, we are positioned for continued progress. The collective effort of our team and investors is invaluable, and we look forward to advancing our projects."
Peter Schloo, President, CEO and Director, Commented:
"We are pleased to announce the closing of Tranche One of our private placement, which reflects the strong support from our existing stakeholders and new investors. This is a critical step in advancing our exploration efforts, and we are grateful for the confidence shown in our projects. Tranche Two is expected to close imminently, pending the finalization of paperwork from key stakeholders. We sincerely appreciate the ongoing support from all involved.
Capital is being deployed immediately towards geophysics for both the Drayton-Black Lake and Contact Bay projects, as well as a drilling deposit for an anticipated mid-November drilling commencement. Additional details will be provided in short order, and we look forward to advancing our Ontario project portfolio on schedule."
The Company paid an aggregate $33,835.12 in cash commissions and issued an aggregate 612,002 compensation options (the " Compensation Options ") in connection with Tranche One. Each Compensation Option entitles the holder to acquire one additional Unit at a price of $0.05 for a period of 36 months following the date of issuance.
Proceeds of Tranche One will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project and Contact Bay, in addition to general working capital. All securities issued pursuant to the Tranche One are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
As part of the closing of Tranche One, the Company settled $266,000 in debt obligations through the issuance of 5,300,000 Common Shares at a price of $0.05.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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Bold Ventures Announces Final Closing of Non-Brokered Private Placement and Insider Subscriptions
Bold Ventures Inc. (BOL: TSX.V) (the "Company" or "Bold") is pleased to announce that further to its press releases dated July 4, 2024, August 1, 2024, August 19, 2024, August 22, 2024 and September 19, 2024 it has completed the final tranche of a non-brokered private placement offering with the placement of 1,000,000 flow-through units ("FT Units") for aggregate gross proceeds of $50,000.00 (the "Final Closing"). The Company raised a total of $274,200 through the placement of 5,205,000 working capital units ("WC Units") and 1,320,000 FT Units
Each WC Unit consisted of one (1) Common Share and one (1) Common Share purchase warrant (a "WC Warrant"). Each WC Warrant entitled the holder to purchase one (1) Common Share (a "WC Warrant Share") at a price of $0.06 per WC Warrant Share until the date that is three (3) years following closing.
Each FT Unit consists of one (1) flow-through common share, priced at $0.05, and one-half (0.5) of a common share purchase warrant. Each full warrant (a "Warrant") entitles the holder to purchase one (1) common share (a "Warrant Share") at a price of $0.10 per Warrant Share until two (2) years following closing. The proceeds from the sale of the FT Units will be used for exploration work that qualifies for Canadian Exploration Expenses (CEE).
The securities issued on the Final Closing are subject to a hold period expiring on February 19, 2025.
Insider Subscriptions
Two insiders subscribed for 1,000,000 FT Units of the Final Closing for proceeds of $50,000. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to the insiders does not exceed 25% of its market capitalization.
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 website here.
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
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.
SOURCE: Bold Ventures
View the original press release on accesswire.com
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