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Epworth Project:
Assays received from 376 rock grab samples and 39 lake sediment samples
First payment received from a total C$3.46 million allocated to Aston Bay with no use of proceeds restriction
Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has received the initial US$1 million (C$1.38 million1) in funding as part of an agreement with the Company's joint venture partner American West Metals Limited ("American West") and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. ("Taurus"), whereby Taurus will provide funding of up to US$12.5 million (C$17.3 million[1]) under a royalty package for the Storm Copper Project
Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20% of the funding from the royalty package (C$3.46 million[1]) with no use of proceeds restriction.
Highlights
- The first payment of US$5m (C$6.9m1) under the royalty package has been advanced to American West and Aston Bay
- Further payments to the royalty package are:
- US$3.5m (C$4.9m1) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for development at Storm
- US$4m (C$5.5m1) upon announcement of an increase in the JORC-compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- Funding under the royalty package will be allocated to American West and Aston Bay in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West and 20% for Aston Bay
- There is no use of funds restriction for Aston Bay, providing a non-dilutive source of funds to advance the Company's other projects and contribute to Aston Bay's robust balance sheet
- The funding has enabled an expansion of the exploration and development activities conducted by American West at Storm, including:
- Expansion of the 2024 drill program, which will underpin a maiden resource currently being constructed to Canadian Institute of Mining standards, as well as a significant anticipated upgrade to the American West's JORC-compliant estimate
- An investment in the 2025 field activities with bulk supplies being delivered to site by ship charter - saving approximately C$4 million on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies - including detailed testwork that supports the potential for a direct shipping operation - which will support the delivery of a PFS anticipated in early 2025
[1] Based on USD:CAD exchange rate of 1:1.3838.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm Project by such a well-respected international mining royalty company is a strong endorsement of the potential of the Project.
"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm Copper Project. American West continues to actively advance the Project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to twelve months.
"This could bring an additional C$2 million to Aston Bay for a potential total of C$3.46 million non-dilutive funds to advance our other critical minerals and gold exploration projects."
For further details on the royalty package under the Taurus arrangement, see Aston Bay's June 24, 2024 news release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade critical and precious metals potential in North America.
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX:AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Preliminary data from property-wide MobileMT geophysical survey results received and undergoing additional processing
Interpretation and compilation with surface mapping studies are underway for a January 2025 release
Storm Project:
22,475 metres ("m") of drilling completed in 153 drill holes
Work is nearly complete for the maiden resource constructed to Canadian Institute of Mining standards for a January 2025 release
Work continues with partner American West to advance mining and economic studies for a potential low-cost development.
TORONTO, ON / ACCESSWIRE / December 16, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on its Epworth Project ("Epworth") and the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm") in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"It has been a successful year of exploration at both our Storm and Epworth Projects in Nunavut.
"At Storm, 22,475m of drilling was completed, exceeding expectations. Assay results demonstrated consistent copper grades, highlighting the excellent lateral continuity of the high-grade mineralization within the known zones and defining new discoveries and prospective areas. Work is well advanced on the maiden resource for Storm and the development study work. Reports on both fronts are expected in early 2025.
"At Epworth, we are impressed with the preliminary look at the property-wide MobileMT geophysical survey results and rock and lake sediment survey results. We are processing the geophysical results further and look forward to presenting a comprehensive compilation with the mapping and sampling results in January."
Epworth Project
A prospecting, rock sampling, and geological mapping program was conducted in 2024, including structural and stratigraphic studies by Dr. Elizabeth Turner. Nine claims totalling an additional 11,900 hectares ("ha") (119 square kilometres ("km2")) were added to the claims package, now totalling 89,000 ha (890 km2)
An 8,105 line-km airborne MobileMT survey covering the claim block commenced in late August and was completed in late September. Compilation of the assay results and additional geophysical data processing are underway. When all results are received, they will be integrated with historic work and released with a new interpretation in the New Year.
Storm Project
A total of 22,475m of drilling was conducted in 153 drill holes (19,879m in 138 Reverse Circulation ("RC") holes and 2,596m in 15 diamond drill holes) during the 2024 season. Assay results demonstrated consistent copper grades, highlighting the excellent lateral continuity of the high-grade mineralization within the known zones and defining new discoveries and prospective areas. Work is well advanced on a maiden resource constructed to Canadian Institute of Mining standards for a January 2025 release.
In addition to the drill hole results previously released, several scout holes were drilled to assist in interpreting the geologic framework in the Storm area. Results from these drill holes, the final results of the 2024 program, are presented below.
Figure 1: Reverse Circulation (RC) drilling underway in the Storm area, Nunavut, Canada.
Stratigraphic and Reconnaissance Drilling
RC drill holes SR24-028, SR24-029, SR24-046, SR24-048, SR24-050, SR24-056, SR24-058, SR24-060, SR24-064, SR24-066, SR24-094, SR24-096, SR24-104, SR24-110, SR24-136 were completed within the Storm area during the 2024 drilling program (Figure 2). The drill holes were designed to assist with interpreting the stratigraphy and geological framework in several key areas. The drill holes were also used to help validate and assess the effectiveness of the geophysical surveys in the Storm area.
Drill holes SR24-046, SR24-050, SR24-060, and SR24-136 intersected minor, vein-hosted copper sulphides (Table 2).
The data from the drill holes has improved the geological understanding of the Storm Graben area and helped refine the geological model for the updated Mineral Resource Estimate (MRE) of the Storm Project.
Figure 2: Reverse Circulation (RC) drill hole locations covered in this report, overlaying copper deposit outlines, major faults, and topography.
Squall Drilling
RC drill holes SR24-108 and SR24-135 were also completed at the newly discovered Squall Prospect.
The holes were designed to test high-priority EM anomaly A3, which is visible in the data from both the 200m and 400m loop EM surveys (Figure 3). The coincident data suggested that the target may be located at a depth which crossed the designed detection ranges of the two surveys.
Drill hole SR24-108 achieved the maximum achievable depth of 182.9m downhole, limited by available drill rods. The drill hole is interpreted to have hit the eastern edge of the EM anomaly and intersected breccias and vein-hosted chalcocite assaying 2.4% Cu, 5g/t Ag in the last sampling interval of the hole (181.4 - 182.9m).
Follow-up drill hole SR24-135 was drilled to the east of SR24-108 and intersected 1.5m @ 0.5% Cu, 3g/t Ag from 163.07m downhole.
The EM anomaly and copper mineralization is interpreted to be related to a north-south orientated structure centred on drill hole SR24-108. This feature remains open, and future drilling will test the prospect to the north and south of the current drilling.
Figure 3: 400m loop MLEM image (CH20BZ) overlaying drilling and the geological and structural interpretation of the Storm area. The MLEM anomalies discussed in this report are labelled A1- A5.
Update on previously released drilling
The first drill hole of the 2024 season, SR24-001, was drilled approximately 500m north of the Cyclone Deposit and was designed to test a Fixed Loop Electromagnetic (FLEM) target defined during exploration in 2022. The interpretation of the FLEM data suggested that the source of the anomaly could be located at depth but was weakly defined.
SR24-001 was drilled to a maximum achievable depth of 251.5m (limit of RC drill rods), encountering no copper sulphides or other lithologies that could confirm or explain the source of FLEM anomaly. The drill hole encountered weak pyrite (iron sulphides) mineralization at 125m and minor clay layers, but they were not in sufficient abundance to explain the EM response.
The 2024 Moving Loop EM (MLEM) survey was extended into the area to validate the FLEM anomaly but did not did not highlight any significant anomalies. The MLEM survey was optimized to search for conductive bodies between 0-250m depth, suggesting that the FLEM anomaly may be located at a deeper level.
Exploration drill hole SR24-005 was drilled to 251.5m and was designed to test an Induced Polarisation (IP) anomaly and stratigraphic section within the central graben area of Storm.
SR24-005 encountered a thick sequence of pyrite mineralization between 58m and 204m and is the likely source of IP anomalism in this area. The drill hole did not intersect the prospective copper horizon, which is interpreted to be below the extent of the drill hole and deeper than 250m in vertical depth.
Hole ID | Prospect | Easting | Northing | RL | Depth (m) | Azi | Inclination |
SR24-001 | Expl. | 465403 | 8174839 | 308 | 251.5 | 180 | -75 |
SR24-005 | Graben | 464200 | 8173324 | 259 | 251.5 | 180 | -75 |
SR24-028 | Expl. | 465867 | 8174040 | 281 | 140.2 | 180 | -65 |
SR24-029 | Expl. | 465900 | 8174500 | 294 | 251.4 | 180 | -65 |
SR24-046 | Thunder W | 464686 | 8172873 | 253 | 199.6 | 0.3 | -60 |
SR24-048 | Thunder W | 464803 | 8172870 | 252 | 199.6 | 0.1 | -60.1 |
SR24-050 | Chinook W | 465862 | 8172885 | 245 | 150.9 | 359.6 | -60.3 |
SR24-056 | Corona E | 466834 | 8172386 | 244 | 150.9 | 0.2 | -60.1 |
SR24-058 | Corona E | 467248 | 8172395 | 245 | 167.6 | 180 | -60.4 |
SR24-060 | Corona E | 466996 | 8172490 | 251 | 141.7 | 200.49 | -60.3 |
SR24-064 | Cirrus E | 462948 | 8173743 | 223 | 150.9 | 210.41 | -60.2 |
SR24-066 | Cirrus E | 462861 | 8173793 | 218 | 150.9 | 210 | -60.2 |
SR24-094 | Chinook W | 465884 | 8172982 | 250 | 199.6 | 215.64 | -60.2 |
SR24-096 | Chinook W | 465828 | 8172789 | 242 | 129.5 | 180.05 | -60 |
SR24-104 | Expl. | 463100 | 8173180 | 213 | 274.3 | 360 | -85 |
SR24-108 | Squall | 464828 | 8172642 | 245 | 182.9 | 180 | -60 |
SR24-110 | Expl. | 464924 | 8171800 | 184 | 182.9 | 206 | -80 |
SR24-135 | Squall | 464779 | 8172593 | 240 | 230.1 | 180 | -75 |
SR24-136 | Expl. | 462798 | 8174973 | 277 | 199.6 | 180 | -70 |
Table 1: Details for the 2024 drill holes in this report.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-001 | NSI | |||||
SR24-005 | NSI | |||||
SR24-028 | NSI | |||||
SR24-029 | NSI | |||||
SR24-046 | 0.00 | 1.52 | 1.52 | 0.36 | - | 1 |
9.14 | 12.19 | 3.05 | 0.49 | - | 1.5 | |
SR24-048 | NSI | |||||
SR24-050 | 106.68 | 108.2 | 1.52 | 0.46 | - | 1 |
SR24-056 | NSI | |||||
SR24-058 | NSI | |||||
SR24-060 | 13.72 | 15.24 | 1.52 | 0.3 | - | 1 |
SR24-064 | NSI | |||||
SR24-066 | NSI | |||||
SR24-094 | NSI | |||||
SR24-096 | NSI | |||||
SR24-104 | NSI | |||||
SR24-108 | 181.36 | 182.88 | 1.52 | 2.4 | - | 5 |
SR24-110 | NSI | |||||
SR24-135 | 163.07 | 164.59 | 1.52 | 0.5 | - | 3 |
SR24-136 | 38.10 | 39.62 | 1.52 | 0.4 | - | 2 |
Table 2: Significant interval table for the drill holes in this report (>0.2% Cu). For the 2024 exploration drill holes where no copper sulphides were intersected (none detected visually and confirmed with portable XRF), no assay analyses were conducted. (NSI = No Significant Interval.)
Details of the delineation drilling and exploration drill holes for the 2024 Storm program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
QA/QC Protocols
The analytical work reported herein was performed by ALS Global ("ALS"), Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP.
Samples were subject to 33-element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during the review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
Agreement with Epstein Research
The Company has entered into an advertisement services agreement with Peter Epstein ("Epstein Research") to increase investor engagement and create more awareness for the Company, starting on October 1, 2024. Epstein Research's engagement is for an initial term of six (6) months and is subject to renewal or cancellation in accordance with its terms (the "Term"). Epstein Research operates from New York, New York, and provides promotional services, including social media and online advertising of the Company posted on Epstein Research homepage, CEO.ca, Substack, and Linked-In; monthly written articles on the Company and/or CEO interviews written exclusively by Peter Epstein; and frequent online commentary on the Company on websites including CEO.ca, Stockhouse, TalkMarkets, LinkedIn, Twitter/X, Yahoo Finance, Facebook, StockTwits.
The Company has paid Epstein Research an amount of US$15,000 for the Term for these services. There are no common shares or options to be received as compensation in the service agreement. In addition, Epstein Research is an unrelated and unaffiliated entity in respect of the Corporation and, at the time of the agreement, Mr. Epstein owns securities of the Company purchased on the open market.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE:Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Aston Bay and American West Metals Report Multiple New Copper Targets Along the 110km-long Copper Belt at the Storm Project, Nunavut, Canada
Drilling, soil geochemistry and electromagnetics continue to highlight large-scale regional exploration potential
Seabreeze Prospect:
Greenfield exploration has defined a new base metal prospect at the far northwestern extent of the 110 kilometre ("km") long copper belt - this new area is named ‘Seabreeze' and covers an area of approximately 10 km x 2 km
Ground gravity survey at Seabreeze has identified dense features within the prospective Allen Bay Formation - the same stratigraphic host to the Storm copper deposits
Hailstorm Prospect:
Geological mapping and rock sampling have discovered chalcocite gossans grading >50% copper ("Cu") within an unexplored area at Storm to the south of the Southern Graben - now named ‘Hailstorm'
Follow-up geochemical sampling has defined a 250 m x 250 m copper anomaly along a major fault
The geological setting is identical to that of the near-surface, high-grade copper deposits at Chinook, Thunder, Lightning Ridge, and Corona
Tornado Prospect:
Deep searching Moving Loop Electromagnetics ("MLEM") has defined new conductors below the limit of current drilling at Tornado, 5 km along strike from the known Storm deposits
All Reverse Circulation ("RC") drill holes have intersected anomalous copper, silver, and zinc in favourable geological locations, confirming the Storm mineralization model at Tornado and providing compelling targets for follow-up drilling
Tempest Prospect:
Reconnaissance drilling at Tempest - located 40 km south of the known Storm copper deposits - has intersected anomalous copper, zinc, and silver within Storm-style stratigraphy
The area is defined by a 4km-long zone of gossans, grading up to 38.2% Cu and 30.8% Zinc ("Zn"), confirming Tempest as a high-priority prospect for follow-up drilling
TORONTO, ON / ACCESSWIRE / November 25, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"Greenfields regional exploration continues to deliver discoveries at Storm. In addition to the successful delineation drilling program this year, the geological team has discovered two new zones with copper, zinc and silver mineralization, reinforcing the belt-wide prospectivity of this 110 km-long trend. The successful prospecting, geophysics, geochemistry and drilling programs all point to the untapped potential for more copper at Storm, and we look forward to testing these new discoveries while advancing the known deposits toward development.
"Work is advancing well on the maiden resource for Storm as well as the development study work with news expected over the coming months."
Figure 1: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide), yielding >50% Cu (50% is the upper limit of the assay technique used).
Figure 2: Prospect location map of the Storm Project highlighting the main prospective copper and zinc stratigraphic horizons.
New copper prospects discovered
Seabreeze
Detailed mapping, geochemical and ground gravity surveys have been completed over the northwestern extent of the 110 km-long prospective copper horizon (Figure 2). This area contains extensive outcrops of Allen Bay Formation rocks, the primary host to the known copper deposits in the Storm area. These surveys were the first detailed exploration of the area, now named ‘Seabreeze.'
Mapping within the prospect area confirms a geological setting similar to that of the Storm deposits, which are approximately 40 km to the east. The mapping at Seabreeze has identified the prospective contact between the Cape Storm and Allen Bay Formations and several fault zones that are known controls of the copper mineralization at the Project.
Soil geochemical sampling was completed within two targeted grids, with 76 soil samples collected at an average 400 m x 400 m spacing (21 samples in the north and 55 in the south, respectively), depicted in Figure 3.
The assays show an anomalous copper signature spatially associated with the northwest-southeast structural trend within the Allen Bay Formation and confirm the prospectivity of the northwestern extent of the copper belt. The results now confirm the potential for further discoveries of copper and zinc along the entire 110 km strike of the belt.
The ground gravity survey was completed at a nominal 200m line- x 50m station-spaced grid over an area of 6 km2 across the contact with the Allen Bay and Cape Storm formations. The survey aimed to screen for dense bodies that may represent accumulations of mineralization and to delineate favourable lithology that may host mineralization.
The gravity survey yielded strong gravity anomalies, likely within the Allen Bay Formation. This association between higher densities and the prospective Allen Bay stratigraphy is observed in the Storm area and is significant at Seabreeze due to the proximity of the Seal zinc-silver deposit (see December 6, 2017, Aston Bay news release), located approximately 3 km to the south: base metal mineralization is typically zoned, with a copper mineralized central core surrounded by zinc mineralization on the periphery. Follow-up exploration at the Seabreeze Prospect will include detailed ground EM and an expansion of the gravity surveys.
Figure 3: Seabreeze prospect showing soil sample locations, copper geochemistry, and the gravity imagery (Bouguer anomaly - hotter colours indicate an increase in density), overlaying regional geology. Note the location of the contact between the Cape Storm and Allen Bay Formations, and proximity to the Seal zinc-silver deposit.
Hailstorm
Reconnaissance mapping and rock sampling in the southern graben area of Storm has discovered a new zone of copper gossans proximal to a major interpreted fault (Figure 2). Follow-up soil sampling identified a 250 m x 250 m copper anomaly located along the strike of the fault, suggesting structural control to the mineralization as is typical at Storm (Figure 4).
Massive chalcocite boulders sampled from the copper gossans returned grades up to 50% Cu (Figure 1 - 50% is the upper detection limit of the assay method used). Massive copper sulfides are commonly associated with large structures in the Southern Graben area, an identical geological setting to the known copper deposits to the north. This new area has been named ‘Hailstorm.'
Follow-up exploration at the Hailstorm Prospect will include RC drilling.
Figure 4: Map of the Southern Graben area showing the location of the Hailstorm Prospect and copper soil geochemistry in relation to the known copper deposits, overlaying aerial photography and major faults.
High-priority EM targets defined at Tornado
The Tornado Prospect is located 5 km along strike from the Storm deposits to the east (Figure 2). It is centred on an area with abundant chalcocite and malachite boulders within a 3.2 km x 1.5 km geochemical copper anomaly. The large copper anomaly shares the same linear trend as the main structural features of the Storm Graben. Most of the anomalous copper samples are located proximal to the interpreted Northern Graben Fault, which is a similar setting to that of the large and laterally extensive Cyclone Deposit.
Exploration at Tornado during 2024 included deep-searching MLEM surveys and RC drilling.
The MLEM survey was conducted over six lines incorporating 115 stations, using a 400 m line-spacing and 100 m station-spacing for a total of 10.9 linear km. The survey aimed to screen the area for high-grade copper sulfides (which are successfully defined by EM at Storm) and to aid in mapping the stratigraphy and structures that could potentially host copper sulfide mineralization.
The survey defined two strong anomalies located within the prospective Allen Bay Formation. The 3D modelling suggests that the EM anomalies may be flat lying and located deeper than the current limit of the recent RC drilling (>150 m vertical depth, Figure 5). The strong positive correlation between the recent MLEM surveys, historical VTEM surveys, and copper mineralization supports the interpretation of the structural setting and deep copper potential at Tornado.
Figure 5: Oblique section view of the drill line at the Tornado prospect looking WNW. The image shows MLEM image (CH18BZ) and geology (map view, top - warmer colours indicating higher conductivity) above 3D inversion shells from the 2011 VTEM survey (cross-section view, bottom - cooler colours indicating higher conductivity). The section location is illustrated in Figure 6.
Historical drill hole AB18-07 was drilled to a downhole depth of 300 m, intersecting brecciated Allen Bay Formation throughout the entire hole and logged visual copper oxide mineralization (0.5% abundance between 19.35 m and 21.2 m downhole). Further to the east, though not covered by the recent MLEM survey, historical drill hole AB18-01/01B also intersected disseminated and veinlet-hosted visual chalcocite between 88.9 m and 110.3 m downhole (0.5 - 1% in abundance). These drill holes have not been assayed.
Five drill holes were completed by the helicopter-portable RC drill, and all holes intersected the prospective Allen Bay Formation. Drill hole SR24-131 was collared in the Douro Formation of the central Tornado graben and only just intersected the Allen Bay Formation at the end of the drill hole, indicating that the central block of the graben may have been faulted downwards approximately 175-200 vertical metres.
Anomalous copper, zinc or silver were observed in all drill holes. The highest copper and silver values were intersected in drill hole SR24-129, located proximal to the northern Tornado graben fault, a similar position to the copper-mineralized historical drill hole AB18-07 as described earlier (Table 2).
Drill hole SR24-133 was drilled 750 m north of the Tornado Graben Fault and intersected a 32 m thick interval of anomalous zinc mineralization from the surface with a maximum value of 1,040ppm Zn. This zonation of a copper mineralized core close to the graben faults (the presumed conduit of the mineralizing fluids) surrounded by peripheral zinc mineralization is typical at Storm.
The Tornado area contains a compelling coincidence of ideal structural and stratigraphic setting, strong gravity and EM anomalies, and copper geochemistry, located just 5 km along strike from Storm. These features rank the area as highly prospective for discovering additional copper mineralization. Follow-up exploration will include RC and deeper diamond drilling.
Visual estimates of mineral abundance, type or habit should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides.
Figure 6: MLEM image (CH18BZ) of the Tornado and Blizzard 400 m loop survey overlaying geology and interpreted major faults. Hotter colours indicate higher conductivity.
Drilling confirms copper and zinc at the Tempest Prospect
The Tempest Prospect is located approximately 40 kilometres south of the copper deposits at Storm (Figure 2). The area is defined by a 4km long zone of gossans, with up to 38.2% Cu and 30.8% Zn in surface grab samples (see November 27, 2023, Aston Bay press release).
This area is considered the southern extension of the highly prospective Storm Copper and Seal Zinc horizons. These formations overlap the much older Proterozoic rocks that outcrop in the Boothia Uplift to the west. This geological setting with an unconformity (an ancient weathered surface) between two geological terranes suggests a permeable zone close to potential source rocks, highly prospective for fluid migration and base metal mineralization.
Three shallow reconnaissance exploration drill holes were completed at Tempest in 2025. Each hole reached a downhole depth of 200 m and was designed to test the stratigraphy and potential source of the highly anomalous copper and zinc at the surface (Figure 7).
The drilling confirmed the presence of Storm-style stratigraphy with thick intervals of the Allen Bay Formation. Anomalous copper, silver and zinc were encountered in all three drill holes, with particularly thick intervals of zinc and silver in drill hole SR24-098 (137.3m @ 137ppm Zn, 1.2g/t Ag - Table 2).
Although the high grades of the surface gossans were not replicated with the current drilling, the 4 km strike length of the gossans and thick intervals of zinc and silver in the drilling suggest a significant mineralizing event. Furthermore, the copper deposits at Storm are typically confined to the upper sequence of the Allen Bay Formation near the contact with the Cape Storm Formation. This contact is mapped further east in the Tempest area, suggesting that the current drill holes have intersected the lower, less prospective part of the Allen Bay Formation.
Deep searching ground EM will next be used to screen the area in more detail and to highlight high-priority targets for follow-up drilling.
Figure 7: Map of the Tempest Prospect showing drilling, geochemical sampling locations, rock samples, and lithological unit boundaries overlaying aerial photography.
Hole ID | Prospect | Easting | Northing | RL (m) | Depth (m) | Azimuth | Inclination |
SR24-098 | Tempest | 464948 | 8174283 | 302.8 | 149.4 | 179.71 | -70.5 |
SR24-100 | Tempest | 473230 | 8137717 | 299.7 | 199.64 | 285 | -50 |
SR24-102 | Tempest | 473634 | 8133161 | 296.6 | 199.6 | 109.19 | -45.05 |
SR24-129 | Tornado | 471008 | 8170156 | 295.0 | 199.64 | 180 | -60 |
SR24-130 | Tornado | 471012 | 8170973 | 277.9 | 199.64 | 200.27 | -52.1 |
SR24-131 | Tornado | 470928 | 8169888 | 289.0 | 199.64 | 200.17 | -60.26 |
SR24-132 | Tornado | 470866 | 8169491 | 291.4 | 199.64 | 200.25 | -55.08 |
SR24-133 | Tornado | 470244 | 8171463 | 255.7 | 199.64 | 199.97 | -59.97 |
SR24-134 | Tornado | 470273 | 8169986 | 268.0 | 199.64 | 199.97 | -60.14 |
Table 1: Details for the 2024 regional exploration drill holes.
Hole ID | From (m) | To (m) | Width | Cu ppm | Zn ppm | Ag g/t |
SR24-098 | 0 | 118.87 | 118.87 | 6.5 | 137.3 | 1.2 |
128.02 | 143.26 | 15.24 | 5.5 | 64 | 0.6 | |
146.3 | 150.88 | 4.58 | 5 | 36.7 | 0.8 | |
188.98 | 190.5 | 1.52 | 5 | 30 | 0.5 | |
SR24-100 | 1.52 | 56.39 | 54.87 | 5.1 | 64.4 | 1.0 |
57.91 | 65.53 | 7.62 | 5 | 50 | 0.6 | |
67.06 | 68.58 | 1.52 | 5 | 30 | 0.5 | |
70.1 | 71.63 | 1.53 | 5 | 40 | 1.0 | |
73.15 | 76.2 | 3.05 | 5 | 40 | 0.8 | |
88.39 | 103.63 | 15.24 | 6.5 | 103.9 | 1.5 | |
105.16 | 108.2 | 3.04 | 5 | 110 | 1.5 | |
109.73 | 112.78 | 3.05 | 7.5 | 30 | 1.0 | |
118.87 | 120.4 | 1.53 | 5 | 30 | 2.0 | |
121.92 | 126.49 | 4.57 | 5 | 30 | 1.0 | |
137.16 | 140.21 | 3.05 | 5 | 30 | 1.5 | |
143.26 | 156.97 | 13.71 | 7.2 | 57.8 | 1.4 | |
182.88 | 188.98 | 6.1 | 6.2 | 42.5 | 1.5 | |
SR24-102 | 28.96 | 35.05 | 6.09 | 6.2 | 52.5 | 0.9 |
45.72 | 47.24 | 1.52 | 5 | 40 | 1.0 | |
48.77 | 54.86 | 6.09 | 5 | 35 | 1.0 | |
65.53 | 67.06 | 1.53 | 5 | 60 | 2.0 | |
70.1 | 76.2 | 6.1 | 5 | 30 | 1.1 | |
108.2 | 111.25 | 3.05 | 5 | 35 | 1.0 | |
115.82 | 117.35 | 1.53 | 5 | 30 | 1.0 | |
152.4 | 153.92 | 1.52 | 5 | 50 | 1.0 | |
SR24-129 | 0.00 | 3.05 | 3.05 | 125.1 | 35.0 | 2.0 |
Incl. | 1.52 | 3.05 | 1.53 | 170.0 | 40.0 | 2.0 |
18.29 | 19.81 | 1.52 | 100.0 | 10.0 | 1.0 | |
53.34 | 59.44 | 6.10 | 177.2 | 17.5 | 1.2 | |
Incl. | 54.86 | 57.91 | 3.05 | 289.5 | 15.0 | 1.5 |
176.78 | 178.31 | 1.53 | 50.0 | 10.0 | 0.5 | |
181.36 | 185.93 | 4.57 | 50.0 | 10.0 | 1.0 | |
SR24-130 | 0.00 | 1.52 | 1.52 | 50.0 | 30.0 | 1.0 |
53.34 | 54.86 | 1.52 | 60.0 | 30.0 | 1.0 | |
59.44 | 60.96 | 1.52 | 50.0 | 30.0 | 1.0 | |
64.01 | 65.53 | 1.52 | 50.0 | 60.0 | 1.0 | |
68.58 | 73.15 | 4.57 | 76.6 | 10.0 | 1.0 | |
Incl. | 68.58 | 70.10 | 1.52 | 130.0 | 10.0 | 1.0 |
79.25 | 80.77 | 1.52 | 100.0 | 40.0 | 2.0 | |
88.39 | 89.92 | 1.53 | 50.0 | 50.0 | 1.0 | |
SR24-131 | 0.00 | 1.52 | 1.52 | 60.0 | 30.0 | 0.5 |
4.57 | 6.10 | 1.53 | 60.0 | 40.0 | 0.5 | |
7.62 | 9.14 | 1.52 | 50.0 | 50.0 | 0.5 | |
SR24-132 | 6.10 | 7.62 | 1.52 | 230.0 | 10.0 | 0.5 |
38.10 | 39.62 | 1.52 | 50.0 | 10.0 | 0.5 | |
56.39 | 64.01 | 7.62 | 66.0 | 12.0 | 0.8 | |
Incl. | 60.96 | 62.48 | 1.52 | 100.0 | 10.0 | 0.5 |
73.15 | 74.68 | 1.53 | 100.0 | 100.0 | 1.0 | |
77.72 | 79.25 | 1.53 | 70.0 | 240.0 | 1.0 | |
166.12 | 169.16 | 3.04 | 95.0 | 85.0 | 1.5 | |
Incl. | 166.12 | 167.64 | 1.52 | 140.0 | 160.0 | 2.0 |
178.31 | 181.36 | 3.05 | 85.1 | 30.0 | 0.8 | |
Incl. | 179.83 | 181.36 | 1.53 | 120.0 | 40.0 | 1.0 |
6.10 | 7.62 | 1.52 | 230.0 | 10.0 | 0.5 | |
SR24-133 | 0.00 | 3.05 | 3.05 | 120.2 | 686.2 | 0.7 |
Incl. | 1.52 | 3.05 | 1.53 | 170.0 | 1040.0 | 0.5 |
7.62 | 9.14 | 1.52 | 90.0 | 480.0 | 0.5 | |
24.38 | 25.91 | 1.53 | 50.0 | 270.0 | 0.5 | |
38.10 | 44.20 | 6.10 | 70.0 | 259.9 | 0.5 | |
SR24-134 | 32.00 | 33.53 | 1.53 | 90.0 | 110.0 | 1.0 |
36.58 | 39.62 | 3.04 | 50.0 | 65.0 | 1.0 | |
74.68 | 76.20 | 1.52 | 80.0 | 90.0 | 1.0 |
Table 2: Summary of significant drilling intersections for the greenfield regional prospects (>50ppm Cu, 25ppm Zn, 1g/t Ag). The intersections are expressed as downhole widths and are interpreted to be close to true widths.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
QA/QC Protocols
The analytical work reported herein was performed by ALS Global ("ALS"), Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP.
Samples were subject to 33-element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during the review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110 m* @ 2.5% Cu from surface and 56.3 m* @ 3.1% Cu from 12.2 m as well as the Seal Zinc Deposit (intersections including 14.4 m* @ 10.6% Zn, 28.7g/t Ag from 51.8 m and 22.3 m* @ 23.0% Zn, 5.1g/t Ag from 101.5 m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect, where ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16 m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913 m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5 m* @ 4.4% Cu and 20.5 m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534 m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts, including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300 m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Aston Bay and American West Metals Report Assays from Deep Drilling at the Storm Project, Nunavut, Canada
98 metres of copper sulfides reinforce large-scale sediment-hosted copper potential
Highlights:
The 2024 deep drilling program has delivered further evidence of a very extensive laterally oriented deeper copper horizon that covers an area of more than 10 square kilometres ("km 2")and remains open
All three deeper drill holes in the 2024 program - collared approximately 2 km apart from each other - have intersected copper sulfides and prospective stratigraphy within the interpreted deeper copper horizon
The second 2024 deep diamond drill hole (ST24-02) drilled during 2024 has intersected an aggregate of 98.6 metres ("m") of copper sulfide mineralization within multiple horizons
The third 2024 deep diamond drill hole (ST24-03) - targeting a 1,300m x 500m EM anomaly below the Cirrus Deposit - was suspended due to a highly fractured zone on approach to the target EM plates, and will now be completed in early 2025
ST24-03 encountered minor copper sulfides in the upper portions of the drill hole and an extensive zone of fractured carbonate rocks at depth - a highly favourable geological setting for the deposition of copper mineralization
The first 2024 deep diamond drill hole (ST24-01) intersected thick copper sulfides from 311m downhole with grades up to 3.7% copper ("Cu") as reported on September 20, 2024
The large volume of mineralisation in the deeper diamond drilling, particularly in ST24-02, continues to highlight the large lateral and vertical extent of the Storm copper system and the potential for large-scale stratigraphic hosted copper deposits similar to those of the Central African Copperbelt
Additional results from the 2024 campaign to be reported in the coming weeks.
TORONTO, ON / ACCESSWIRE / October 30, 2024 /Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on diamond drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented :
"It is encouraging to receive confirmation of our geological model with the drill bit. Drilled to test stratigraphy and structure in a little-explored area, ST24-02 encountered a significant amount of sediment-hosted style copper mineralization. While the mineralization at this location is spread out over a wide interval, it nevertheless highlights the pervasive nature of the mineralizing process at Storm and points to the potential where the copper budget of these pervasive fluids can be concentrated in higher-grade zones as in the near-surface copper deposits currently being defined at Storm.
"Our third deep drill hole remains only partially completed due to drilling difficulties at the end of the season. Drilling in the frozen Arctic ground requires salt to be added to the drilling fluid to prevent freezing. Before reaching the target, the drill intercepted a fractured zone, resulting in the loss of the drilling fluid. Unfortunately, it was too late in the season to resupply the salt and other drilling additives necessary to continue the hole this year.
"The targeted anomaly exhibits characteristics of both fault-hosted "Chinook-style" and stratiform-hosted "Cyclone-style" mineralization, making it a very compelling target. I eagerly look forward to completing this drill hole early next year."
Figure 1: Photo of the diamond drilling rig being prepared at the Storm Project, Nunavut, Canada.
OVERVIEW: DRILLING CONTINUES TO EXPAND THE COPPER SYSTEM
The drill holes for the 2024 deep drilling campaign were designed to test key geological targets at Storm and the potential for new zones of copper mineralization within the ‘Deep Copper Horizon' discovered during 2023 (see August 2, 2023, Aston Bay news release).
Drill hole ST24-02 has intersected thick intervals of low-grade copper sulfide mineralization with multiple thin higher-grade horizons. The entire rock package is variably fractured, with copper sulfides occurring as veins and fracture infill. The large volume of mineralization and brecciation highlight a significant mineralization event, and its location within the centre of the Thunder and Corona graben block supports the potential for further discoveries of economic mineralization at depth.
ST24-03 targeted a large Moving Loop EM (MLEM) anomaly below the Cirrus Deposit and Gap Prospect and encountered a large void/fractured zone on approach to the targeted EM plates, which slowed the drilling and prevented the hole from being completed this season. Given the strong correlation between copper sulfide mineralization and MLEM anomalies at Storm, this EM anomaly remains a high-priority drill target for early 2025.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit outlines, major faults, and deep diamond drill hole locations. All the deeper drill holes have intersected copper at depth within a prospective area of more than ten square kilometres.
DRILL HOLE ST24-02 DETAILS
Drill hole ST24-02 was drilled to a downhole depth of 455m and intersected a combined total of 98.6m of copper sulfide mineralization (Figure 4). The drill hole was designed to test the stratigraphy and structure in the southern areas of Storm, south of the Southern Graben Fault.
In addition to minor copper mineralization hosted within the upper Allen Bay horizons (at the same depth as the known shallow Storm prospects), three main mineralized zones were identified at depth in ST24-02. The mineralization is hosted within abundant sporadic fracturing, variably infilled by copper sulfides averaging 0.1% copper ("Cu") (see Table 2).
The most significant zone of mineralization, from 292m to 324m downhole, is hosted within a bituminous, vuggy, coral dolopackstone-doloboundstone sequence with blebby to veinlet chalcopyrite, chalcocite and bornite with assays up to 0.53% Cu (from 322.5 - 323.5m downhole). The mineralized textures and lithological associations from this zone are consistent with the ‘Deep Copper Horizon' discovered during 2023 and show the persistence of this horizon across multiple fault blocks on the Storm property.
The large volume of visual mineralization within ST24-02 highlights the scale of the copper system at Storm. The proximity of drill hole ST24-02 to the Thunder Prospect and Chinook and Corona deposits provides further evidence that the Allen Bay Formation within the Southern Graben may host high-grade, stratigraphic- and structurally-hosted copper deposits similar to those of the Central African Copperbelt.
Figure 3: Chalcocite (dark grey) and bornite (metallic blue) fracture fill in drill hole ST24-02 at approximately 313.75m downhole (this piece of core is within an interval of 1m @ 0.33% Cu).
Figure 4: NE-SW geological section through ST24-02 looking southeast.
DRILL HOLE ST24-03 DETAILS
Diamond drill hole ST24-03 was designed to target a 1,300m x 500m flat-lying MLEM anomaly (Figure 5 - EM anomaly A1) bounded by a series of large, mostly steeply dipping EM plates (approx. 350m to top, conductance ~40-60S, moderate ~40-60deg S/SW dip, striking ~WNW-ESE) at its the northern edge. The EM anomalies are located below the Cirrus Deposit and the Gap high-grade copper prospect and are interpreted to be proximal to the Southern Graben Fault.
Figure 5: 400m loop MLEM image (CH20BZ) showing anomalies and modelled plates overlying drilling and the geological and structural interpretation of the Storm area. The MLEM anomaly discussed in this release is labelled A1.
ST24-03 has been drilled to a downhole depth of 414m (planned depth of 600-700m) and intersected several zones of fracturing and sporadic copper sulfides (Figure 6). The presence of voids and fractures at the current depth resulted in reduced circulation and the loss of drilling fluids, including the critical salt additive required to prevent freezing in this area of deep permafrost. The drill hole had to be suspended pending the resupply of salt from the Sealift (now delivered) and will be completed as a high priority in early 2025.
Figure 6: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. Drilling was suspended at 414m depth; the planned drill hole depth is 650-700m, to be completed in early 2025.
The drill hole has not yet intersected the targeted MLEM anomaly, but the results are encouraging. The hole was drilled entirely into lower Allen Bay Formation, the host of the majority of copper mineralization at Storm, and intersected multiple organic-rich horizons and thick zones of oxidized fracturing. One notable zone includes a laminated organic-rich mudstone with fine disseminated pyrite and chalcopyrite veinlets from 178m to 180m depth downhole. Minor copper sulfides were also encountered at 305m downhole as patchy chalcopyrite veinlets and infill to a vuggy shell-fragment dolofloatstone. Organic material and hydrocarbons are critical requirements for the deposition of metals in this mineralizing system, and their presence is encouraging.
Fractures and voids at depth and close to the target area are also positive indicators since permeability and porosity are critical for the open-space filling style of high-grade copper mineralization at Storm.
Also noteworthy is that the orientations of the sub-vertical MLEM plates parallel to and directly below the sub-vertical Southern Graben Fault are suggestive of fault-related mineralization, as seen in the strong EM response at the Chinook and Corona Deposits. The faults may have channelled and focussed the metal-bearing fluids, allowing for more intense mineralization. The sub-horizontal component of the MLEM anomaly A1 may also be suggestive of stratiform mineralization, as seen at Cyclone where an EM anomaly delineates flat-lying bodies of high-grade copper mineralization that are directly adjacent to the Northern Graben Fault (Figure 5).
With such a close fit to the predictive geologic model that has already successfully discovered new zones of copper mineralization combined with the proven robust correlation between MLEM anomalies and high-grade copper mineralization at Storm, the untested portion of this drill hole is a compelling high-priority target for the 2025 drill season.
Hole ID | Prospect | Easting | Northing | RL (m) | Depth (m) | Azimuth | Inclination |
ST24-01 | Graben | 464728 | 8173893 | 289.4 | 385 | 0.3 | -80.1 |
ST24-02 | Expl. | 465600 | 8172675 | 246.2 | 455 | 160 | -75 |
ST24-03 | Expl. | 462772 | 8173627 | 213.7 | 414.11* | 35 | -70 |
Table 1: Details for the 2024 deep diamond drill holes at the Storm Project. Note*, drill hole ST24-03 is pending and will be completed during 2025.
Hole ID | From (m) | To (m) | Width | Cu ppm | Zn ppm | Ag g/t |
ST24-02 | 52.00 | 55.00 | 3.00 | 1402 | 10 | 2.0 |
Including | 53.00 | 53.60 | 0.60 | 6100 | 10 | 2.0 |
58.00 | 59.60 | 1.60 | 110 | 10 | 2.0 | |
72.50 | 76.50 | 4.00 | 203 | 10 | 1.1 | |
77.00 | 79.00 | 2.00 | 953 | 10 | 1.8 | |
Including | 78.00 | 78.50 | 0.50 | 3050 | 10 | 2.0 |
81.00 | 84.00 | 3.00 | 140 | 10 | 1.3 | |
85.00 | 86.50 | 1.50 | 253 | 10 | 1.0 | |
104.00 | 106.00 | 2.00 | 420 | 10 | 1.5 | |
107.00 | 112.10 | 5.10 | 176 | 10 | 0.9 | |
114.50 | 115.00 | 0.50 | 640 | 10 | 2.0 | |
130.30 | 131.00 | 0.70 | 230 | 10 | 1.0 | |
132.50 | 133.10 | 0.60 | 270 | 10 | 2.0 | |
170.00 | 172.00 | 2.00 | 195 | 10 | 1.5 | |
193.00 | 194.50 | 1.50 | 240 | 10 | 2.0 | |
195.50 | 196.50 | 1.00 | 2290 | 40 | 1.5 | |
Including | 195.50 | 196.00 | 0.50 | 4330 | 60 | 2.0 |
201.00 | 202.00 | 1.00 | 220 | 30 | 1.0 | |
203.50 | 205.00 | 1.50 | 207 | 10 | 1.3 | |
224.00 | 226.00 | 2.00 | 150 | 10 | 1.0 | |
250.00 | 251.00 | 1.00 | 140 | 10 | 1.0 | |
286.00 | 287.50 | 1.50 | 317 | 17 | 1.3 | |
289.50 | 290.50 | 1.00 | 620 | 10 | 1.3 | |
292.00 | 300.00 | 8.00 | 256 | 10 | 0.8 | |
300.50 | 301.50 | 1.00 | 200 | 10 | 1.0 | |
302.00 | 304.00 | 2.00 | 900 | 15 | 2.0 | |
Including | 303.00 | 303.50 | 0.50 | 2560 | 10 | 2.0 |
305.00 | 308.00 | 3.00 | 745 | 10 | 1.3 | |
Including | 306.50 | 307.00 | 0.50 | 1170 | 10 | 0.5 |
310.00 | 316.00 | 6.00 | 935 | 10 | 1.0 | |
Including | 311.00 | 311.50 | 0.50 | 1140 | 10 | 2.0 |
And | 313.50 | 314.50 | 1.00 | 3270 | 10 | 0.8 |
317.00 | 324.00 | 7.00 | 1628 | 11 | 0.9 | |
Including | 322.50 | 323.50 | 1.00 | 5295 | 15 | 0.8 |
327.50 | 328.00 | 0.50 | 210 | 10 | 1.0 | |
330.00 | 333.00 | 3.00 | 110 | 10 | 1.3 | |
348.00 | 349.00 | 1.00 | 120 | 10 | 2.0 | |
352.00 | 353.00 | 1.00 | 110 | 10 | 1.0 | |
366.00 | 367.00 | 1.00 | 110 | 10 | 3.0 | |
369.00 | 370.00 | 1.00 | 140 | 10 | 1.0 | |
373.00 | 375.00 | 2.00 | 160 | 10 | 1.0 | |
377.00 | 380.00 | 3.00 | 110 | 10 | 1.3 | |
381.00 | 388.00 | 7.00 | 140 | 13 | 1.2 | |
397.00 | 398.00 | 1.00 | 110 | 10 | 1.0 | |
399.00 | 401.00 | 2.00 | 105 | 10 | 0.8 | |
409.60 | 418.00 | 8.40 | 388 | 10 | 1.6 | |
Including | 413.00 | 413.35 | 0.35 | 1640 | 10 | 2.0 |
421.00 | 424.65 | 3.65 | 542 | 10 | 1.8 | |
Including | 422.00 | 423.00 | 1.00 | 1280 | 10 | 2.0 |
ST24-03 | 10.00 | 11.00 | 1.00 | 100 | 20 | 0.5 |
24.00 | 26.00 | 2.00 | 135 | 30 | 1.0 | |
33.00 | 34.00 | 1.00 | 100 | 10 | 0.5 | |
35.00 | 40.00 | 5.00 | 208 | 10 | 0.7 | |
41.00 | 42.00 | 1.00 | 120 | 10 | 1.0 | |
43.00 | 49.00 | 6.00 | 125 | 33 | 1.0 | |
54.00 | 55.00 | 1.00 | 110 | 10 | 0.5 | |
56.00 | 57.00 | 1.00 | 590 | 10 | 1.0 | |
66.00 | 70.00 | 4.00 | 153 | 20 | 0.9 | |
90.00 | 91.00 | 1.00 | 100 | 10 | 0.5 | |
96.00 | 97.00 | 1.00 | 120 | 10 | 0.5 | |
108.00 | 119.00 | 11.00 | 298 | 255 | 0.6 | |
120.00 | 129.07 | 9.07 | 175 | 182 | 0.5 | |
130.90 | 133.00 | 2.10 | 105 | 45 | 0.5 | |
152.00 | 153.98 | 1.98 | 150 | 10 | 0.5 | |
178.70 | 179.00 | 0.30 | 1900 | 80 | 15.0 | |
180.04 | 180.82 | 0.78 | 170 | 10 | 2.0 |
Table 2: Summary of recent significant drilling intersections for drill holes ST24-02 and ST24-03. Given the exploratory nature of the drilling a cut-off of 0.01% Cu is used to highlight the presence of copper sulfides. In the absence of copper sulfide or oxides, the dolomite host rocks at Storm typically contain 10-25ppm copper. Diamond drill intersections are all core length and true width is expected to be 60% to 100% of core length.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/ .
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
QA/QC Protocols
The analytical work reported on herein was performed by ALS Global ("ALS"), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Samples were subject to 33 element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a). Overlimit values for copper (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62).
Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect, where ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts, including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Aston Bay and American West Metals Report 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada
Thick and high-grade copper intersections from the surface at Chinook
Chinook Deposit delineation drilling:
Drilling at the Chinook Deposit has intersected thick, high-grade, near-surface copper intervals (interpreted as close to true width), including:
Drill hole SR24-068:
42.7m @ 3.1% Cu, 4.0 g/t Ag from the surface, including,
1.5m @ 7.1% Cu, 60 g/t Ag from 25.9m downhole
Drill hole SR24-080:
35.1m @ 2.7% Cu, 5.8 g/t Ag from 22.9m downhole, including,
9.2m @ 7.3% Cu, 15.3 g/t Ag from 27.4m downhole, and,
3.1m @ 3.9% Cu, 5.5 g/t Ag from 38.1m downhole
Drill hole SR24-081:
29m @ 2.6% Cu, 4.3 g/t Ag from the surface, including,
3.1m @ 11.1% Cu, 1.5 g/t Ag from 1.5m downhole, and,
4.6m @ 4.8% Cu, 5.7 g/t Ag from 21.6m downhole
Cyclone Deposit delineation drilling:
Drilling around and within the Cyclone Deposit continues to intersect thick, high-grade copper intervals (interpreted as close to true width), including:
Drill hole SR24-117 has intersected:
16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m downhole, and
33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m downhole, including,
3.1m @ 6.9% Cu, 23.0 g/t Ag from 54.9m downhole
Assays for the remaining Cyclone drill holes are expected in the next 2-4 weeks
TORONTO, ON / ACCESSWIRE / October 17, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"Storm continues to deliver impressive results from the delineation drilling program conducted by our partners American West. Long intercepts of high-grade copper mineralization from the surface bode well for potential development at the project. We look forward to more drill results in the coming weeks as we work toward calculating the maiden resource for Storm."
Figure 1: Storm Project team geologists Rachel Borg and Jordan Mathieu review the drill core from metallurgical drill hole SM24-02 (see Table 1 for details).
EXCEPTIONAL COPPER INTERSECTIONS FROM THE SURFACE AT CHINOOK
Assay results from drilling at the Chinook Deposit confirm thick and high-grade intersections of copper from the surface and highlight the near-surface, high-grade potential of the deposit (Figure 2). The drill program was designed to inform an upcoming maiden mineral resource estimate for the Storm Project that is currently being constructed to CIM standards.
The shallow, up-dip drilling has intersected outstanding intervals of copper and has increased the thickness of the known mineralization along several drill sections. Drilling on the margins of Chinook has also highlighted its expansion potential, with the deposit remaining open down dip and along strike.
The thick intervals and high grades of the outcropping and near-surface copper mineralization at Chinook support potential open-pit mining of the deposit, reinforcing the development opportunity that Chinook presents as a potential starter mining pit at Storm. Detailed studies continue on a range of mining and development scenarios for the Storm project.
Figure 2: Plan view of the Chinook Deposit showing the interpreted copper mineralized zone and historical and recent drilling, overlying regional geology.
Figure 3: Photo of the Chinook copper deposit area looking north, across the gully from the Lightning Ridge Prospect. The extensive rust-coloured staining indicates an outcropping of copper sulfide. Also visible in the photo are a diamond drilling rig (left, middle) and several white bulk bags used for transporting drill samples.
DRILL HOLE SR24-068 DETAILS
SR24-068 was drilled in the up-dip portion of the Chinook Deposit to a downhole depth of 79.2m (Figure 4), intersecting 43m of intense chalcocite and bornite mineralization from the surface (Table 1). The interval is consistently mineralized with several discrete zones of more intense mineralization grading up to 7.1% Cu (from 25.9m downhole).
The mineralization within the Chinook Deposit is steeply dipping and hosted within the Allen Bay Formation. The geometry and fractured nature of the mineralization within the deposit suggest that it is fault-related. With the immediate Chinook area only being explored to approximately 120m vertical depth, there is outstanding potential to extend the deposit at depth and along strike.
The Chinook Deposit represents one of seven discoveries in the Southern Graben area to date, and there is strong potential for further discoveries within the extensive fault network that delineates the graben.
Figure 4: N-S geological schematic section view through SR24-068 showing the recent drill hole locations, recently received assays and the previous interpretation of the copper mineralized zone (to be updated).
THICK INTERVALS OF COPPER CONTINUE AT CYCLONE
The potential of the Cyclone Deposit is highlighted by the thick and high-grade nature of copper mineralization in these new results, both within and outside the interpreted copper mineralized zone (Figure 5).
Within the mineralized zone, these new drill results from the southeast of the deposit demonstrate the intense copper mineralization that is typically found close to the Northern Graben Fault, a critical structural control on mineralization.
Recent drilling has also hit significant copper mineralization outside of the interpreted zone of copper mineralization at Cyclone. Previous geological interpretations truncated the zone along the Northern Graben Fault (Figure 5). Recent drilling to the southwest of the deposit (see September 27, 2024, Aston Bay news release) confirms that the Cyclone mineralization continues across this structure and is located at depth within the down-faulted stratigraphy of the Central Graben, outside of the previously interpreted mineralized body. With only minimal drilling in this newly identified zone to the southeast, this area remains a highly prospective target for future growth (Figure 6).
Figure 5: Plan view of the Cyclone Deposit showing the interpreted copper mineralized zone and historical and recent drilling overlying regional geology.
DRILL HOLE SR24-117 DETAILS
SR24-117 was drilled in the southeast portion of the Cyclone Deposit to a downhole depth of 100.7m (Table 4) proximal to the Northern Graben Fault.
The mineralization in SR24-117 contains two main zones (16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m and 33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m) of intense vein- and fracture-style copper sulfide mineralization, dominantly chalcocite, hosted within fractured dolomite of the Allen Bay Formation.
Copper-rich chalcocite mineralization is usually characterized by significant lateral continuity within Cyclone. Given the proximity to the Northern Graben Fault, it is interpreted that the mineralization is highly likely to continue to the south across the fault, where the extension to the Cyclone mineralization could be located slightly deeper within the Central Graben (Figure 6).
Figure 6: Geological section view at 465,400E showing the interpreted mineralized intervals (>0.2% Cu) for drill hole SR24-117, and the previous interpretation of the copper mineralized zone (to be updated).
PLANNED PROGRAM
On-site drilling activities have concluded for 2024 with substantial news flow expected to continue, including the laboratory assays for the remaining drill holes over the next month and the results of several ongoing studies throughout Q4 2024 and early 2025.
A maiden mineral resource estimate for the Storm Project is currently being constructed to CIM standards for anticipated Q4 2024 release.
ESG, mining, engineering, metallurgical, and economic studies are continuing with Ausenco and Sacre-Davey Engineering.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SM24-01 | 0 | 8 | 8 | 4.84 | 0.1 | 13.1 |
Including | 3 | 5.38 | 2.38 | 13.41 | 0.4 | 22.8 |
38 | 43 | 5 | 0.50 | 0.0 | 1.7 | |
44 | 59 | 15 | 2.78 | 0.0 | 9.0 | |
Including | 46.5 | 55 | 8.5 | 4.54 | 0.0 | 13.8 |
60 | 64.5 | 4.5 | 1.34 | 0.0 | 2.1 | |
Including | 62 | 63.8 | 1.8 | 2.45 | 0.0 | 3.2 |
74.24 | 75.05 | 0.81 | 0.36 | 0.0 | 1.0 | |
77.5 | 79 | 1.5 | 0.59 | 0.0 | 1.0 | |
SM24-02 | 6 | 10 | 4 | 0.61 | 0.0 | 3.8 |
11.9 | 26 | 14.1 | 4.90 | 0.0 | 7.0 | |
Including | 18.4 | 26 | 7.6 | 8.15 | 0.0 | 5.9 |
27 | 29 | 2 | 1.08 | 0.0 | 1.0 | |
30.35 | 32.5 | 2.15 | 1.18 | 0.0 | 1.8 | |
33 | 35 | 2 | 3.88 | 0.0 | 4.0 | |
Including | 33 | 34 | 1 | 6.86 | 0.0 | 6.0 |
37 | 40 | 3 | 8.81 | 0.0 | 12.2 | |
Including | 37 | 38 | 1 | 24.40 | 0.0 | 32.0 |
41.5 | 44 | 2.5 | 3.12 | 0.0 | 4.0 | |
Including | 41.5 | 42.5 | 1 | 6.30 | 0.0 | 7.0 |
51 | 55 | 4 | 3.24 | 0.0 | 3.7 | |
Including | 51.85 | 54 | 2.15 | 5.64 | 0.0 | 5.8 |
56 | 65 | 9 | 3.76 | 0.0 | 3.1 | |
Including | 58 | 59.9 | 1.9 | 10.54 | 0.0 | 6.9 |
and | 63 | 64 | 1 | 2.06 | 0.0 | 2.0 |
66 | 69 | 3 | 0.30 | 0.0 | 1.0 | |
71 | 73 | 2 | 0.43 | 0.0 | 1.0 | |
74 | 76 | 2 | 0.49 | 0.0 | 1.0 | |
80 | 81.5 | 1.5 | 1.12 | 0.0 | 0.8 | |
85.3 | 86 | 0.7 | 2.35 | 0.0 | 1.0 | |
92.5 | 93 | 0.5 | 1.75 | 0.0 | 1.0 | |
SR24-068 | 0 | 42.67 | 42.67 | 3.10 | 0.0 | 4.0 |
Including | 25.91 | 27.43 | 1.52 | 7.14 | 0.0 | 6.0 |
SR24-080 | 0 | 1.52 | 1.52 | 0.21 | 0.0 | 1.0 |
4.57 | 7.62 | 3.05 | 0.41 | 0.0 | 0.5 | |
9.14 | 21.34 | 12.2 | 0.93 | 0.0 | 1.6 | |
Including | 10.67 | 13.72 | 3.05 | 1.76 | 0.0 | 1.5 |
and | 15.24 | 18.29 | 3.05 | 1.12 | 0.0 | 2.0 |
22.86 | 57.91 | 35.05 | 2.72 | 0.1 | 5.8 | |
Including | 27.43 | 36.58 | 9.15 | 7.28 | 0.5 | 15.3 |
and | 38.1 | 41.15 | 3.05 | 3.90 | 0.0 | 5.5 |
62.48 | 68.58 | 6.1 | 0.53 | 0.0 | 1.1 | |
Including | 65.53 | 67.06 | 1.53 | 1.04 | 0.0 | 0.5 |
SR24-081 | 0 | 28.96 | 28.96 | 2.56 | 0.1 | 4.3 |
Including | 1.52 | 4.57 | 3.05 | 11.11 | 0.1 | 1.5 |
and | 7.62 | 10.67 | 3.05 | 2.24 | 0.1 | 5.5 |
and | 21.34 | 25.91 | 4.57 | 4.77 | 0.1 | 5.7 |
39.62 | 50.29 | 10.67 | 0.56 | 0.0 | 1.4 | |
Including | 48.77 | 50.29 | 1.52 | 1.03 | 0.0 | 2.0 |
57.91 | 59.44 | 1.53 | 0.31 | 0.0 | 3.0 | |
62.48 | 64.01 | 1.53 | 0.26 | 0.0 | 7.0 | |
SR24-082 | 0 | 7.62 | 7.62 | 0.61 | 0.0 | 3.0 |
Including | 1.52 | 3.05 | 1.53 | 1.11 | 0.0 | 4.0 |
10.67 | 13.72 | 3.05 | 0.45 | 0.0 | 2.5 | |
19.81 | 28.96 | 9.15 | 2.73 | 0.0 | 2.2 | |
32 | 35.05 | 3.05 | 0.66 | 0.0 | 24.0 | |
SR24-083 | 0 | 18.29 | 18.29 | 2.48 | 0.0 | 16.0 |
Including | 4.57 | 10.67 | 6.1 | 5.37 | 0.0 | 2.8 |
22.86 | 27.43 | 4.57 | 0.35 | 0.0 | 3.3 | |
39.62 | 41.15 | 1.53 | 0.52 | 0.0 | 1.0 | |
SR24-084 | 3.05 | 4.57 | 1.52 | 0.60 | 0.0 | 2.0 |
7.62 | 9.14 | 1.52 | 0.34 | 0.0 | 1.0 | |
12.19 | 16.76 | 4.57 | 0.78 | 0.0 | 1.3 | |
Including | 12.19 | 13.72 | 1.53 | 1.82 | 0.0 | 2.0 |
25.91 | 32 | 6.09 | 1.04 | 0.0 | 2.0 | |
Including | 27.43 | 28.96 | 1.53 | 3.45 | 0.0 | 3.0 |
45.72 | 47.24 | 1.52 | 0.21 | 0.0 | 1.0 | |
SR24-085 | 7.62 | 9.14 | 1.52 | 0.43 | 0.0 | 0.5 |
10.67 | 12.19 | 1.52 | 0.87 | 0.3 | 1.0 | |
13.72 | 18.29 | 4.57 | 0.74 | 0.1 | 4.7 | |
Including | 16.76 | 18.29 | 1.53 | 1.42 | 0.0 | 10.0 |
SR24-086 | 10.67 | 16.76 | 6.09 | 0.93 | 0.0 | 53.4 |
Including | 10.67 | 13.72 | 3.05 | 1.39 | 0.0 | 83.1 |
22.86 | 25.91 | 3.05 | 0.52 | 0.0 | 3.0 | |
38.1 | 39.62 | 1.52 | 0.21 | 0.0 | 2.0 | |
SR24-088 | 54.86 | 56.39 | 1.53 | 0.24 | 0.0 | 2.0 |
SR24-090 | 0 | 1.52 | 1.52 | 0.29 | 0.0 | 3.0 |
9.14 | 12.19 | 3.05 | 0.48 | 0.0 | 3.5 | |
16.76 | 25.91 | 9.15 | 1.05 | 0.0 | 1.3 | |
Including | 18.29 | 21.34 | 3.05 | 1.77 | 0.0 | 1.5 |
27.43 | 32 | 4.57 | 0.71 | 0.0 | 3.0 | |
Including | 28.96 | 30.48 | 1.52 | 1.48 | 0.0 | 2.0 |
33.53 | 38.1 | 4.57 | 0.44 | 0.0 | 0.8 | |
SR24-092 | 53.34 | 60.96 | 7.62 | 0.41 | 0.0 | 0.9 |
64.01 | 65.53 | 1.52 | 0.28 | 0.0 | 0.5 |
Table 1: Summary of recent significant drilling intersections at the Chinook Deposit (>0.2% Cu). The Reverse Circulation ("RC") intersections (SR24* holes) are expressed as downhole widths and are interpreted to be close to true widths. Diamond drill intersections (SM* holes) are all core length and true width is expected to be 60% to 100% of core length.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-077 | 118.87 | 120.4 | 1.53 | 0.45 | 0.06 | 2 |
SR24-113 | 96.01 | 97.54 | 1.53 | 0.3 | 0.0 | 2.0 |
SR24-114 | 44.2 | 45.72 | 1.52 | 0.3 | 0.0 | 1.0 |
62.48 | 64.01 | 1.53 | 2.1 | 0.0 | 4.0 | |
70.1 | 73.15 | 3.05 | 0.7 | 0.0 | 3.5 | |
Including | 71.63 | 73.15 | 1.52 | 1.1 | 0.0 | 5.0 |
77.72 | 80.77 | 3.05 | 0.3 | 0.0 | 2.0 | |
100.58 | 102.11 | 1.53 | 0.5 | 0.0 | 2.0 | |
SR24-115 | 21.34 | 24.38 | 3.04 | 0.4 | 0.0 | 1.5 |
33.53 | 36.58 | 3.05 | 0.4 | 0.0 | 1.5 | |
47.24 | 48.77 | 1.53 | 0.2 | 0.0 | 0.5 | |
62.48 | 64.01 | 1.53 | 0.4 | 0.0 | 2.0 | |
73.15 | 74.68 | 1.53 | 0.2 | 0.0 | 0.5 | |
77.72 | 79.25 | 1.53 | 0.3 | 0.0 | 1.0 | |
SR24-116 | 30.48 | 32 | 1.52 | 0.4 | 0.0 | 2.0 |
38.1 | 39.62 | 1.52 | 0.3 | 0.0 | 1.0 | |
50.29 | 56.39 | 6.1 | 0.9 | 0.2 | 6.0 | |
Including | 53.34 | 56.39 | 3.05 | 1.4 | 0.2 | 9.5 |
60.96 | 65.53 | 4.57 | 0.4 | 0.0 | 0.8 | |
71.63 | 73.15 | 1.52 | 0.4 | 0.0 | 0.5 | |
74.68 | 76.2 | 1.52 | 0.2 | 0.0 | 0.5 | |
77.72 | 83.82 | 6.1 | 0.8 | 0.0 | 3.5 | |
Including | 77.72 | 79.25 | 1.53 | 2.2 | 0.0 | 8.0 |
SR24-117 | 10.67 | 12.19 | 1.52 | 0.5 | 0.0 | 2.0 |
15.24 | 32 | 16.76 | 1.0 | 0.0 | 4.0 | |
35.05 | 68.58 | 33.53 | 1.5 | 0.1 | 8.5 | |
Including | 53.34 | 64.01 | 10.67 | 2.8 | 0.1 | 10.3 |
Including | 54.86 | 57.91 | 3.05 | 6.93 | 0.1 | 23 |
77.72 | 83.82 | 6.1 | 0.5 | 0.1 | 4.3 | |
SR24-118 | 19.81 | 21.34 | 1.53 | 0.4 | 0.0 | 2.0 |
35.05 | 38.1 | 3.05 | 0.5 | 0.0 | 1.5 | |
42.67 | 44.2 | 1.53 | 0.3 | 0.0 | 1.0 | |
68.58 | 74.68 | 6.1 | 0.3 | 0.0 | 1.0 | |
SR24-121 | 89.92 | 91.44 | 1.52 | 0.4 | 0.0 | 1.0 |
SR24-122 | 16.76 | 18.29 | 1.53 | 0.2 | 0.0 | 0.5 |
39.62 | 41.15 | 1.53 | 0.7 | 0.0 | 3.0 | |
47.24 | 48.77 | 1.53 | 0.3 | 0.0 | 2.0 | |
51.82 | 53.34 | 1.52 | 0.2 | 0.0 | 1.0 | |
76.2 | 79.25 | 3.05 | 0.3 | 0.1 | 2.5 | |
SR24-124 | 106.68 | 108.2 | 1.52 | 0.3 | 0.1 | 2.0 |
112.78 | 114.3 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-125 | 114.3 | 115.82 | 1.52 | 0.4 | 0.0 | 1.0 |
117.35 | 118.87 | 1.52 | 0.2 | 0.0 | 1.0 | |
123.44 | 126.49 | 3.05 | 0.7 | 0.0 | 1.5 | |
SR24-127 | 85.34 | 100.58 | 15.24 | 0.8 | 0.1 | 3.5 |
Including | 86.87 | 94.49 | 7.62 | 1.3 | 0.0 | 3.6 |
102.11 | 103.63 | 1.52 | 0.3 | 0.0 | 2.0 | |
105.16 | 109.73 | 4.57 | 0.8 | 0.0 | 5.7 | |
SR24-128 | 67.06 | 70.1 | 3.04 | 0.6 | 0.1 | 4.5 |
71.63 | 74.68 | 3.05 | 0.4 | 0.0 | 3.5 | |
80.77 | 82.3 | 1.53 | 0.3 | 0.1 | 6.0 | |
99.06 | 102.11 | 3.05 | 0.2 | 0.0 | 2.0 | |
106.68 | 108.2 | 1.52 | 0.3 | 0.0 | 1.0 |
Table 2: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu). The Reverse Circulation ("RC") intersections (SR24* holes) are expressed as downhole widths and are interpreted to be close to true widths.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect, where ten grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018, yielding a best intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West) and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts, including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for the discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, as well as the high-grade Buckingham Gold Vein in central Virginia. The Company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX:AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada
Drill results outside of known mineralization confirm the expansion potential
Cyclone resource upgrade and expansion:
Assays confirm that the resource drilling around and within the Cyclone Deposit has intersected further thick high-grade copper intervals including:
Drill hole SR24-093 was drilled 75m southof the current known area of mineralization and has intersected:
53.3m @ 3.9% copper (Cu), 12.6 grams per tonne (g/t) silver (Ag) from 86.9m downhole, including,
22.9m @ 8.5% Cu, 17.8g/t Ag from 86.9m downhole, including,
9.1m @ 14.4% Cu, 21.3g/t Ag from 93m downhole
Drill hole SR24-070 has intersected:
45.7m @ 1.9% Cu, 9.4g/t Ag from 35.1m downhole, including,
27.4m @ 3.1% Cu, 14.6g/t Ag from 35.1m downhole, including,
15.2m @ 4.2% Cu, 16.2g/t Ag from 35.1m downhole
Drill hole SR24-045 has intersected:
57.9m @ 1% Cu, 4.3g/t Ag from 32m downhole, including,
10.7m @ 3.2% Cu, 16.0g/t Ag from 65.5m downhole
Sealift and 2025 program preparation:
NEAS cargo ship MV Mitiq has successfully completed the 2024 sealift operation at Storm
The sealift has delivered large quantities of supplies directly on Somerset Island for the 2025 exploration, resource expansion, and development programs, which is expected to save an estimated $4 Million on the 2025 budget
Bulk samples containing copper were also transported offsite via the cargo ship, demonstrating the complete logistics chain for the potential direct shipping product mining operation
TORONTO, ON / ACCESSWIRE / September 27, 2024 /Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), who is the operator of the Project. Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"It is exciting to hit such a long interval of high-grade copper outside of the previously known zone of mineralization as we work toward calculation of a maiden resource estimate this fall. This suggests there is more to be found, and it bodes well for additional discoveries and expansion of the known existing mineralization with next year's campaign.
"We congratulate NEAS on the arrival of their cargo ship MV Mitiq into Aston Bay. This sealift is a first for the project that will significantly reduce the cost for both the delineation drilling and exploration diamond drilling programs next year. The successful operation demonstrates that bulk cargo and equipment can be economically transported to the project and that potential products could be delivered to market on the return journey. This will play an important part in future programs and development plans at Storm."
Figure 1: NEAS cargo ship MV Mitiq at anchor in Aston Bay for the Storm Project sealift.
EXCEPTIONAL COPPER INTERSECTIONS CONTINUE AT CYCLONE
Assay results from the latest batch of drill holes have been received and continue to highlight the expansion and upgrade potential of the Cyclone Deposit (Figure 2).
The latest assays have confirmed very thick and high-grade intersections of copper within and outside of the current known mineralization envelope, particularly at the west end and to the south of the deposit. The west end of Cyclone hosts the shallowest and highest-grade copper mineralization within the deposit, considered very favourable for a potential open-pit mining operation in future. The infill drilling also continues to confirm the excellent lateral continuity of the mineralization.
Assays for the remainder of the outstanding drill holes are expected in batches over the coming weeks.
Figure 2: Plan view of the Cyclone Deposit showing the copper mineralized zone outlines and historical and recent drilling, overlain on regional geology.
DRILL HOLE SR24-093 DETAILS
SR24-093 was drilled to the southwest of the Cyclone Deposit and to a downhole depth of 150.9m (Figure 3). The drill hole was designed to follow up other strong copper intersections outside of the known mineralization in the southern area including SR24-009 which intersected 15.2m @ 1.4% Cu, including 1.5m @ 6.4% Cu from 109.7m downhole (See August 15, 2024, Aston Bay news release.
Drill hole SR24-093 intersected 53m of strong chalcocite mineralization (53.3m @ 3.9% Cu) from 86.9m downhole with an intensely mineralized zone and semi-massive sulfide zone between 86.9m and 109.7m downhole averaging 8.5% Cu over 22.9m (Table 1).
The mineralized Allen Bay host rock in SR24-093 is displaced downward relative to the Cyclone Deposit south of the large fault that forms the northern boundary of the Central Graben. The faults that define this large block of down-dropped prospective rock within the Central Graben either host or are spatially associated with the majority of the copper mineralization at Storm. The graben block itself, with the prospective Allen Bay stratigraphic horizon covered by the barren overlying Douro formation at the surface, is little explored. These new intercepts highlight the potential for the Central Graben to host significant copper mineralization concealed at depth.
The large 75m step-out from the previous drilling, thickness, and grade of the copper mineralization are promising for the discovery of additional mineralization to the southwest of the Cyclone Deposit and elsewhere in the large but underexplored Central Graben.
Figure 3: N-S geological schematic section view through SR24-093 and SR24-073 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization..
DRILL HOLE SR24-045 and SR24-070 DETAILS
SR24-045 and SR24-070 are located on the same drill section and have intersected intense copper sulfide mineralization on the margins of the known zones of mineralization at Cyclone (Figure 2).
Mineralization in both drill holes consists of zones of intense vein- and fracture-style copper sulfide mineralization with thick intervals over 3% Cu hosted within fractured dolomite of the Allen Bay Formation.
The dominant copper sulfide mineral observed within the drill holes is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and within veins. The mineralogy and intensity of copper mineralization is typically characterized by significant lateral continuity within Cyclone.
Figure 4: Geological section view at 464,850E showing the mineralized intervals (>0.2% Cu) for drill holes SR24-011, SR24-15 and SR24-023, and the interpreted zones of copper mineralization.
SEALIFT - DEMONSTRATION OF COMPLETE LOGISTICS CHAIN
The NEAS cargo ship MV Mitiq has recently completed a sealift operation at the Storm Project. The ship anchored in Aston Bay and has delivered large quantities of aviation and diesel fuel, salt for diamond drilling, lumber, heavy machinery, and other supplies in preparation for the 2025 exploration and delineation drilling program.
The sealift is carried out using large, tugboat-guided barges maneuvered onto a suitable beach (Figure 5), and then off-loaded using large wheeled loaders. Materials are hoisted from the ship to the barges (and vice versa) using large cranes. This system eliminates the need for wharves or other port infrastructure to load and unload cargo (Figures 6 & 7).
The sealift has also demonstrated the loading operations and sent bulk samples of RC chips off-site. The mineralized samples will be used for metallurgical purposes and the process has demonstrated the complete logistics chain for a potential mining operation at the Storm Project: it is envisaged that potential copper direct shipping product would be transported to market in sea containers via sealift on empty ships returning to port on the east coast of Canada.
Whereas the sealift has incurred expenses on the 2024 program, the exercise is expected to save approximately $4m on the 2025 program budget.
Figure 5: Photo of the sealift tug and barging operation underway on Aston Bay, Nunavut.
Figure 6: Offloading of cargo at the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.
Figure 7: Photo of the Storm Project Marine Loading Area (MLA), on the coast of Aston Bay, Nunavut.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-043 | 91.44 | 99.06 | 7.62 | 0.4 | 0.0 | 0.9 |
100.58 | 102.11 | 1.53 | 0.3 | 0.0 | 1.0 | |
105.16 | 106.68 | 1.52 | 0.2 | 0.0 | 2.0 | |
SR24-045 | 32.00 | 89.92 | 57.91 | 1.0 | 0.0 | 4.3 |
Including | 65.53 | 76.20 | 10.67 | 3.2 | 0.0 | 9.0 |
SR24-049 | 27.43 | 44.20 | 16.76 | 1.0 | 0.0 | 2.9 |
Including | 27.43 | 35.05 | 7.62 | 1.5 | 0.0 | 4.0 |
48.77 | 68.58 | 19.81 | 0.4 | 0.0 | 1.3 | |
Including | 65.53 | 67.06 | 1.52 | 1.1 | 0.0 | 1.0 |
SR24-053 | 83.82 | 86.87 | 3.05 | 0.4 | 0.0 | 0.5 |
SR24-061 | 48.77 | 51.82 | 3.05 | 0.5 | 0.0 | 1.0 |
Including | 42.67 | 45.72 | 3.05 | 1.0 | 0.0 | 2.0 |
and | 50.29 | 51.82 | 1.52 | 1.1 | 0.0 | 1.0 |
92.96 | 94.49 | 1.52 | 0.5 | 0.0 | 1.0 | |
111.25 | 117.35 | 6.10 | 0.2 | 0.0 | 1.0 | |
SR24-063 | 22.86 | 36.58 | 13.72 | 1.3 | 0.0 | 4.0 |
Including | 27.43 | 32.00 | 4.57 | 3.1 | 0.1 | 8.7 |
42.67 | 45.72 | 3.05 | 0.5 | 0.1 | 3.0 | |
50.29 | 51.82 | 1.52 | 0.3 | 0.0 | 1.0 | |
59.44 | 60.96 | 1.52 | 0.3 | 0.0 | 1.0 | |
65.53 | 71.63 | 6.10 | 0.3 | 0.2 | 2.5 | |
SR24-067 | 12.19 | 21.34 | 9.14 | 0.3 | 0.0 | 1.0 |
30.48 | 35.05 | 4.57 | 0.8 | 0.0 | 2.0 | |
Including | 30.48 | 32.00 | 1.52 | 1.2 | 0.1 | 2.0 |
44.20 | 45.72 | 1.52 | 0.3 | 1.0 | 3.0 | |
50.29 | 62.48 | 12.19 | 1.0 | 0.1 | 4.6 | |
Including | 50.29 | 51.82 | 1.52 | 1.0 | 0.0 | 6.0 |
and | 57.91 | 62.48 | 4.57 | 1.9 | 0.1 | 8.7 |
59.44 | 68.58 | 9.14 | 0.3 | 0.0 | 2.0 | |
73.15 | 74.68 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-070 | 27.43 | 28.96 | 1.52 | 0.4 | 0.0 | 1.0 |
35.05 | 80.77 | 45.72 | 1.9 | 0.1 | 9.4 | |
Including | 35.05 | 62.48 | 27.43 | 3.1 | 0.1 | 14.6 |
Including | 35.05 | 50.92 | 15.24 | 4.2 | 0.1 | 16.2 |
SR24-071 | 33.53 | 35.05 | 1.52 | 0.4 | 0.0 | 9.0 |
65.53 | 82.30 | 16.76 | 0.8 | 0.1 | 3.7 | |
Including | 67.06 | 68.58 | 1.52 | 2.3 | 0.0 | 7.0 |
and | 79.25 | 80.77 | 1.52 | 2.9 | 0.1 | 15.0 |
SR24-072 | 59.44 | 67.06 | 7.62 | 1.0 | 0.0 | 3.8 |
Including | 59.44 | 64.01 | 4.57 | 1.5 | 0.0 | 4.7 |
71.63 | 74.68 | 3.05 | 0.6 | 0.0 | 3.0 | |
79.25 | 80.77 | 1.52 | 0.7 | 0.0 | 2.0 | |
SR24-073 | 45.72 | 54.86 | 9.14 | 0.2 | 0.0 | 2.7 |
65.53 | 82.30 | 16.76 | 0.4 | 0.0 | 3.2 | |
Including | 73.15 | 74.68 | 1.52 | 1.1 | 0.0 | 6.0 |
86.87 | 88.39 | 1.52 | 0.6 | 0.0 | 4.0 | |
SR24-075 | 97.54 | 105.16 | 7.62 | 0.6 | 0.0 | 4.4 |
Including | 97.54 | 99.06 | 1.52 | 1.1 | 0.0 | 7.0 |
SR24-076 | 106.68 | 120.40 | 13.72 | 0.8 | 0.0 | 2.4 |
Including | 109.73 | 112.78 | 3.05 | 2.1 | 0.0 | 5.5 |
128.02 | 129.54 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-087 | 25.91 | 30.48 | 4.57 | 0.5 | 0.0 | 1.7 |
48.77 | 57.91 | 9.14 | 1.0 | 0.0 | 2.8 | |
Including | 50.29 | 56.39 | 6.10 | 1.3 | 0.0 | 3.8 |
76.20 | 88.39 | 12.19 | 0.6 | 0.0 | 2.5 | |
Including | 76.20 | 79.25 | 3.05 | 1.4 | 0.0 | 4.0 |
SR24-089 | 9.14 | 10.67 | 1.52 | 0.5 | 0.0 | 2.0 |
21.34 | 25.91 | 4.57 | 0.4 | 0.0 | 1.7 | |
38.10 | 53.34 | 15.24 | 0.4 | 0.0 | 1.5 | |
Including | 42.67 | 44.20 | 1.52 | 1.1 | 0.0 | 3.0 |
57.91 | 59.44 | 1.52 | 0.5 | 0.0 | 1.0 | |
65.53 | 68.58 | 3.05 | 0.4 | 0.0 | 1.5 | |
88.39 | 89.92 | 1.52 | 0.3 | 0.0 | 3.0 | |
SR24-091 | 16.76 | 24.38 | 7.62 | 0.4 | 0.0 | 2.6 |
32.00 | 35.05 | 3.05 | 0.3 | 0.0 | 0.8 | |
53.34 | 62.48 | 9.14 | 0.3 | 0.0 | 1.5 | |
70.10 | 77.72 | 7.62 | 0.2 | 0.0 | 1.2 | |
SR24-093 | 86.87 | 140.21 | 53.34 | 3.9 | 0.3 | 12.6 |
Including | 86.87 | 109.73 | 22.86 | 8.5 | 0.3 | 17.8 |
Including | 92.96 | 102.11 | 9.14 | 14.4 | 0.0 | 21.3 |
Including | 99.06 | 102.11 | 3.05 | 27.7 | 0.0 | 39.0 |
SR24-095 | 39.62 | 41.15 | 1.52 | 0.8 | 0.0 | 3.0 |
SR24-097 | 57.91 | 60.96 | 3.05 | 0.2 | 0.1 | 2.5 |
71.63 | 74.68 | 3.05 | 0.3 | 0.0 | 2.0 | |
85.34 | 86.87 | 1.52 | 0.4 | 0.0 | 1.0 | |
SR24-099 | 62.48 | 73.15 | 10.67 | 0.3 | 0.0 | 1.7 |
83.82 | 86.87 | 3.05 | 0.8 | 0.1 | 1.5 | |
SR24-101 | 67.06 | 70.10 | 3.05 | 0.4 | 0.0 | 1.5 |
86.87 | 89.92 | 3.05 | 0.2 | 0.0 | 1.5 | |
92.96 | 94.49 | 1.52 | 0.3 | 0.0 | 2.0 | |
126.49 | 128.02 | 1.52 | 0.9 | 0.0 | 3.0 | |
140.21 | 141.73 | 1.52 | 0.5 | 0.0 | 2.0 | |
SR24-103 | 65.53 | 71.63 | 6.10 | 0.3 | 0.0 | 1.5 |
94.49 | 108.20 | 13.72 | 0.5 | 0.0 | 1.9 | |
Including | 102.11 | 103.63 | 1.52 | 2.2 | 0.0 | 5.0 |
SR24-105 | 96.01 | 106.68 | 10.67 | 0.4 | 0.0 | 1.1 |
112.78 | 114.30 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-107 | 60.96 | 64.01 | 3.05 | 0.5 | 0.0 | 1.0 |
100.58 | 103.63 | 3.05 | 0.3 | 0.0 | 0.8 | |
SR24-109 | 118.87 | 120.40 | 1.52 | 0.7 | 0.0 | 2.0 |
SR24-111 | 67.06 | 68.58 | 1.52 | 0.2 | 0.0 | 1.0 |
97.54 | 99.06 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-112 | 51.82 | 53.34 | 1.52 | 0.3 | 0.0 | 2.0 |
76.20 | 99.06 | 22.86 | 0.8 | 0.0 | 3.4 | |
Including | 76.20 | 85.34 | 9.14 | 1.8 | 0.0 | 6.2 |
Table 1: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu). The intersections are expressed as downhole widths and are interpreted to be close to true widths.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West), and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE:Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Group Eleven Welcomes Franz Bollmann to the Board of Directors
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that Franz Bollmann has been appointed to the Board of Directors. Mr. Bollmann has been nominated by Glencore Canada Corporation (which owns 16.1% of the Company) and will replace Gatlin Smeijers, who has stepped down from the Board, effective March 31, 2025, to pursue another opportunity.
Bart Jaworski, CEO of Group Eleven, commented: "We are delighted to welcome Franz to the team and look forward to working with him to further grow shareholder value. On behalf of the Company, I would also like to thank Gatlin for his valuable insights and guidance during his tenure as director and wish him the very best on his new endeavour."
Mr. Bollmann currently serves as Finance Manager at Glencore Zinc and as a Director of Glencore Servicios Corporativos Spain. Mr. Bollmann joined Glencore in 2014, working across finance, commercial, and business development roles in the Latam region. He also served as a director of Volcan Compañia Minera. Prior to joining Glencore, Mr. Bollmann worked in sales and trading at Raymond James in the United States. He holds a degree in Finance and a minor in Mathematics from the University of Arkansas.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) and (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire zinc-lead-silver discovery in September 2022. Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit1, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit2. The Company's two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%). Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514
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 Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company 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: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018)
2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246842
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FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery
FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") announces that further to its news release dated February 24, 2025 it has published the Report for the Awaruite Refinery Scoping Study (the " Study ") on its website at https:fpxnickel.comprojects-overviewawaruite-refinery .
The Study demonstrates a compelling business case for the development of a standalone refinery (the " Refinery ") to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle (" EV ") industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products. The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated.
Highlights
- Strong Economics: After-tax NPV 8% of $445 million and IRR of 20% at $8.50 /lb Ni
- Large-Scale, Long Life : 40-year operating life producing 32,000 tpa of nickel contained in battery-grade nickel sulphate
- Valuable Products: Production of battery-grade nickel sulphate for the EV industry, and by-products including cobalt, copper, and ammonium sulphate, a valuable fertilizer product for the agricultural sector
- Low Cost: Total estimated operating costs of $1,598 /t Ni, or $133 /t Ni ( $0.06 /lb Ni) on a by-product basis for refining awaruite concentrate to battery-grade nickel sulphate, resulting in total all-in production costs of $8,290 /t Ni ( $3.76 /lb Ni) for nickel sulphate generated from awaruite mineralization (inclusive of mining, processing, refining, on a by-product basis), with both figures ranking in the lowest decile of the respective global nickel sulphate cost curves
- Low Carbon : A carbon intensity of 0.2 tCO2/t Ni for refining operations, resulting in a total all-in carbon intensity of 1.4 t CO2/t Ni for nickel sulphate generated from awaruite mineralization, which is magnitudes lower than current nickel sulphate production routes
The Study reinforces the opportunity for the development of an integrated, made-in- Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains. The Study is described more fully in the FPX news release dated February 24, 2025 , and incorporates the flowsheet advancements outlined in the Company's previously reported pilot-scale hydrometallurgical testwork results (see the FPX news release dated October 15, 2024 ).
Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects and Operations, has reviewed and approved the content of this news release.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron mineralization known as awaruite. For more information, please view the Company's website at https://fpxnickel.com/ .
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne , President, CEO and Director
Forward-Looking Statements
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including those which relate to the proposed development of the Refinery, the intended processing of commercially available awaruite concentrate at the Refinery and the ability to obtain same; the projected economics of the Refinery, including capital cost; operating costs; NPV; IRR; carbon intensity; processing life; growth of the EV market; marketability of the concentrate; growth of demand for nickel sulphate and pricing therefor; and all other statements, other than statements of historical facts. These statements address future events and conditions and actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the public reports and filings for FPX, filed on SEDAR+ at www.sedarplus.com . Although FPX believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, FPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE FPX Nickel Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/31/c8434.html
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Vertex Minerals Limited Shares Commence Trading on US OTC Market
Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that its Ordinary Shares have been approved to trade on the OTCQB Venture Market ("OTCQB") in the United States of America (the "U.S.") and have commenced trading under the ticker VTXXF.
HIGHLIGHTS
- Trading commences on OTCQB under the ticker VTXXF.
- OTCQB recognised as an Established Public Market by the SEC.
- Offers enhanced investor benefits, including streamlined trading access for U.S.- based investors to VTX.
- Enables engagement with a network of U.S. investors, data distributions and media partners.
- ASX compliance qualifies for exemption under US regulations, minimising additional costs.
- There is no change to issued capital as part of the quotation on the OTCQB market and Vertex's primary listing remains the Australian Securities Exchange ("ASX") listing.
- No new shares in Vertex have been issued as part of the quotation on the OTCQX Market in the USA.
"The US market will take a keen interest in Vertex, an Australian gold company which will be recognised for its high-grade, future free cash generation, exploration upside, and its Australian dollar market value. The OTCQB quotation makes Vertex more readily accessible to a wider audience at a time when the US market is bullish gold and witnessing record Gold prices". Roger Jackson Executive Chairman
The dual-listing of the Company's ordinary shares on the OTCQB offers key advantages for investors, such as improved trading accessibility for U.S.- based investors and increased liquidity driven by a wider geographic reach of potential shareholders. This platform enables the Company to connect with U.S. capital markets, data providers, and media outlets, ensuring that U.S. investors have access to the same high-quality information and disclosures available to Australian investors, delivered through U.S.-focused platforms. Furthermore, the OTCQB listing allows U.S. investors to trade VTX's ordinary shares in U.S. dollars during U.S. market hours, providing a more cost-effective alternative to trading via the ASX platform.
The ability to trade in the Company's existing ordinary shares on the ASX will not be affected by having the OTCQB facility and no new ordinary shares have been issued. VTX will continue to make announcements and disclosures to the Australian Securities Exchange through the Market Operating Rules and Listing Rule requirements.
The OTCQB is acknowledged by the SEC as an Established Public Market and serves as a prominent platform for U.S. and international companies in the entrepreneurial and growth stages. Eligibility requires companies to maintain up-to-date financial reporting (in line with ASX listing rule obligations), meet a minimum bid price requirement, and complete an annual verification and management certification process. As a trusted and transparent marketplace with streamlined access to U.S. investors, the OTCQB supports companies in building shareholder value, enhancing liquidity, and achieving fair market valuation.
The Company would like to thank David Batista of Viriathus Capital who have acted as Sponsor for the Company's application to commence cross-trading on the OTCQB.
HIGHLIGHTS
- Trading commences on OTCQB under the ticker VTXXF.
- OTCQB recognised as an Established Public Market by the SEC.
- Offers enhanced investor benefits, including streamlined trading access for U.S.- based investors to VTX.
- Enables engagement with a network of U.S. investors, data distributions and media partners.
- ASX compliance qualifies for exemption under US regulations, minimising additional costs.
- There is no change to issued capital as part of the quotation on the OTCQB market and Vertex's primary listing remains the Australian Securities Exchange ("ASX") listing.
- No new shares in Vertex have been issued as part of the quotation on the OTCQX Market in the USA.
"The US market will take a keen interest in Vertex, an Australian gold company which will be recognised for its high-grade, future free cash generation, exploration upside, and its Australian dollar market value. The OTCQB quotation makes Vertex more readily accessible to a wider audience at a time when the US market is bullish gold and witnessing record Gold prices". Roger Jackson Executive Chairman
The dual-listing of the Company's ordinary shares on the OTCQB offers key advantages for investors, such as improved trading accessibility for U.S.- based investors and increased liquidity driven by a wider geographic reach of potential shareholders. This platform enables the Company to connect with U.S. capital markets, data providers, and media outlets, ensuring that U.S. investors have access to the same high-quality information and disclosures available to Australian investors, delivered through U.S.-focused platforms. Furthermore, the OTCQB listing allows U.S. investors to trade VTX's ordinary shares in U.S. dollars during U.S. market hours, providing a more cost-effective alternative to trading via the ASX platform.
The ability to trade in the Company's existing ordinary shares on the ASX will not be affected by having the OTCQB facility and no new ordinary shares have been issued. VTX will continue to make announcements and disclosures to the Australian Securities Exchange through the Market Operating Rules and Listing Rule requirements.
The OTCQB is acknowledged by the SEC as an Established Public Market and serves as a prominent platform for U.S. and international companies in the entrepreneurial and growth stages. Eligibility requires companies to maintain up-to-date financial reporting (in line with ASX listing rule obligations), meet a minimum bid price requirement, and complete an annual verification and management certification process. As a trusted and transparent marketplace with streamlined access to U.S. investors, the OTCQB supports companies in building shareholder value, enhancing liquidity, and achieving fair market valuation.
The Company would like to thank David Batista of Viriathus Capital who have acted as Sponsor for the Company's application to commence cross-trading on the OTCQB.
About Vertex Minerals Limited: Â
Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.
Source:
Vertex Minerals Limited
Contact:
Roger Jackson
Executive Chairman
Tully Richards
Technical Director
tully@vertexminerals.com.au
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Anteros Completes 3D Modelling and Identifies New Critical Mineral Targets at Havens Steady VMS Deposit, Newfoundland
Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce the completion of 3D geological modelling of its 100% owned, road-accessible Havens Steady VMS Property (the "Property") in central Newfoundland. The Property is located approximately 40 kilometres southeast of Buchans and 17 kilometres from the past-producing Duck Pond Mine. The inaugural 3D model integrates over 8,000 metres of historical drilling, surface geochemistry, and geophysical data into a unified geological framework. Interpretation was supported by AI-assisted workflows to enhance target confidence and reduce interpretive bias. The model defines a laterally extensive polymetallic volcanogenic massive sulphide ("VMS") system characterized by zinc-lead-silver ± copper-gold mineralization. It confirms a steeply southeast-dipping mineralized zone trending 057°, with over 700 metres of drilled strike length along the main mineralized zone ("MMZ"), as depicted in Figure 1, and identifies multiple untested vectors remaining open along strike and at depth.
KEY TARGETING HIGHLIGHTS:
- Copper-Rich Southwestern Feeder Zone – A newly delineated zone of copper-enrichment supported by elevated Cu:Pb+Zn ratios, silica-chlorite alteration, and historic drill intercepts may represent a vent-proximal feeder and remains underexplored.
- Northeast Extension of the MMZ – Geophysical trends, soil geochemistry, and alteration vectors indicate strong potential for mineralization northeast of the current drill coverage.
- Untested Pyritic Footwall Target – Pyrite-rich lithologies east of the MMZ, associated with structural and geochemical indicators, may reflect another feeder or deeper mineralization.
- Shallow Infill Drilling Opportunities – Gaps in data within the main mineralized horizon, particularly in areas with shallow overburden, provide cost effective targets for near-surface resource definition.
- New Surface Access – Recent timber harvesting has improved access to multiple target areas, enabling inaugural trenching and low-cost grade verification.
- Overlapping Anomalies – Coincident VLF conductors, magnetic highs, and geochemical soil anomalies that correlate with known mineralization also support extensions along strike.
- Scalable System in a Proven Critical Mineral District – The system remains open along strike and at depth, and is situated with polymetallic (Zn-Pb-Ag ± Cu-Au) mineralization consistent with critical mineral designation and regional VMS analogues.
Figure 1: Havens Steady Main Mineralized Zone (modelled in red), looking north-northeast
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9885/246216_anterosimage.jpg
"Completion of this model is a significant milestone for Anteros and provides a modern platform for exploration decision-making," said Trumbull Fisher, CEO. "Our team now has the tools to efficiently target high-priority zones including the copper-rich southwestern extension and newly identified anomalies to the northeast."
NEXT STEPS
Anteros plans to complete field validation in Q2 2025, followed by a focused diamond drilling campaign expected to commence in Q3 2025, with initial targets focused on copper-rich vectors including northeast extensions. The property is fully permitted for diamond drilling and the Company plans to capitalize on government critical metal exploration grants to bolster its funded 2025 exploration program.
ABOUT THE PROPERTY
The Havens Steady VMS property lies within the Storm Brook Formation of the Red Cross Group in the Exploits Subzone of the Dunnage Zone – a prolific metallogenic belt in central Newfoundland. The Property benefits from existing road infrastructure and proximity to hydroelectric power. The region hosts world class VMS deposits such as the past-producing Duck Pond Mine. The Company cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization on the Property.
Since acquiring the Property in January 2024, Anteros has performed comprehensive digital compilation and modelling of historical exploration data. Compilation confirmed that previous geophysical work, including airborne electromagnetics, identified multiple conductive anomalies consistent with the presence of sulfide mineralization. Additionally, historic drill programs have outlined multiple zones of high-grade zinc, lead, silver, and copper mineralization demonstrated by the presence of sphalerite and galena with bornite and chalcopyrite in copper-rich zones. The known deposit area has a strike length of at least 1,000 metres and historic drilling shows mineralization extending to over 800 metres below surface. For more information on the Property, please visit Projects – Havens Steady on the Company webpage: www.anterosmetals.com/havens-steady.
QUALIFIED PERSON
The technical content of this news release has been reviewed and approved by Jesse R. Halle, P.Geo., an independent Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
ABOUT Anteros Metals Inc.
Anteros is a multimineral junior mining company using data science to target and acquire highly prospective deposits for exploration and development throughout Newfoundland and Labrador. The Company is currently focused on advancing four key projects across diverse commodities and development horizons. Immediate plans for their flagship Knob Lake Property include bringing the historical Fe-Mn Mineral Resource Estimate into current status as well as commencing baseline environmental and feasibility studies.
For further information please contact or visit:
Email: info@anterosmetals.com | Phone: +1-709-769-1151
Web: www.anterosmetals.com | Social: @anterosmetals
On behalf of the Board of Directors,
Chris Morrison
Director
Email: chris@anterosmetals.com | Phone: +1-709-725-6520
Web: www.anterosmetals.com/contact
16 Forest Road, Suite 200, St. John's, NL, Canada A1X 2B9
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
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Horne 5 Project Update
Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") announced today that since its March 3 rd press release (the " March 3 rd Press Release "), the Corporation has received complementary correspondence (the " Complementary Correspondence ") from the Direction de l'évaluation environnementale des projets industriels et minières, at the Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (the " Ministry "), which aims to clarify the Ministry's position regarding the ongoing process regarding the Horne 5 Project (the " Project ").
The Complementary Correspondence confirms, among other things, that the list of comments and questions previously received and discussed in the March 3 rd Press Release (the " Additional Questions ") is part of the standard process and that at this stage of the process, as with any other project, no conclusions can be drawn, whether regarding the acceptability or otherwise of the Project or the recommendation that may subsequently be made to the Minister.
The Ministry's position regarding its interpretation of section 197 of the Clean Air Regulations (" CAR ") was not reiterated in the Complementary Correspondence. The Complementary Correspondence specifies that " only the responses that the Corporation is invited to provide to the Ministry will allow the analysis to continue in accordance with the usual process." The Corporation understands that the Ministry's position regarding its interpretation of section 197 of the CAR remains under review. The Corporation submitted responses to the additional questions, along with an explanatory letter to the Ministry on March 21, 2025.
Luc Lessard, President and CEO of Falco, commented: " Falco continues its discussions with representatives of the Ministry with the aim of obtaining the necessary authorizations to continue the Project. "
Furthermore, the results of the recently conducted independent survey show that the Corporation enjoys strong majority support in Rouyn-Noranda, where 72% of respondents are in favor of the Horne 5 Project, as well as in Abitibi-Témiscamingue, where support reaches 74%. These results demonstrate significant public support for the Project. For more information about the survey, refer to the Corporation's press release dated March 18, 2025, by clicking on the following link. https://bit.ly/4hQlLNM
The Corporation reiterates that there is no certainty or guarantee that Falco will be able to raise the necessary funds to pursue the Project or that the Project will obtain the required government authorizations.
About Falco
Falco Resources is one of the largest holders of mining titles in the province of Québec, with a large portfolio of properties in the Abitibi greenstone belt. Falco holds rights to approximately 67,000 hectares of land in the Noranda Mining Camp, representing 67% of the entire camp and including 13 former gold and base metals mining sites. Falco's principal asset is the Horne 5 project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco's largest shareholder with a 16.0% interest in the Corporation.
For further information, please contact:
Luc Lessard
President and Chief Executive Officer
514 261-3336
info@falcores.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, " forward-looking statements ") within the meaning of applicable securities laws. These statements include references to the social acceptability of the Project, the Ministry's interpretation of section 197 of the CAR, the issues identified in the course of the BAPE process and noted by the Ministry, the development of the Horne 5 Project and the granting of environmental authorizations. These statements are based on information currently available to the Corporation and the Corporation provides no assurance that actual results will meet management's expectations. The occurrence of such events or the realization of such statements is subject to a number of risk factors, including, without limitation, the risk factors identified in Falco's annual management's discussion and analysis and in other continuous disclosure documents available at www.sedarplus.com .
Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. As mentioned by Falco in its public disclosure and in its previous press releases, certain major issues have been raised by the Ministry in the context of the development of the project and in the BAPE process, including the compliance of the Project with section 197 of the CAR. There is no certainty or guarantee that the Ministry will change its position regarding the application of section 197 of the CAR to the Project, that Falco will be able to respond to the numerous additional requests from the Ministry in a timely manner or that Falco will be able to raise the necessary funds to continue the additional studies requested by the Ministry, which could significantly delay or prevent the granting of the required authorizations and therefore have an adverse impact on the development of the Project and on Falco's financial situation. Except as required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information.
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