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98 metres of copper sulfides reinforce large-scale sediment-hosted copper potential
Highlights:
First payment received from a total C$3.46 million allocated to Aston Bay with no use of proceeds restriction
Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has received the initial US$1 million (C$1.38 million1) in funding as part of an agreement with the Company's joint venture partner American West Metals Limited ("American West") and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. ("Taurus"), whereby Taurus will provide funding of up to US$12.5 million (C$17.3 million[1]) under a royalty package for the Storm Copper Project
Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20% of the funding from the royalty package (C$3.46 million[1]) with no use of proceeds restriction.
Highlights
- The first payment of US$5m (C$6.9m1) under the royalty package has been advanced to American West and Aston Bay
- Further payments to the royalty package are:
- US$3.5m (C$4.9m1) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for development at Storm
- US$4m (C$5.5m1) upon announcement of an increase in the JORC-compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- Funding under the royalty package will be allocated to American West and Aston Bay in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West and 20% for Aston Bay
- There is no use of funds restriction for Aston Bay, providing a non-dilutive source of funds to advance the Company's other projects and contribute to Aston Bay's robust balance sheet
- The funding has enabled an expansion of the exploration and development activities conducted by American West at Storm, including:
- Expansion of the 2024 drill program, which will underpin a maiden resource currently being constructed to Canadian Institute of Mining standards, as well as a significant anticipated upgrade to the American West's JORC-compliant estimate
- An investment in the 2025 field activities with bulk supplies being delivered to site by ship charter - saving approximately C$4 million on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies - including detailed testwork that supports the potential for a direct shipping operation - which will support the delivery of a PFS anticipated in early 2025
[1] Based on USD:CAD exchange rate of 1:1.3838.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm Project by such a well-respected international mining royalty company is a strong endorsement of the potential of the Project.
"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm Copper Project. American West continues to actively advance the Project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to twelve months.
"This could bring an additional C$2 million to Aston Bay for a potential total of C$3.46 million non-dilutive funds to advance our other critical minerals and gold exploration projects."
For further details on the royalty package under the Taurus arrangement, see Aston Bay's June 24, 2024 news release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade critical and precious metals potential in North America.
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX:AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Aston Bay and American West Metals Report Assays from Deep Drilling at the Storm Project, Nunavut, Canada
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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Aston Bay and American West Metals Thick High-Grade Copper in Deep Drilling at the Storm Project, Nunavut, Canada
Large copper system at depth confirmed by assays with up to 3.7% Cu
Drilling Highlights
Deep diamond drilling has discovered Cyclone-style copper mineralization at depth and confirmed the prospectivity of the Central Graben area
Drill hole ST24-01 has intersected:
10m @ 1.2% copper ("Cu") from 311 metres ("m") downhole, including,
3m @ 2.2% Cu from 315m downhole, including,
0.5m @ 3.7% Cu from 315.5m downhole
The drilling confirms the large lateral extent of the Storm copper system at depth and highlights the potential of the ‘Deep Copper Horizon' to host large-scale stratigraphic hosted high-grade copper deposits
Assays for a second deep diamond drill hole ST24-02 - drilled approximately 1,500m south of ST24-01 and which intersected 99.2m of visual copper sulfide - are expected in the coming week
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
TORONTO, ON / ACCESSWIRE / September 20, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), who is the operator of the Project. Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"The first deep drill hole of the year adds another success to the 2024 exploration program at Storm. The style of copper mineralization intercepted, and its stratigraphic location is similar to Cyclone - this may be the fault-offset southern portion of the deposit and could add to a potential future resource.
"In addition to extensions to known mineralization, this discovery highlights the discovery potential of the deeper stratigraphic levels in the Central Graben area, an expanse of over ten square kilometres. Every deep drill hole has hit copper mineralization at approximately the same depth, and we continue to improve our geophysical modeling to hit thicker and higher-grade intercepts in this very large and prospective horizon.
"The value of these deeper discoveries is not limited to the potential value of the copper alone. The geophysical signature of exploration success that we obtain from these drill holes will be fed back into the model to further refine our targeting for even better copper intercepts at depth."
Figure 1: Chalcocite (dark grey) breccia and native copper (metallic) blebs within fractured dolomite in drill hole ST24-01 from approximately 315.87m downhole. This interval yielded 3.7% Cu.
DEEP COPPER SYSTEM PROSPECTIVITY CONFIRMED
Diamond drill hole ST24-01 was designed to test the stratigraphy of the Central Graben and the potential for new zones of copper mineralization within the ‘Deep Copper Horizon' that was discovered during 2023 (see September 26, 2023, Aston Bay news release).
The horizon intersected by ST24-01 is the same interpreted mineralized stratigraphic horizon that hosts the Cyclone Deposit at shallow levels north of the North Graben Fault. Significantly, the drill hole intersected copper mineralization at the same depth as encountered in every other widely-spaced drill hole within the large Central Graben. The consistency of copper mineralization in this horizon highlights the laterally extensive and likely stacked nature of the deep copper system which now covers an area of over 10km2.
The intercepts in ST24-01 further support the potential of Storm to host large-scale stratigraphic and structurally hosted high-grade copper deposits similar to those in the Central African Copperbelt.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit outlines, major faults, and deep diamond drill hole locations.
DRILL HOLE ST24-01 DETAILS
ST24-01 was drilled to a downhole depth of 385m and intersected a 22m-thick zone of breccia and vein style copper mineralization containing two sub-zones of stronger mineralization.
The upper 2m thick sub-zone contains veinlets of chalcocite hosted within a moderately fractured zone from 302.5m downhole.
The strongest zone of mineralization was intersected between 311m and 321m downhole, displaying the typical sediment hosted copper mineralogical profile with a high-grade core of native copper and chalcocite with peripheral chalcopyrite and other less copper-rich sulfide minerals (Table 1 and Figure 3).
The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the Allen Bay Formation. The Allen Bay is the main host of the copper mineralization within the Storm area, and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit discovered to date.
Mineralization encountered in ST24-01 could represent the southern continuation of Cyclone within the down-thrown Central Graben block (Figure 4), demonstrating the discovery potential for additional large and high-grade deposits. Further, the intersection of copper mineralization at the same stratigraphic position in every widely-spaced deep hole drilled to date highlights the prospectivity of the entire 10km2 Central Graben. This large and relatively unexplored area is a key target for follow-up drilling.
Table 1: Summary of recent significant drilling intersections for drill hole ST24-01 (>0.2% Cu).
Figure 3: Downhole drilling data from ST24-01 showing (left to right), natural log curve of copper grades, shaded copper bins (>0.2%) within drill hole trace, and copper assay value (ppm).
Table 2: Details for deep diamond drill hole ST24-01.
Figure 4: Schematic geological section at 464730E showing the Cyclone interpreted copper mineralized zone, mineralized intervals in existing drilling outside of Cyclone, including ST24-01. The mineralization intersected by ST24-01 is situated immediately below the Cape Storm Formation, similar to the Cyclone Deposit. Here the Central Graben block is interpreted to be displaced downward approximately 250m.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West), and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
SOURCE:Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Aston Bay and American West Metals Announce 13% Copper in Assays at the Cyclone Deposit and a New Copper Discovery at the Storm Project, Nunavut, Canada
Drilling Highlights
Drilling surpasses 20,000 metres ("m") with 128 Reverse Circulation (RC) drill holes and 14 diamond drill holes now completed in 2024 at Storm and Tempest
Drilling continues 24/7
The resource potential of the Cyclone Deposit is further highlighted with exceptional high-grade copper intervals confirmed by assays including:
Drill hole SR24-057 has intersected:
1.5m @ 13.5% copper ("Cu"), 23g/t silver ("Ag") from 54.9m downhole, and,
3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,
1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole
Drill hole SR24-035 has intersected:
3.1m @ 3.9% Cu, 10.5g/t Ag from 57.9m downhole, including,
1.5m @ 5.9% Cu, 16.0g/t Ag from 57.9m downhole, and,
4.6m @ 1.4% Cu, 5.0g/t Ag from 71.6m downhole, including,
1.5m @ 3.1% Cu, 11.0g/t Ag from 71.6m downhole
Drill hole SR24-031, located outside of the known zone of mineralization, has intersected:
27.4m @ 1.1% Cu, 3.5g/t Ag from 96m downhole, including,
4.6m @ 3.1% Cu, 7.7g/t Ag from 109.7m downhole
Exploration drilling and Moving Loop Electromagnetics (MLEM)
Drilling of an MLEM anomaly in an untested area south of the Thunder Prospect has intersected strong visual copper sulfides from approximately 181.4m downhole - this new discovery is named ‘Squall'
The deep-searching 400m loop MLEM survey is currently underway at Tornado where it has identified two EM anomalies spatially coincident with outcropping copper
Drilling of the 1,300m x 500m EM anomaly below the Cirrus Deposit is in progress with the diamond hole planned to a depth of 600m
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
TORONTO, ON / ACCESSWIRE / September 3, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to provide an update on drilling activities and geophysical surveys at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), who is the operator of the Project. Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"The outstanding results keep coming in from the exploration program conducted by our partner American West at Storm. The drilling, which has exceeded the planned 20,000m of drilling, continues to expand the known areas of copper mineralization with more RC and diamond drill holes underway.
"In addition, we have made another significant copper discovery, named "Squall," by drilling a blind MLEM geophysical target. This is the second discovery from drilling MLEM anomalies this year. Both discoveries are in the little-explored Southern Graben area where there is no outcropping copper mineralization, spotlighting both the growth potential for a resource at Storm and confirming the effectiveness of MLEM in pointing the way to copper discoveries.
"The diamond drill has just started spinning on a new MLEM target located below the Cirrus deposit. The configuration of this large 1,300m x 500m anomaly suggests a potentially mineralized horizon with feeder faults as predicted by the geological model and as seen elsewhere at Storm. With the positive hit rate drilling EM targets at Storm, we eagerly anticipate seeing this core.
"Exploration activities at the Tornado, Blizzard, and Tempest areas are also yielding very compelling targets, with additional work, including drilling, underway."
OVERVIEW
A total of 128 RC drill holes and 14 diamond drill holes have been completed at Storm and Tempest during 2024, exceeding the planned target of 20,000m (Figure 1). Drilling continues, with further assays expected in batches over the coming weeks.
Recent results from the Cyclone Deposit have confirmed further intersections of very high-grade copper up to 13.5% Cu both within and outside of the current resource envelope.
Exploration drilling targeting an MLEM anomaly in the Southern Graben area has intersected strong visual copper sulfides at the end of the hole. The new discovery and area have been named ‘Squall' and the drill hole is being extended to confirm the full extent of the mineralization.
The deep-searching MLEM survey is currently underway in the Tornado and Blizzard areas and has identified two high-priority EM anomalies located in favourable stratigraphy and spatially coincident with outcropping copper. Previous drilling at Storm has confirmed the strong correlation between EM targets and high-grade copper sulfides, the most recent example being Squall, which makes these compelling targets potentially leading to the discovery of copper within a new and untested area.
Figure 1: Recent and existing drill hole locations and copper deposit outlines, overlain on aerial photography.
EXCEPTIONAL COPPER HITS AT CYCLONE
Assay results from drill holes SR24-026, -027, -031, -033, -035, -037, -039, -055, -057, and -059 have been received and continue to confirm thick, near-surface intervals of copper sulfide mineralization.
The drilling results demonstrate consistent copper grades and highlight the excellent lateral continuity of the high-grade mineralization within Cyclone (Figure 2). Additionally, thick intervals of coherent copper mineralization (>1% Cu) have been intersected outside of the existing known zone of copper mineralization, highlighting the resource potential to the north and south of the deposit.
Drilling has confirmed that a small area in the central-eastern portion of the resource is characterized by a "tight" massive dolomudstone facies with lesser brecciation and sulfide veining.
RC drilling at Cyclone continues with a focus on expanding the potential resource to the west, north, and northeast. Drilling at Storm over the past three seasons has been designed to inform an upcoming maiden mineral resource that is currently being constructed to CIM standards, with the release of the resource anticipated by year's end.
Figure 2: Plan view of the Cyclone Deposit showing the copper mineralized zone outlines and historical and recent drilling, overlain on regional geology.
DRILL HOLE SR24-057 DETAILS
SR24-057 has returned exceptional copper grades in the far-eastern part of Cyclone defining new extensions to mineralization. The drill hole, and others around it, have the potential to significantly bolster the higher-grade resources within the far-eastern end of the Cyclone deposit.
Four zones of strong copper sulfide mineralization hosted within fractured dolomite of the Allen Bay Formation were intercepted in the hole.
The upper 1.5m-thick zone of semi-massive chalcocite yielded 13.5% Cu, potentially extending the upper lode of copper mineralization (Figure 3) to the northeast by approximately 100m.
The lower three zones contain strong (up to 3.7% Cu) vein- and fracture-style chalcocite mineralization with minor chalcopyrite bounded by wide zones of lower grade (
This intensity and character of copper mineralization in SR24-057 is characterized by significant lateral continuity within Cyclone. This, and the spatial relationship to the similarly mineralized drill hole SR24-031 (see below description), is a strong indicator for potential resource growth at what is now the eastern boundary of the deposit.
Figure 3: SW-NE Geological schematic section view through SR24-033 and SR24-057 showing the recent drill hole locations, recent assays, and the interpreted zones of copper mineralization.
DRILL HOLE SR24-031 DETAILS
Drilled to the north-east of the Cyclone Deposit, SR24-031 was designed to test for potential extensions of copper mineralization to the north of Cyclone, between the previously known limit of mineralization and 2023 drill hole SR23-55 (7.6m @ 1.0% Cu from 105.2m downhole, including 1.5m @ 2.0% Cu from 109.7m downhole).
Three zones of copper sulfide mineralization were intersected (Figure 4). A thick interval of mineralization is vertically zoned with a strong chalcocite-dominant inner core (between 96m and 121.9m downhole) with chalcopyrite margins. This zonation of copper minerals is typical of sediment-hosted copper systems. The 27.4m thick main zone of mineralization (averaging 1.1% Cu and 3.4g/t Ag from 96m downhole) contains a 4.6m thick zone of very strong chalcocite veining averaging 3.1% Cu and 7.7g/t Ag from 109.7m downhole.
The drill hole is located within a large and little-tested area to the north of Cyclone. The thickness and mineralogy of the copper mineralization in both SR24-031 and -057 have the potential to add significant resources to the north of the Cyclone Deposit.
Figure 4: Geological schematic section view at 465,400E showing the recent drill hole assays and the interpreted zones of copper mineralization.
Hole ID | From (m) | To (m) | Width | Cu % | Zn % | Ag g/t |
SR24-026 | 30.48 | 41.15 | 10.67 | 0.7 | 0.0 | 1.5 |
including | 36.58 | 38.10 | 1.52 | 3.2 | 0.0 | 3.0 |
62.48 | 67.06 | 4.57 | 0.9 | 0.0 | 1.2 | |
including | 62.48 | 65.53 | 3.05 | 1.3 | 0.0 | 1.5 |
SR24-027 | 42.67 | 44.20 | 1.52 | 0.3 | 0.0 | 2.0 |
67.06 | 68.58 | 1.52 | 0.3 | 0.0 | 2.0 | |
SR24-031 | 62.48 | 64.01 | 1.52 | 0.5 | 0.0 | 1.0 |
96.01 | 123.44 | 27.43 | 1.1 | 0.0 | 3.4 | |
including | 97.54 | 103.63 | 6.10 | 1.3 | 0.0 | 2.8 |
and | 109.73 | 114.30 | 4.57 | 3.1 | 0.1 | 7.7 |
SR24-033 | 54.86 | 64.01 | 9.14 | 0.2 | 0.0 | 1.3 |
73.15 | 74.68 | 1.52 | 0.2 | 0.0 | 1.0 | |
80.77 | 86.87 | 6.10 | 0.3 | 0.0 | 0.9 | |
91.44 | 92.96 | 1.52 | 0.3 | 0.0 | 1.0 | |
SR24-035 | 41.15 | 44.20 | 3.05 | 0.2 | 0.2 | 1.0 |
51.82 | 62.48 | 10.67 | 1.3 | 0.0 | 3.9 | |
including | 57.91 | 60.96 | 3.05 | 3.9 | 0.0 | 10.5 |
Including | 57.91 | 59.44 | 1.52 | 5.9 | 0.0 | 16.0 |
67.06 | 76.20 | 9.14 | 0.8 | 0.0 | 2.8 | |
including | 71.63 | 73.15 | 1.52 | 3.1 | 0.0 | 11.0 |
SR24-037 | 36.58 | 38.10 | 1.52 | 0.3 | 0.0 | 2.0 |
50.29 | 54.86 | 4.57 | 0.3 | 0.0 | 2.3 | |
59.44 | 68.58 | 9.14 | 0.3 | 0.0 | 2.0 | |
73.15 | 74.68 | 1.52 | 0.4 | 0.0 | 2.0 | |
SR24-039 | 42.67 | 44.20 | 1.52 | 0.2 | 0.0 | 2.0 |
48.77 | 51.82 | 3.05 | 0.5 | 0.0 | 2.5 | |
83.82 | 85.34 | 1.52 | 0.7 | 0.0 | 2.0 | |
SR24-055 | 51.82 | 59.44 | 7.62 | 0.4 | 0.0 | 1.3 |
including | 51.82 | 53.34 | 1.52 | 1.1 | 0.0 | 3.0 |
86.87 | 91.44 | 4.57 | 0.8 | 0.0 | 1.7 | |
SR24-057 | 54.86 | 56.39 | 1.52 | 13.5 | 0.4 | 23.0 |
85.34 | 88.39 | 3.05 | 2.0 | 0.0 | 8.0 | |
including | 85.34 | 86.87 | 1.52 | 3.7 | 0.1 | 15.0 |
99.06 | 105.16 | 6.10 | 0.4 | 0.0 | 1.1 | |
109.73 | 111.25 | 1.52 | 1.8 | 0.0 | 3.0 | |
SR24-059 | 44.20 | 45.72 | 1.52 | 0.4 | 0.0 | 2.0 |
64.01 | 65.53 | 1.52 | 0.3 | 0.0 | 1.0 | |
70.10 | 71.63 | 1.52 | 0.3 | 0.0 | 0.5 |
Table 1: Summary of recent significant drilling intersections at the Cyclone Deposit (>0.2% Cu).
SQUALL - NEW COPPER DISCOVERY
The recent EM surveys in the Storm area identified over 10 new, near-surface targets with a 200m loop survey (designed to screen from 0-200m depth) and a further five new deeper targets identified with the 400m loop survey (screening >200m depth).
The first of these anomalies to be drill tested during 2024 resulted in the discovery of the Gap Prospect and was shown to be related to high-grade copper sulfides (8m @ 5.3% Cu from 39m downhole in drill hole SR24-03).
DRILL HOLE SR24-108 DETAILS
RC drill hole SR24-108 was designed to test high-priority EM anomaly A3, which is visible in the data from both the 200m and 400m loop EM surveys (Figure 5). The coincident data suggested that the target may be located at a depth that crossed the designed detection ranges of the two surveys.
Drilling achieved the maximum achievable depth of 182.9m downhole, limited by available drill rods. The drill hole is interpreted to have hit the eastern edge of the anomaly and intersected strong visual copper sulfides in the last sampling interval of the hole (181.4 - 182.9m). The presence of copper has been confirmed with spot readings by portable XRF.
The interval contains strong visual chalcocite hosted within dense breccias and veins, typical of the copper deposits at Storm. The copper sulfides have been locally weathered to malachite and the host unit appears to be oxidizedoxidized.
Additional drill rods have been sourced to extend the drill hole to test the full extent of the mineralized interval. The new discovery has been named "Squall.'
Figure 5: 400m loop MLEM image (CH20BZ) overlain on drilling and the geological and structural interpretation of the Storm area. The MLEM anomalies discussed in this report are labeled A1- A5.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
Hole ID | From (m) | To (m) | Min | Description |
SR24-108 | 0.0 | 59.4 | ma | Allen Bay Formation with trace ma |
59.4 | 181.4 | Allen Bay Formation - Dolomudstone | ||
181.4 | 182.9 | cc, ma | Strongly weathered cc (2%) within oxidised unit |
Table 2: Summary geological log for drill hole SR24-108. Drill hole was terminated at 182.9m due to availability of drill rods.
Mineralization key for Table 2: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visual estimation of sulfide content
CIRRUS AND GAP DRILLING
Diamond drilling also continues on the largest of the southern EM anomalies, located at depth below the Cirrus Deposit and Gap Prospect (Anomaly A1 on Figure 5; see Figure 6 for interpreted cross section). The 1,300m x 500m flat-lying target is bounded by a series of large, steeply dipping EM plates (approx. 350m to top, conductance ~40-60 siemens, moderate ~40°-60° south-southwest dip, striking east-southeast) at its the northern edge where the anomaly is truncated at the Southern Graben Fault.
The sub-vertical conductors are interpreted to represent faults, potentially the plumbing system responsible for moving mineralizing fluids, that intersect the large, flat-lying conductance anomaly representing a permeable horizon. Both the faults and the flat horizon may now be mineralized by sulfides, causing the EM response. Similar EM anomalies drilled at Storm have been confirmed as copper sulfides, making this large anomaly a compelling drill target.
Figure 6: 3D ortho-section view (looking NW) showing MLEM imagery, modeled conductors and drill hole ST24-03, currently underway, with planned drill hole trace (CH20Z MLEM image - hotter colours indicate higher conductivity).
TORNADO - MLEM HIGHLIGHTS NEW CONDUCTORS
The MLEM surveys are currently underway in the Tornado and Blizzard areas, which are located approximately 10km along strike to the east of Storm. The geological setting is interpreted to be identical to that of Storm and contains numerous outcropping copper occurrences.
A number of EM anomalies have been identified in the preliminary data, some of which are coincident with geochemical copper anomalies and copper gossans at surface (Figure 7).
The fly RC drill rig has moved down to the area and once the final modeling and interpretation of the EM data is complete, will test the new high-priority EM targets. The drilling will also initially test a number of key geological features to gain a better understanding of the stratigraphy of the area and to aid in the interpretation of the MLEM data.
Figure 7: MLEM image (CH18BZ) of the Tornado and Blizzard 400m loop survey overlaying geology and interpreted major faults. Hotter colours indicate higher conductivity.
PLANNED PROGRAM
RC drilling is continuing in the Storm area with the track-mounted drill rig on resource development and high-priority geophysical targets.
The fly RC drill rig has moved to the Tornado and Blizzard copper prospects.
Diamond drilling is in progress on deep exploration targets in the Storm area, with ST24-03 underway.
Additional assays for the ongoing drill program are expected within the next 2 to 4 weeks.
Deep-looking EM surveys are underway in the Tornado and Blizzard copper prospect areas.
The environmental monitoring, archaeology, and survey activities for the 2024 program have been completed, with final reports expected in the coming months.
Details of the delineation drilling and exploration drill holes for the 2024 program are available at https://astonbayholdings.com/news/2024-storm-drill-hole-details/.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.5% Cu from surface and 56.3* @ 3.1% Cu from 12.2m as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans. The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West (see "Agreement with American West" below for more details).
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization for hundreds of metres of surface strike length at what became named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retained a 0.875% Gross Overriding Royalty in the area of the original Storm claims which was purchased by Taurus Mining Royalty Fund L.P. in January 2024.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.
Agreement with American West
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited (American West), and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which American West was granted an option to earn an 80% undivided interest in the Project by spending a minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in the Project alongside its Canadian subsidiary without any change to the overall commercial agreement between the parties. The expenditures were completed during 2023, and American West exercised the option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022, results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation and metallurgical studies are ongoing.
In April 2023, American West embarked on a spring delineation drilling program using a helicopter-portable RC drill rig as well as conducting gravity and moving loop electromagnetic (MLEM) ground geophysical programs.
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates in 2024. Deep diamond drilling during 2023 discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource development and additional geophysical surveys are now underway in the 2024 program. Metallurgical studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level processing planned for summer 2024.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The company is also in advanced stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West") have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
SOURCE: Aston Bay Holdings Ltd.
View the original press release on accesswire.com
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Red Metal Resources Engages German Investor Awareness and Digital Marketing Consultants
Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") The Company has engaged Investment-Zirkel-München ("IZM") that offers several services for German language investor awareness including news dissemination, conference calls, real-time investor forums and an active investors network throughout Europe. IZM has a select investor following that participate in both financings and open market buying. The IZM contract is for a two-year term at a cost of CAD$25,000.
IZM has a business address at Lena-Chris-Str 9, Nuebiberg, Germany. The services to be provided will be overseen by Mathias Voigt, President of the company, who can be contacted at mv@i-z-m.info. Mr. Voigt owns 150,000 shares of the Company.
Caitlin Jeffs, President of Red Metal, stated, "IZM offers access to a diverse network throughout Germany, Switzerland and Austria, giving Red Metal a broad spectrum of potential investors."
Red Metal Resources announces that it has engaged the services of Free Market Media Ltd. ("Free Market Media") to help raise online marketing awareness and provide a comprehensive digital media campaign. Free Market Media is based out of Langley, BC, and its principal is Brent Rusin. Mr. Rusin can be reached by email at shakespear_67@msn.com, or by phone at 604-790-7291. The Company has entered into a Media Services Agreement (the "Agreement") with Free Market Media dated November 19, 2024, whereby the services to be provided by Free Market Media will include digital media, advertising, and awareness campaigns for a fee of up to US$50,000.00 for a term of 90 days. The Agreement may be renewed or extended by the Company and Free Market Media at the end of the initial term. Free Market Media and the Company operate at arm's length.
Closing of Purchase
The Company is also pleased to announce that it has closed a portion of its previously announced Definitive Agreement (the "Agreement") with an arm's length vendor to acquire a 100% interest in three separate packages of mineral claims and mineral claim applications directly contiguous to Quebec Innovative Materials Corp.'s ("QIMC") recent Hydrogen sample discovery of over 1,000 ppm, announced on September 4th 2024.
Under the terms of the Agreement to acquire a 100% interest in 19 mineral claims, the Company has paid $5,000 plus GST (Goods and Services Tax) and agreed to issue up to 1.6 million common shares of the Company. To date, 11 of 19 claim applications have been approved by the Quebec Ministry of Natural Resources and Forests, and the Company issued 1,100,000 shares upon closing of the acquisition of 11 approved claims. The balance of 500,000 shares is reserved to be issued once the remaining eight claim applications are approved. No royalty is to be paid out of any potential future revenue. The common shares issuable in connection with the Agreement will be subject to a four-month hold period under applicable Canadian securities laws.
This news release may contain information about adjacent properties on which the Company has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
About Red Metal Resources Ltd.
Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company's current portfolio include the 100% owned Ville Marie claims in Quebec, Canada as well as Company's Chilean projects which are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.
For more information, visit www.redmetalresources.com.
Contact:
Red Metal Resources Ltd.
Caitlin Jeffs, President & CEO
1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com
Forward-Looking Statements - All statements in this press release, other than statements of historical fact, are "forward-looking information" within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal's public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230693
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World Copper Initiates Strategic Review Process and Engages Advisor
World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0) ("World Copper " or the "Company") announces that the Company has initiated a strategic review process and has engaged Origin Merchant Partners (the "Advisor") to assist it in its review. The Advisor will work with World Copper's management and Board to evaluate a range of strategic alternatives that may be available to the Company to grow and maximize value for all shareholders (the "Engagement"). There can be no assurance that this process will result in any specific strategic plan or financial transaction and no timetable has been set for its completion. The Company does not plan to provide updates on the status of the review unless there are material developments to report.
Gord Neal, World Copper CEO, said: "This strategic process has derived from numerous interested corporate entities that have approached World Copper over the past few weeks. Adverse market sentiment has seen junior resource companies with excellent economic assets become extremely undervalued. This process creates an opportunity for larger resource players to seek transactions that can benefit all shareholders".
ABOUT World Copper Ltd.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile. Both projects have estimated resources with significant soluble copper mineralization, and they boast exciting potential to expand the resource base. The Company is dedicated to sustainable practices and leveraging technology to develop safe and productive mining operations in stable, mining-friendly jurisdictions.
Detailed information is available at World Copper's website at https://worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
"Gordon Neal"
Gordon Neal
President & Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Gordon Neal or Michael Pound
Phone: 604-638-3287
Email: info@worldcopperltd.com
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the possible strategic alternatives that may be considered by the Company, are forward-looking statements. 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: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, actual results of exploration activities, including on the Company's projects, the estimation or realization of mineral reserves and mineral resources, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including TSX Venture Exchange acceptance), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics, including impacts on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230640
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Heritage Mining Further Expands Land Position and Provides Exploration Update
(TheNewswire)
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VANCOUVER, BC TheNewswire - November 19, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the claim package expansion at its flagship Drayton Black Lake (" DBL ") based on experts recommendations Brett Davis and Dr. Gregg Morrison in addition to an update on the ongoing 2024 exploration program over the Ontario Project Portfolio. The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdevelopment greenstone belts in Northwestern Ontario.
Exploration Highlights: General
Drill Lease and In-House Drilling Team
Heritage has leased an ODR 100 Drill (Figure 1) and engaged Minotaur Drilling Inc. as drill operators with over 35 years of experience. Past drilling experience includes contracts at Hudson Bay Mining and Smelting in Flin Flon and Snow Lake, Rio Tinto, Nutrien, Mosaic, Placer Dome, Cogema, Cameco, as well as numerous smaller public and privately funded companies. The majority of the experience (+20 years) has been primarily in the greenstone regions of Northern Manitoba, Northern Ontario and Northern Saskatchewan.
The Company looks forward to creating material efficiencies on a go forward basis under this arrangement towards and not limited to its Ontario Project Portfolio. The drill comes complete with all-weather equipment set up.
Exploration Highlights: DBL
Zone 3: New Areas of Interest Identified for Intrusion-Related Gold Mineralization based on industry experts Brett David and Dr. Gregg Morison Recent Reports from the 2024 site visit and analysis of drill results from September to November 2024 (Figure 2), have resulted in an expanded land package totalling 18,907 Ha (Figure 2).
Below is the revised 2024 exploration program pertaining to Zone 3 and surrounding area:
UAV magnetic survey completed November 2024 along the Lake of Bays Batholith Contact Zone – results pending
Prospecting program – 90% complete along the Lake of Bays Batholith Contact
IP and Drill permit submitted on newly acquired claims – (Permit Pending)
Planned Drilling to recommence in short order on permitted areas of Zone 3, Q4 2024
New Millennium:
Recommence Drilling targeting the intersection of two mineralized quartz vein systems (Figure 3) in the immediate vicinity of the highest-grade sample on the project to date ~2330 g/t Au.
Exploration Highlights: Contact Bay – Rognan Mine
UAV magnetic survey completed October 2024 – interpretation report pending
Multiple magnetic anomalies identified near past producing Rognan Mine (Figure 4)
IP and Drilling permit approval for Rognan Mine Area anticipated by end of November 2024
Brett Davis (Olinda Gold Pty Ltd), Advisor to Heritage Commented " The field and core review identified Zone 3 as having the best gold discovery potential. As we continue to analyze the data and refine our exploration approach, it's clear that the Drayton-Black Lake project holds significant potential. The recent identification of new areas provides the possibility of more widespread mineralisation in the Heritage tenements away from the orogenic lodes in the volcanics that have been the traditional focus of exploration . I'm eager to see how the next phases of exploration unfold and look forward to working with the Heritage Team"
Kevin Holmgren, Head of Drilling Operations at Heritage Commented "As someone with over 37 years of drilling experience across some of the most prolific mining regions, I'm thrilled to bring my expertise to Heritage Mining's exploration efforts. The greenstone belts of Northern Ontario hold exceptional promise, and with the team's strategic focus and advanced drilling capabilities, we're poised to uncover significant mineral potential. It's an exciting time to be part of this journey."
Peter Schloo, President CEO and Director Commented "The lease of the ODR 100 drill and our collaboration with Minotaur Drilling Inc. signify a key milestone in our exploration strategy. This step allows us to conduct efficient, year-round drilling, on our schedule, as we advance our Ontario Project Portfolio. Guided by the invaluable insights of our experts, Brett Davis and Dr. Gregg Morrison, we are well-positioned to unlock the full potential of this underexplored region. Their expertise, combined with our enhanced capabilities, marks an exciting chapter in the Company's history.
We look forward to share updates on our exploration progress in the near future. With a packed schedule to close out 2024 and a promising start to the new year on the horizon, the months ahead are shaping up to be both busy and rewarding."
Figure 1: ODR 100 Diamond Drill – Leased by Heritage
Click Image To View Full Size
Figure 2: DBL Total Property Outline with Bedrock Geology
Click Image To View Full Size
Figure 3: New Millenium Target 2024
Click Image To View Full Size
Figure 4: Contact Bay Project – Rognan Mine
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2024 TheNewswire - All rights reserved.
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Quetzal Copper Announces Brokered Private Placement Offering to Raise $3.0 Million
Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") a North American focused copper exploration company is pleased to announce that it has entered into an agreement with Independent Trading Group ("ITG") to act as lead agent and sole bookrunner in connection with a "best efforts" private placement (the "Offering") for aggregate gross proceeds of up to $3,000,000 from the sale of the following:
- up to 6,666,666 units of the Company (the "Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 from the sale of Units; and
- up to 10,526,315 common shares of the Company (the "FT Shares", and together with the Units, the "Offered Securities") at a price of $0.19 per FT Share for gross proceeds of up to $2,000,000 from the sale of FT Shares. Each FT Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada).
Each Unit issued under the Offering shall consist of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.25 per Common Share for a period of 24 months from the Closing Date (as defined below).
The Offered Securities will be offered by way of the "accredited investor" exemption under National Instrument 45-106 - Prospectus Exemptions in all the provinces of Canada. The Offered Securities will be subject to a statutory hold period in Canada ending on the date that is four months plus one day following the Closing Date. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended.
The Company intends to use the net proceeds from the sale of Units for exploration and development activities and general corporate purposes. The gross proceeds from the sale of the FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's Princeton, Big Kidd and Dot projects in British Columbia, Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2024.
ITG will have an option (the "Agent's Option") to increase the size of the Offering by up to 15% through the sale of up to 999,999 additional Units at a price of $0.15 per Unit and 1,578,947 FT Shares at a price of $0.19 per FT Share. The Agent's Option is exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date.
The Offering is expected to close on or about December 18, 2024 (the "Closing Date"). Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Quetzal Copper
Quetzal is engaged in the acquisition, exploration, and development of mineral properties in British Columbia and Mexico. The Company's principal project, Princeton Copper, which adjoins Hudbay's Copper Mountain mine in southern British Columbia. Its Dot Project is located 20 km south of Teck Resources Highland Valley Mine. The Company currently has a portfolio of three properties located in British Columbia, Canada and one in Mexico.
For more information, please contact:
Quetzal Copper Limited
Matthew Badiali, CEO
Phone: (888) 227-6821
https://quetzalcopper.com/
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: obtaining the required regulatory approvals for the Offering; the expected Closing Date; completion of the Offering; the intended use of proceeds of the Offering; the Company's growth and business strategies; and the exploration and development of the Company's properties.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify crucial factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230363
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Bold Ventures Stakes Claims Near Joutel, Québec and Completes Second Phase of Fall Exploration at the Company's Properties in Northwestern Ontario
Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") announces that it has staked 26 claims near Joutel, Québec (with 4 claims pending), approximately 140 km northwest of the city of Val d'Or, Québec. The claims are situated in the vicinity of Bold's former Joutel property, over which Bold flew an airborne VTEM survey in 2012. The new claims cover geophysical anomalies from the 2012 survey. Historical diamond drilling in this area has identified anomalous nickel, silver, copper, zinc and gold associated with geophysical anomalies. Click here for more details about the property.
Additionally, senior management of Bold and prospectors from Emerald Geological Services ("EGS") have completed a second phase of fall fieldwork in the Atikokan, Ontario area, including prospecting, soil sampling, and lake sediment sampling. Work was carried out on the Wilcorp, Burchell, and Traxxin properties during the first half of November. A week-long first phase of fieldwork in September of this year resulted in assays up to 16.3 g/t Au at Bold's Wilcorp property (Oct. 31st news release). The purpose of the recent program was to define 2025 trenching and drilling targets in historical areas of interest, based on rock assays, soil geochemistry, and geological data.
Areas of interest include the historical Eagle Prospect on the Wilcorp Property, the Traxxin Main Zone on the Traxxin Property, and northeast-trending gold-bearing structural corridors on the Burchell Lake Property. See Bold's corporate presentation for details about these high potential gold and copper-gold projects.
Adjacent to the Burchell Lake Property lies Goldshore Resources Inc.'s (GSHR) Moss Gold Project, which hosts the Moss Gold deposit. Goldshore recently raised $13.9 million (Oct. 29th GSHR News Release) which will be used in part to carry out exploration along mineralized trends west of the Burchell Lake property and striking onto the Burchell Lake Property (Oct. 10th GSHR News Release).
As a final point of interest, the President and Vice President, Exploration of Bold, Bruce MacLachlan and Coleman Robertson, will be attending two conferences in the second half of November: Québec Mines + Énergie in Québec City from Nov 18th to Nov 21st, and the 2024 Yellowknife Geoscience Forum from November 25th to 28th.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page.
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo., Vice President, Exploration of Bold and a qualified person (QP) for the purposes of NI 43-101.
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
"Bruce A MacLachlan"
Bruce MacLachlan
President and COO
Direct line: (705) 266-0847
Email: bruce@boldventuresinc.com
"David B Graham"
David Graham
CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230372
News Provided by Newsfile via QuoteMedia
Awalé Hits 2.7 g/t Gold Eq. over 27 Metres at the BBM Zone, Odienné Project
HIGHLIGHTS
27m @ 2.7 grams per tonne ("g/t") gold equivalent (AuEq.), including 12m @ 3.9 g/t AuEq. from 435m downhole in OEDD-98.
10m @ 2.8 g/t AuEq. within 22m @ 2 g/t AuEq. from 454m downhole in OEDD-97.
Deeper drilling shows the BBM system remains open at depth and down plunge, with mineralization defined from surface to over 330 metres vertical depth.
Awalé has recently commenced a 4000m diamond drill program, fully funded by Newmont as part of a broader campaign that will continue throughout 2024 and into 2025.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce results from the final two 525-metre ("m") deep holes of a 6,808-metres in 28 holes follow-up drilling program at the BBM Zone within the Odienné Joint Venture ("OJV") in Côte d'Ivoire. These holes have intercepted mineralization at a planned depth exceeding 330m below surface (see Figure 1 - Drill Plan View, Figure 2 - Cross Section, and Figure 3 - Cross Section).
"The BBM drill program has exceeded our expectations as we report the final two holes, which test the down-plunge continuity of this discovery. The highlighted intercept of 27 metres at 2.7 g/t AuEq. including 12m at 3.9 g/t AuEq. in hole OOEDD-98 is significant, and confirms the system is open at depth with the higher-grade core of BBM growing to 600 metres and remaining open.
A new interpretation of the drill data has introduced a fold model within the BBM mineralized shear, this can have a meaningful impact on grade and volume within the core zone of this discovery. We are still learning about BBM as drilling has been broadly spaced with only 6,808m drilled in 28 holes. We are excited to see drilling resume as we continue to explore the potential scale and significance of the BBM target." commented Andrew Chubb, CEO of Awalé Resources.
LINK TO BBM's OEDD-98 Drill Core Photos
About the BBM Zone
BBM is an Awalé grassroots discovery (see January 11, 2024 news release). Gold and copper mineralization and alteration in the BBM system are controlled by a northwest striking shear zone that follows an intrusive/sedimentary contact. This shear zone lies parallel to an interpreted major crustal boundary and forms an 8-kilometre-long geochemical gold trend in termitaria and soil. The 6,808 metres of drilling in 28 holes completed to date have intercepted the target shear zone and covers only 2 kilometres of an 8-kilometre trend (see Figure 5). Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. The included interval of 12m at 3.9 g/t AuEq. (see Core Photos) continues to show there is increasing grade with depth. The Company has now completed 3 phases of drilling and has just commenced the fourth this drill season (see March 18, 2024 news release and September 9, 2024 news release).
Mineralization at BBM is steeply dipping (70 to 80 degrees) with a gentle plunge (45 to 55 degrees) toward the northwest. Recent interpretation suggests this plunge is controlled by isoclinal folding withing the BBM shear (see Cross Sections in Figure 2 and Figure 3 and Long Section in Figure 4). This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of mineralization.
The final two holes reported in this release were part of a program which consisted of 3,627 metres drilled across 10 diamond holes and 2 diamond tails (hole extensions from previous drilling, targeting footwall mineralization).
Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite, and molybdenite as the main sulphide species. Recently, a fold model for control on the plunging mineralization has taken precedence over the footwall splay model previously discussed. What were previously considered as mineralized fingers of granodiorite are now interpreted to be fold hinges or 'knuckles'. Current drilling will test this hypothesis and understanding the fold geometry and the controls on higher grade gold can have a positive effect on both the grade and volume of mineralization at BBM.
Drilling completed to date has consistently confirmed strong grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel higher-grade shoots within a core zone of robust mineralization that now exceeds 600m in length with an open vertical depth of 330m, true widths of the mineralized envelope are up to 50m. Mineralization also remains open outside the BBM discovery zone, with potential for other plunging shoots within the initial 2 km discovery as well as satellite discoveries along strike. The Company will continue with further step-out and infill drilling throughout the 2024-2025 field season. Prior to drilling the extension targets, an Induced Polarization ("IP") program is planned to aid in drill targeting in the satellite areas northwest of the BBM zone. This IP survey on the Joint Venture permits will complement and be completed alongside the IP planned over the 100%-owned Awalé 'Sienso' permit which abuts the BBM discovery zone (see October 22, 2024 news release).
Drill collar locations and full table of significant intercepts for the program are provided in Table 1 and Table 2 below.
Table 1: BBM Drilling Collar Cable - (from this program)
| HOLEID | EASTING | NORTHING | RL_M | AZIM_TRUE | DIP | EOH_M | Comments |
| OEDD0065 | 655949.04 | 1048015.91 | 450.19 | 35.00 | -55.00 | 209.51 | DD Tail from 66m (NSV) |
| OEDD0073 | 655796.27 | 1048113.92 | 448.95 | 35.00 | -55.00 | 107.30 | DD Tail from 209m |
| OEDD0089 | 655813.07 | 1047963.67 | 445.71 | 31.20 | -57.47 | 410.00 | |
| OEDD0090 | 655993.81 | 1047946.69 | 450.68 | 35.00 | -55.00 | 317.27 | |
| OEDD0091 | 656138.39 | 1047853.14 | 455.30 | 35.00 | -55.00 | 194.20 | |
| OEDD0092 | 655702.70 | 1048073.71 | 451.07 | 35.00 | -55.00 | 335.30 | |
| OEDD0093 | 655379.89 | 1048249.71 | 458.08 | 35.00 | -55.00 | 278.27 | |
| OEDD0094 | 655518.24 | 1048148.92 | 457.56 | 35.00 | -55.00 | 398.30 | |
| OEDD0095 | 655305.16 | 1048288.12 | 458.20 | 35.00 | -55.00 | 284.15 | |
| OEDD0096 | 656212.45 | 1047770.64 | 460.13 | 35.00 | -55.00 | 191.18 | |
| OEDD0097 | 655771.52 | 1047907.10 | 448.81 | 35.00 | -55.00 | 524.00 | |
| OEDD0098 | 655709.29 | 1047942.84 | 451.40 | 35.00 | -55.00 | 525.92 |
Table 2: Significant Intercepts - (from this program)
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag (g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| OEDD0073 | 147.00 | 173.00 | 26 | 0.6 | 0.16 | 0.5 | 131 | 0.9 | 15 | 23 | 0.2 |
| including | 150.00 | 152.00 | 2 | 0.9 | 0.14 | 0.6 | 14 | 1.1 | 2 | 2 | 0.5 |
| including | 160.00 | 173.00 | 13 | 0.8 | 0.24 | 0.8 | 230 | 1.3 | 11 | 17 | 0.5 |
| OEDD0089 | 318.00 | 353.00 | 35 | 2.2 | 0.48 | 1.9 | 567 | 3.3 | 77 | 114 | 0.5 |
| Including | 319.00 | 325.00 | 6 | 2.3 | 0.27 | 1.0 | 1071 | 3.5 | 14 | 21 | 2 |
| Including | 330.00 | 353.00 | 23 | 2.5 | 0.60 | 2.3 | 365 | 3.6 | 59 | 83 | 1 |
| and | 377.00 | 394.00 | 17 | 1.8 | 0.30 | 0.9 | 195 | 2.4 | 31 | 41 | 0.5 |
| Including | 384.00 | 390.00 | 6 | 3.1 | 0.55 | 1.6 | 353 | 4.1 | 19 | 25 | 2 |
| OEDD0090 | 181.00 | 233.00 | 52 | 1.5 | 0.21 | 0.9 | 234 | 2.0 | 80 | 104 | 0.2 |
| Including | 212.00 | 231.00 | 19 | 2.6 | 0.31 | 1.1 | 246 | 3.2 | 50 | 62 | 2 |
| OEDD0091 | 120.00 | 173.00 | 53 | 0.6 | 0.13 | 0.6 | 130 | 0.9 | 34 | 48 | 0.2 |
| and | 134.00 | 169.00 | 35 | 0.8 | 0.14 | 0.6 | 158 | 1.1 | 28 | 39 | 0.5 |
| OEDD0092 | 84.00 | 89.00 | 5 | 0.7 | 0.46 | 1.5 | 18 | 1.3 | 4 | 7 | 0.5 |
| Including | 84.00 | 85.00 | 1 | 2.7 | 1.82 | 6.1 | 38 | 5.2 | 3 | 7 | 1 |
| and | 278.00 | 310.00 | 32 | 1.5 | 0.36 | 1.3 | 138 | 2.1 | 48 | 67 | 0.50 |
| Including | 287.00 | 302.00 | 15 | 2.4 | 0.38 | 1.3 | 181 | 3.0 | 35 | 45 | 1.00 |
| OEDD0093 | 199.00 | 233.00 | 34 | 0.6 | 0.59 | 3.0 | 40 | 1.5 | 22 | 51 | 0.20 |
| Including | 180.00 | 182.00 | 2 | 2.5 | 1.16 | 4.8 | 36 | 4.1 | 5 | 8 | 1.00 |
| and | 211.00 | 232.00 | 21 | 0.8 | 0.74 | 3.9 | 40 | 1.9 | 17 | 40 | 0.50 |
| Including | 215.00 | 216.00 | 1 | 1.4 | 0.94 | 3.8 | 27 | 2.8 | 1 | 3 | 1.00 |
| Including | 220.00 | 221.00 | 1 | 3.8 | 1.02 | 6.4 | 132 | 5.3 | 4 | 5 | 1.00 |
| Including | 228.00 | 229.00 | 1 | 1.5 | 0.33 | 2.6 | 18 | 2.0 | 2 | 2 | 1.00 |
| OEDD0094 | 241.00 | 257.00 | 16 | 0.7 | 0.37 | 0.9 | 146 | 1.3 | 12 | 21 | 0.50 |
| Including | 245.00 | 246.00 | 1 | 1.9 | 0.21 | 0.6 | 93 | 2.3 | 2 | 2 | 1.00 |
| Including | 252.00 | 253.00 | 1 | 1.1 | 0.54 | 1.0 | 99 | 1.9 | 1 | 2 | 1.00 |
| Including | 256.00 | 257.00 | 1 | 1.2 | 1.03 | 3.3 | 85 | 2.7 | 1 | 3 | 1.00 |
| and | 298.00 | 317.00 | 19 | 0.8 | 0.14 | 0.5 | 69 | 1.0 | 15 | 19 | 0.50 |
| Including | 298.00 | 303.00 | 5 | 1.1 | 0.20 | 0.6 | 146 | 1.5 | 6 | 8 | 1.00 |
| Including | 307.00 | 311.00 | 4 | 1.1 | 0.20 | 0.5 | 30 | 1.4 | 4 | 6 | 1.00 |
| and | 333.00 | 354.00 | 21 | 0.9 | 0.28 | 0.9 | 196 | 1.4 | 18 | 29 | 0.50 |
| Including | 337.00 | 349.00 | 12 | 1.1 | 0.32 | 1.0 | 231 | 1.7 | 13 | 21 | 1.00 |
| and | 353.00 | 354.00 | 1 | 1.8 | 0.35 | 1.3 | 43 | 2.3 | 2 | 2 | 1.00 |
| OEDD0095 | 185.00 | 204.00 | 19 | 0.3 | 0.36 | 1.4 | 24 | 15.5 | 6 | 16 | 0.20 |
| Including | 192.00 | 193.00 | 1 | 0.6 | 0.81 | 3.5 | 63 | 1.7 | 1 | 2 | 0.50 |
| Including | 203.00 | 204.00 | 1 | 1.2 | 0.36 | 1.5 | 7 | 1.7 | 1 | 2 | 0.50 |
| and | 212.00 | 213.00 | 1 | 0.6 | 1.11 | 3.8 | 35 | 2.2 | 1 | 2 | 0.50 |
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| and | 217.00 | 218.00 | 1 | 0.6 | 0.72 | 2.9 | 46 | 1.6 | 1 | 2 | 0.50 |
| and | 238.00 | 239.00 | 1 | 0.6 | 0.22 | 2.4 | 5 | 1.0 | 1 | 1 | 0.50 |
| OEDD0096 | 126.00 | 137.00 | 11 | 0.3 | 0.15 | 0.4 | 178 | 7.0 | 3 | 7 | 0.20 |
| Including | 132.00 | 133.00 | 1 | 0.5 | 0.25 | 0.7 | 68 | 0.9 | 1 | 1 | 0.50 |
| and | 141.00 | 162.00 | 21 | 0.9 | 0.17 | 0.8 | 114 | 26.2 | 20 | 26 | 0.20 |
| Including | 144.00 | 146.00 | 2 | 2.2 | 0.38 | 1.5 | 227 | 5.8 | 4 | 6 | 1.00 |
| Including | 152.00 | 161.00 | 9 | 1.4 | 0.17 | 0.9 | 95 | 15.2 | 12 | 15 | 0.50 |
| Including | 156.00 | 159.00 | 3 | 2.9 | 0.32 | 1.6 | 112 | 10.4 | 9 | 10 | 2.00 |
| OEDD0097 | 446.00 | 476.00 | 30 | 1.1 | 0.28 | 0.7 | 83 | 1.5 | 33 | 46 | 0.2 |
| including | 454.00 | 476.00 | 22 | 1.4 | 0.35 | 0.9 | 107 | 2.0 | 31 | 44 | 0.5 |
| including | 461.00 | 471.00 | 10 | 2.1 | 0.46 | 1.2 | 137 | 2.8 | 21 | 28 | 2 |
| and | 519.00 | 524.00 | 5 | 1.3 | 0.00 | 0.2 | 6 | 1.4 | 7 | 7 | 0.5 |
| OEDD0098 | 435.00 | 462.00 | 27 | 1.9 | 0.40 | 1.4 | 279 | 2.7 | 52 | 72 | 0.5 |
| including | 435.00 | 445.00 | 10 | 1.34 | 0.25 | 0.92 | 241 | 1.9 | 13 | 19 | 1 |
| including | 449.00 | 461.00 | 12 | 2.86 | 0.59 | 1.95 | 338 | 3.9 | 34 | 47 | 1 |
| and | 482.00 | 498.00 | 16 | 1.0 | 0.23 | 0.8 | 129 | 1.4 | 16 | 23 | 0.5 |
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed, in this special case lower than 5g samples up and down hole from the high-grade interval in OEDD-88 were also subject to Screen Fire Assays. As a further QC precaution due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include up to 5 metres internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, 1 g/t, and 2 g/t trigger values with 3m of internal waste only. Table 1 Contains a list of all BBM holes drilled this program - including extensions to OEDD-65 and OEDD-73 which contain mineralized intervals at less than the 0.2 g/t Au trigger value. True Widths are estimated to be 70% of the downhole widths.
Au Equivalent Calculations
Au Equivalent is calculated using the following parameters in USD: Au - 1910/Oz (Troy), Cu 3.80/lb, Mo 40,000/Tonne, and Ag 23.40/Oz (Troy). Prices are 12 month average for 2023 closing price, and the Formula AuEq = Au (g/t) + ((Cu (ppm) * 0.00014) + (Mo (ppm) * 0.00065) + (Ag (g/t)*0.01225)) assuming 100% recovery rates.
Abbreviations Used in this Release
| Ag | Silver | |
| Au | Gold | |
| AuEq. | Gold Equivalent | |
| Cu | Copper | |
| Cu Eq. | Copper Equivalent | |
| g/t | Grams per tonne | |
| km | Kilometres | |
| m | Metres |
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230353
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