Aston Bay announces start of drilling at Storm Project, Nunavut


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TORONTO, ON /ACCESSWIRE/July 20, 2022/ Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) (“Aston Bay” or the “Company”) is pleased to announce the commencement of drilling and exploration activities at the Company’s high-grade Storm Copper Project (“Storm or the “Project”) on Somerset Island, Nunavut. This is the first drilling program that American West Metals Limited (“American West”) will act as project operator, since signing the option agreement with Aston Bay in March 2021.

Strong points

  • Previous drilling confirmed high-grade copper from surface with intersections including a core length of 110 meters (m) at 2.45% copper (Cu) from surface and a core length of 56.3 m at 3.07% Cu from 12.2 m;
  • Step-out and infill drilling is planned to advance Storm towards a resource estimate;
  • The drilling will also test a number of new high-priority EM conductors that have the potential to provide massive discoveries of copper sulphide; and
  • Shallow high-grade copper mineralization has the potential to support a low-footprint Direct Shipment Product (DSP) operation with further beneficiation test work to be carried out with samples to be collected as part of this program.

“We are extremely pleased that drilling is underway at Storm,” said Thomas Ullrich, CEO of Aston Bay. “This initial phase of drilling is designed to define a copper resource in the 2750N zone where copper mineralization is present at surface. Previous ore sorting test work has demonstrated that the zone can produce a direct transport product >53% copper, highlighting the potential to support a proposal for direct vessel mining with a small footprint. Additionally, testing of newly defined EM conductors will advance the potential for discovery of new mineralized zones.”

Resource definition drilling

The resource definition program is initially focused on defining potential shallow resources in the 2750N zone (Figure 1). The first drill hole (ST22-01) is now underway.

Historical drilling in the 2750N zone has encountered thick intervals of high-grade copper mineralization, including a 110m core length at 2.45% Cu from surface (drill hole ST97-08) and a 56.3 m core at 3.07% Cu from 12.2 m (drill hole ST99-19). Given the significant width of these intervals and the distance between drill holes (>100m), step-out and fill-in drilling in the 2750N zone provides an opportunity to rapidly define large volumes of additional copper mineralization .

Figure 1: Plan view of the 2750N and 2200N areas and surrounding areas. Copper gossans, shallow FLEM anomalies, and past and planned drilling are shown by overlay of aerial photographs.

Drilling is also planned in the 4100N and 2200N zones. Over 1,700m of drilling is planned in this program, with hole depths between 100m and 150m due to the shallow nature of the mineralization. Table 1 shows the drill hole details for ST22-01. The order of drilling other holes will be selected based on drilling results and logistics.

Hole ID

Perspective

Abscissa

Ordered

Depth (m)

Azi

Soak

ST22-01

Area 2750N

466230

8172840

To be determined

180

-55

Table 1: Drill hole details

Initial ore sorting tests on copper mineralization at Storm have supported the production of a direct-shipment product grading 53% Cu (see press release dated April 11, 2022).

The excellent results from the ore sorting and DSP testing work suggest that a shallow, high-grade resource is likely to be well suited for low-footprint DSP mining. Further samples of copper mineralized material will be collected during the ongoing field program to undertake a second phase of beneficiation testwork.

Targets for new discoveries

The drilling will also test a number of high-priority electromagnetic (EM) conductors that were identified by the 2021 fixed-loop electromagnetic (FLEM) survey conducted by American West over the Project Storm area. The survey identified multiple near-surface anomalies, some of which coincide with outcropping copper occurrences.

Significantly, the new conductors are consistent with the EM responses of known massive chalcocite mineralization on the Storm property. These newly defined conductors present a number of new and untested drill targets that will be drilled during this exploration program.

About the Storm Copper and Seal Zinc-Argent Projects, Nunavut

The Nunavut Property consists of 117 contiguous mineral claims and six prospecting licenses covering an area of ​​approximately 302,725 hectares on Somerset Island, Nunavut, Canada. The Storm Project includes both the Storm Copper Project, a high-grade, sediment-hosted copper discovery (intersections including 110 m* at 2.45% Cu from surface and 56.3 m* at 3.07 % Cu from 12.2m) as well as the Seal zinc deposit (intersections including 14.4m* @ 10.58% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/ t Ag from 101.5m). Additionally, there are numerous underexplored targets within the 120 kilometer strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples returned >1% Cu up to 32% Cu in gossan .

*The drill hole intersections shown are all the core length, and the actual width should be 60% to 90% of the core length.

Aston Bay Holdings Ltd., Wednesday July 20, 2022, press release photo

Figure 2: Storm Copper Project, location map

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 contained in this press release.

About Aston Bay Holdings

Aston Bay is a publicly traded mining exploration company that explores base metal and gold deposits in Virginia, USA, and Nunavut, Canada. The company is led by CEO Thomas Ullrich with exploration in Virginia led by company advisor Don Taylor, winner of the 2018 Thayer Lindsley Award for his discovery of the Taylor Pb-Zn-Ag deposit in Arizona. The Company is currently drilling the Mountain Base Metals project in Virginia, exploring the Buckingham gold project, also in Virginia, and is in advanced stages of negotiation on other lands in the region.

The Company also owns 100% of the Storm Project property, which hosts the Storm Copper project and the Seal Zinc deposit and has been optioned to American West Metals Limited.

About American West Metals Limited

AMERICAN WESTERN METALS LIMITED (ASX: AW1) is an Australian company focused on growth through the discovery and development of significant base metal mineral deposits in Tier 1 jurisdictions in North America.

It is a progressive mining company focused on developing mines with a small footprint and supporting global energy transformation.

Their portfolio of copper and zinc projects includes significant existing mineral resource inventories and high-grade mineralization that can generate strong mining proposals. The company is committed to the ethical extraction and processing of minerals and to making a meaningful contribution to the communities where our projects are located.

The company is led by a highly experienced management team, with strategic initiatives that lay the foundation for a sustainable business that aims to deliver high-multiplier shareholder returns and economic benefits to all stakeholders.

For more information about American West, visit: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

The statements made in this press release, including those regarding the option agreement, the grant of the option and the expected closing date, American West’s interest in the Storm project and its other acquisitions and plans, plans for the upcoming field season, management objectives, forecasts, estimates, expectations or predictions for the future may constitute “forward-looking statements”, which may be identified by the use of the conditional or future tense or by the use of verbs such as “believe”, “expect”, “may”, “shall”, “should”, “estimate”, “anticipate”, “project”, “plan” and words of similar significance, including their variants and negative forms. This press release contains forward-looking statements which reflect, as of the date of this press release, Aston Bay’s expectations, estimates and projections regarding its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical facts are forward-looking statements, which means that they involve risks, uncertainties and other factors that could cause actual results to differ materially. of 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 such statements, which speak only at the time 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 as required by securities laws.

For more information contact:

Thomas Ullrich, Managing Director
[email protected]
416-456-3516

Salisha Ilyas, Investor Relations
[email protected]
647-209-9200

THE SOURCE: Aston Bay Holdings Ltd

See the source version on accesswire.com:
https://www.accesswire.com/709173/Aston-Bay-Announces-Commencement-of-Drilling-at-Storm-Project-Nunavut

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