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
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:
o 1.5m @ 13.5% copper (“Cu”), 23g/t silver (“Ag”) from 54.9m downhole, and,
o 3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,
o 1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole
• Drill hole SR24-035 has intersected:
o 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,
o 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:
o 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, Ontario, 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 carrie d 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 make s these compelling
targets potentially leading to the discovery of copper within a new and untested area.
Figure 1: Recent and existing drill hole location s 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 (<0.2%) copper.
This intensity and character of copper mineralization in SR24-057 is characteri zed 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 assay s 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 oxidized.
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) overla in 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 SR2 4-108. 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