Aston Bay and American West Metals Announce Assays Confirm Additional Near-Surface, High-Grade Copper at the Storm Project, Canada
Aston Bay and American West Metals Announce Assays Confirm
Additional Near-Surface, High-Grade Copper
at the Storm Project, Canada
HIGHLIGHTS
Resource delineation program on track with multiple high-grade copper intervals confirmed by assays at the
Cyclone and Chinook Deposits
Drilling continues around the clock with 100 Reverse Circulation (“RC”) drill holes and 13 diamond drill holes
totaling over 15,500 metres (“m”) now completed at Storm
RC drilling has commenced at the under-explored Tempest Prospect, where high-grade copper and zinc have
been mapped on surface over 4 kilometres (“km”) of strike
Cyclone Deposit:
• Drill hole SR24-11 has intersected:
o 19.8m* @ 1.2% copper (“Cu”), 3.0g/t silver (“Ag”) from 12.2m downhole, including,
▪ 4.6m @ 3.0% Cu, 7.0 g/t Ag from 21.3m downhole
o 3m @ 3.2% Cu, 8.5g/t Ag from 59.4m downhole
• Drill hole SR24-21 has intersected:
o 13.7m @ 2.1% Cu, 7.9g/t Ag from 67.1m downhole, including,
▪ 7.6m @ 3.2% Cu, 12.2g/t Ag from 70.1m downhole
• Drill hole SR24-09 is located outside of the boundary of known copper mineralization and has intersected:
o 15.2m @ 1.4% Cu, 2.4g/t Ag from 103.6m downhole, including,
▪ 6.1m @ 2.7% Cu, 2.7g/t Ag from 108.2m downhole
Chinook Deposit:
• Drill hole SR24-10 has intersected:
o 3.1m @ 1.3% Cu, 6.0g/t Ag from 38.1m downhole, including,
▪ 1.5m @ 2.3% Cu, 10.0g/t Ag from 38.1m downhole
o 1.5m @ 2.4% Cu, 3.0g/t Ag from 89.9m downhole
TORONTO, Ontario, August 15, 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 studies and 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 min e upon completion of
a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
“It is encouraging once again to report excellent results from the ongoing drilling at Storm. The assays
match the visual estimates previously reported by the on -site geologists, confirming excellent continuity
of mineralization within the known zones as well as expanding those zones with step-out intercepts.
“The very large but little explored Central Graben holds considerable upside for potential new discoveries.
The stratigraphic layer that hosts the copper mineralization outcropping at Storm is hidden beneath barren
cover rock in the graben , and the faults that define the graben are the same plumbing system for the
copper-bearing fluids that we believe cause the mineralization we see at the surface elsewhere. All the
pieces are in place for potential additional mineralization, and it is all within reach of g eophysics and the
drill.”
Figure 1: Diamond drill crew at the Chinook Deposit, Storm Project, Canada.
DRILL PROGRAM CONTINUES TO ACHIEVE MILESTONES
A total of 100 RC drill holes and 12 diamond drill holes have now been completed at Storm for over 15,500
total metres drilled during 2024, rapidly advancing the program toward the planned 20,000m.
The first assays for the summer phase of the program have now been received from drill holes completed
at the Cyclone and Chinook Deposits. The remaining assays are pending and are expected to be received
in batches over the coming weeks.
The 2024 drill program is ongoing with continuous operation of two RC rigs and one diamond drill rig. The
RC drill rigs are continuing the resource de lineation and exploration activities at Storm and will expand
into the regional targets with RC drilling now underway at the Tempest Prospect.
The diamond drill rig has commenced deep exploration drilling targeting the potentially extensive copper
horizon at depth, where previous drilling has intersected copper grades up to 2.7% Cu below the known
near-surface copper deposits (see Aston Bay September 26, 2023, news release).
The discovery of the copper mineralization at depth has significant implications for the potential copper
endowment of the project by both potential ly discovering new prospective horizons and increasing the
potential for significant lateral extension of the horizons already intersected.
Figure 2: Recent and existing drill hole locations and zones of copper mineralization overlying aerial
photography.
CYCLONE DEPOSIT – DELINEATION DRILLING AND EXPANSION POTENTIAL
Assay results from drill holes SR24-007, -009, -011, -013, -015, -017, -019, -021, -023, -024 and -025 (Figure
3) have been received and continue to confirm thick, near-surface bodies of copper sulfide mineralization.
Drilling at the Cyclone Deposit is designed to expand and infill an upcoming maiden mineral resource
estimate for the Storm Project that is currently being constructed to CIM standards and to explore the
margins of the deposit for additional resources.
The drilling results received to date demonstrate consistent copper grades that highlight the excellent
lateral continuity of the high-grade mineralization.
Additionally, significant thicknesses of coherent copper mineralization (>1% Cu) were intersected outside
of the previously known zone of copper mineralization, highlighting the resource expansion potential to
the southwest of the deposit.
The assayed intervals closely match and locally exceed the previously announced visual estimates,
validating the initial visual estimation of copper sulfide abundances made during logging.
Figure 3: Plan view of the Cyclone Deposit showing copper mineralized zone and historical and recent
drilling overlying regional geology.
DRILL HOLE SR24-011 and SR24-021 DETAILS
SR24-011 and SR24-021 both intersected very strong zones of copper sulfides within and on the margin
of interpreted zones of copper mineralization at Cyclone (Figures 4 & 5).
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 interpreted zones of copper mineralization.
Figure 5: Geological section view at 464,760E showing the mineralized intervals (>0.2% Cu) for drill holes
SR24-017 and SR24-021 and interpreted zones of copper mineralization.
The mineralization in both drill holes consists of zones of intense vein - and fracture-style copper sulfide
mineralization 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.
This intensity and character of copper mineralization, as encountered within drill holes SR24 -011 and
SR24-021, is typically characterized by excellent lateral continuity within Cyclone. This is a strong indicator
for potential resource growth and upgrade in these areas of the deposit.
DRILL HOLE SR24-009 DETAILS
SR24-009 was drilled approximately 80m southwest of the Cyclone Deposit and to a downhole depth of
120.4m (Figure 6).
SR24-009 has intersected a total of 39.7m of chalcopyrite dominant mineralization, with an intensely
mineralized zone between 109.7m and 111.3m downhole averaging 6.4% Cu.
Both the Allen Bay host rock and copper mineralization in SR24-009 are 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
surface, is scarcely explored. This highlights the potential for the Central Graben to host significant copper
mineralization concealed at depth.
The large step -out from the current known zone of mineralization and thickness of the strong copper
mineralization are important positive factors for additional potential copper mineralization to the south-
west of the Cyclone Deposit and elsewhere in the very large but underexplored Central Graben.
Figure 6: Geological section view at 464,660E showing the mineralized intervals (>0.2% Cu) for drill holes
SR24-009 and SR24-019, and interpreted zones of copper mineralization.
Hole ID From
(m) To (m) Width Cu % Zn % Ag g/t
SR24-007 108.2 109.7 1.5 0.3 - 7
SR24-009 86.87 89.92 3.1 0.4 - 1.5
91.44 94.49 3.1 0.3 - 2
99.06 102.11 3.1 0.3 - 1
103.63 118.87 15.2 1.4 - 2.4
Including 108.2 114.3 6.1 2.7 - 2.7
Including 109.73 111.25 1.5 6.4 - 4
SR24-011 12.19 38.1 25.9 1 0.1 2.7
Including 21.34 25.91 4.6 3.1 0.4 7
Including 21.34 22.86 1.5 5.7 0.7 11
57.91 64.01 6.1 1.7 - 5
Including 59.44 62.48 3 3.2 - 8.5
65.53 71.63 6.1 0.5 - 4
73.15 74.68 1.5 0.2 - 2
SR24-013 38.1 48.77 10.7 1.0 - 2
Including 39.62 41.15 1.5 3.8 - 5
50.29 51.82 1.5 0.4 - 2
53.34 54.86 1.5 0.4 - 2
56.39 60.96 4.6 0.5 - 2
62.48 71.63 9.2 0.5 - 2
Including 67.06 68.58 1.5 1.0 - 3
74.68 79.25 4.6 0.4 0.2 3
80.77 82.3 1.5 0.3 0.3 2
88.39 89.92 1.5 1.0 0.6 5
SR24-015 50.29 51.82 1.5 0.5 - 2
54.86 56.39 1.5 2.8 - 4
57.91 59.44 1.5 0.5 - 0.5
60.96 73.15 12.2 0.9 - 3
Including 62.48 64.01 1.5 1.1 - 1
And 70.1 71.63 1.5 3.1 - 10
77.72 80.77 3.1 0.3 - 1
SR24-017 56.39 57.91 1.5 0.3 - 3
70.1 77.72 7.6 0.5 - 1
SR24-019 48.77 51.82 3.1 0.7 0.3 3
Including 48.77 50.29 1.5 1.3 0.5 4
59.44 60.96 1.5 1.3 - 4
62.48 64.01 1.5 0.8 - 4
65.53 70.1 4.6 1.8 - 5.5
Including 67.06 70.1 3 2.5 - 7.5
71.63 76.2 4.6 0.3 - 2.5
SR24-021 48.77 50.29 1.5 0.5 - 3
56.39 59.44 3.1 0.4 - 1.5
64.01 65.53 1.5 1.3 - 5
67.06 80.77 13.7 2.1 - 8
Including 70.1 77.72 7.6 3.2 - 12.2
86.87 89.92 3.1 0.7 - 3
96.01 97.54 1.5 0.9 - 1
SR24-023 59.44 60.96 1.5 0.3 - 2
77.72 83.82 6.1 0.5 - 5.5
86.87 89.92 3.1 0.6 - 2
SR24-024 68.58 70.1 1.5 0.4 - 1
76.2 77.72 1.5 0.2 - 8
79.25 80.77 1.5 0.6 - 4
82.3 89.92 7.6 0.6 - 3.5
Including 83.82 85.34 1.5 1.4 - 7
94.49 96.01 1.5 0.2 - 1