Aston Bay and American West Metals Announce Large-Scale Copper Targets at Depth Take Shape at the Storm Project, Nunavut, Canada Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing
Aston Bay and American West Metals Announce Large-Scale
Copper Targets at Depth Take Shape at the Storm Project, Nunavut,
Canada
Diamond drilling intersects new zones of copper at depth as the deep search
EM survey identifies a 1,300m x 500m anomaly for drill testing
HIGHLIGHTS
• 100% hit rate continues for the deep diamond drilling with thick intervals of visual copper mineralization
intersected at depth below the known near-surface copper deposits
• The drilling confirms the large lateral extent of the Storm copper system at depth – now intersected over
10 square kilometres – and highlights the potential of Storm to host large -scale stratigraphic and
structurally hosted high-grade copper deposits similar to those in the Central African Copperbelt
• Drill hole ST24-01 has intersected a combined total of 21.3 metres (“m”) of visual copper mineralization,
which includes:
o 6.37m of visual copper sulfide from 293.7m downhole, and
o 2.43m of abundant visual copper sulfide from 302m downhole
o 12.5m of visual copper sulfide from 311m downhole, including
▪ 4.6m of abundant visual native copper and copper sulfides from 315.4m downhole
• Drill hole S T24-02 has intersected a combined total of 99.2m of visual copper sulfide, which includes
highlights:
o 1.1m of abundant visual copper sulfide from 195.5m downhole, and
o 1.3m of abundant visual copper sulfide from 204m downhole, and
o 17.1m of moderate to abundant visual copper sulfide from 404.3m downhole
• The deep search phase of the Moving Loop Electromagnetic (MLEM) survey has defined a 1,300m x 500m
anomaly at depth below the Cirrus Deposit and The Gap Prospect, with target drilling now underway
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, August 22, 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 two deep diamond drill holes of this season have hit an impressive amount of visual copper
mineralization of the same style as we see in the high -grade near-surface deposits. When added to
the five deep holes drilled over the 2022 and 2023 seasons in a 10 square kilometre area, all of which
hit copper and associated sulfide mineralization at depth, the “ Storm Deeps” drilling is developing
into a compelling exploration story.
“The two new holes were drilled on structural and stratigraphic targets before the completion of the
new deep-looking geophysical surveys that have yielded large, strong anomalies at the same
stratigraphic level as the copper intercepts in the deep holes. The se electromagnetic surveys have
proven very successful in targeting copper mineralization at Storm, and I expect the upcoming deep
holes, including one currently underway, will benefit from improved targeting of potentially higher -
grade and larger zones of copper mineralization. I am eager to see what the drill rig reveals in the
coming weeks.”
Figure 1: Drill core from ST24 -01 from approximately 315.4 – 318m downhole. Dense veins and
breccia of visible chalcocite (copper sulfide) can be seen as dark sooty grey, within light grey/ tawny
dolomite host rocks. This interval also contains blebs of native copper (metallic mineral, top right).
DEEP COPPER SYSTEM EXPANDING
Diamond drill holes ST24 -01 and ST24-02 have been completed at the Storm Project with both drill
holes building on the success of prior deep drilling programs by intersecting thick intervals of visual
copper mineralization containing thinner subintervals of very abundant visual copper.
The drill holes were designed to test key geological targets at Storm 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). Drill hole ST23-02 contained abundant mineralization
in a number of narrow bands with grades up to 2.7% Cu at 356.5m downhole, confirming the
presence of high -grade copper sulfides at the deeper stratigraphic levels for the first time. This
significant discovery pointed to the potential for this deeper stratigraphic horizon to host potentially
economic copper mineralization. This concept is further strengthened by the intersection of copper
at the same interpreted horizon in every subsequent deep drill hole.
The 2024 drill holes were completed within the Central Graben area, and to the south of the
Southern Graben Fault, below the Thunder Prospect, and the Chinook and Corona Deposits.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit
outlines, major faults, and deep diamond drill hole locations.
The drill holes have intersected 21.3m and 99.2m of visual copper sulfides (respectively) within what
is interpreted to be the equivalent of the same mineralized stratigraphic horizon as the prior deep
drilling. The discovery of copper mineralization in these new locations highlights the potentially
laterally extensive nature of the deep copper system, which now covers an area of over 10km 2. The
reader is reminded that the intervals are variably mineralized and that lateral continuity of the
mineralization in these very widely-spaced drill holes has not yet been demonstrated.
The 400m x 400m loop MLEM survey has also now been completed in the Storm area. The survey
has identified several high-priority anomalies including a large, late -time anomaly located beneath
the Cirrus Deposit and The Gap Prospect. The anomaly has the known extents of 1,300m x 500m and
is strongest along the Southern Graben Fault. The third 2024 deep diamond drill hole is current ly
drilling this MLEM target. The deep search EM is now surveying the Tornado and Blizzard Prospects.
DRILL HOLE ST24-01 DETAILS
ST24-01 was drilled to a downhole depth of 407m and intersected a single main zone of visual
copper mineralization (Table 1). The drill hole was designed to test the geology and structure within
the Central Graben and was located to the south of the Cyclone Deposit (Figure 2).
The mineralized zone encountered within ST24-01 was intersected between 293.7m and 323.5m
downhole and contains a total of 21.3m of visual copper mineralization within three sub -intervals
(Table 1).
The visual copper mineralization consists of veinlets and matrix breccias with copper sulfide fillings
and cement (Figure 3). Large blebs of native copper are present within the visually strongest
mineralized interval between 302m and 304.43m downhole.
The visual copper mineralization is hosted within a thick sequence of fractured dolomudstone of the
Allen Bay Formation, the main host of the copper mineralization within the Storm area. The highly
fractured and brecciated nature of the mineralized zone suggests that the drill hole may have
intersected a mineralized portion of the interpreted Northern Graben Fault.
The mineralization and stratigraphy within ST24 -01 are visually very similar to that encountered
within previous deep exploration drill holes at Storm, highlighting the potentially laterally extensive
nature of the prospective copper horizon. ST24 -01 also confirms the prospectivity of the Central
Graben where recent shallow Reverse Circulation (RC) drill hole SR24 -09 intercepted 15.2m @ 1.4%
Cu from 103.6m downhole, in what is interpreted to be a down -dropped zone of mineralization
similar to the near-surface Cyclone Deposit (see August 15, 2024, Aston Bay news release).
Now confirmed to host both shallow and deeper mineralization, the large and relatively unexplored
Central Graben will be a key target for follow-up drilling.
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
ST24-01 0.0 61 Douro Formation
61 293 Cape Storm Formation
293 293.7 Allen Bay Formation
293.7 300.07 ? Breccia matrix difficult to determine Cu type – 1%
300.07 302 Allen Bay Formation
302 304.43 cc Breccia and veinlets – 1%
304.43 311 Allen Bay Formation
311 315.4 cc Veinlets of cc – 1%
315.4 316.62 Cu, cc Native Cu blebs within dense breccia cc – 1-2%
316.62 320 Cu, cp, cc Cc veins and breccia grading down to cp – 0.5%
320 323.5 cc Scattered veinlets – 0.1%
323.5 407 Allen Bay Formation – Massive dolofloatstone
Table 1: Summary geological log for drill hole S T24-01. Mineralization key: cc = chalcocite, cp =
chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite , sph =
sphalerite, ga = galena. (5%) = visual estimation of sulfide content.
Figure 3: Chalcocite (dark grey) breccia and native copper (metallic) blebs within fractured dolomite
in drill hole ST24-01 from approximately 315.87m downhole.
Figure 4: Schematic geological section at 464730E showing the Cyclone Deposit outline, mineralized
intervals in existing drilling outside of the resource, and visual copper sulfide estimates for ST24-01.
DRILL HOLE ST24-02 DETAILS
Drill hole ST24-02 was drilled to a downhole depth of 455m and intersected a total of 99.1m of visual
copper sulfide mineralization within two main stratigraphic horizons (Table 2). The drill hole was
designed to test the stratigraphy and structure in the southern areas of Storm, south of the
Southern Graben Fault.
The upper zone of visual copper mineralization is hosted within the Cape Storm Formation at
approximately the same depth as the known near -surface copper deposits at Storm (Figure 6). The
Cape Storm Formation is not typically mineralized, but here contains multiple sub-horizons from the
surface that are weakly mineralized with intermittent and patchy veinlets of visible chalcocite and
chalcopyrite to approximately 54m downhole.
Below this, and to the end of the hole, the drill hole intersected the Allen Bay Formation, the typical
host of copper mineralization at Storm.
The entire Allen Bay Formation dolomite within ST24 -02 is variably fractured and contains visual
copper sulfides hosted within the more fractured layers. Twelve separate visibly mineralized zones
have been logged, with the strongest visual copper sulfides located between 195.5m and 196.6m
(Figure 5), and 204m and 205.3m downhole respectively.
Chalcocite is the dominant copper sulfide mineral, with minor chalcopyrite and bornite present in
veinlets and patchy blebs locally filling vugs along with bitumen (Figure 5).
The large volume of visual mineralization within ST24-02 highlights the potential 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 5: Chalcocite (dark grey) fracture fill in drill hole ST24-02 from approximately 196m downhole.
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.
Table 2 below: Summary geological log for drill hole ST24-02. Mineralization key: cc = chalcocite, cp =
chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite , sph =
sphalerite, ga = galena. (5%) = visual estimation of sulfide content.
Hole ID From (m) To (m) Min Description
ST24-02 0.0 28.9 Cape Storm Formation
28.9 29 ? Blueish mineral on fractures
29 53 Cape Storm Formation
53 54 cc, ma, cp Fracture fill sulfides – 0.3%
54 57.38 Cape Storm Formation
57.38 69 Allen Bay Formation
69 69.3 py Black silty bed, likely pyrite
69.3 74 Allen Bay Formation - dolomudstone
74 78 cp Veinlets and patches of cc – 0.1%
78 79 cp, cc Vugs filled with mineralization – 0.2%
79 86 Allen Bay Formation – Dolomudstone
86 86.5 cc, cp Veinlets of mineralization – 0.2%
86.5 114 Allen Bay Formation
114 115 bn Specks of bornite in vugs and fractures
115 170.4 Allen Bay Formation – mostly doloboundstone
170.4 171.1 cc Black sulfide in vug and fractures – 0.2%
171.1 175.5 Allen Bay Formation – mostly doloboundstone
175.5 176 cc Black sulfide in vug and fractures – 0.2%
176 195.5 Allen Bay Formation – mostly doloboundstone
195.5 196.6 cc Dense breccia – 2%
196.6 204 Allen Bay Formation – mostly doloboundstone
204 205.3 cc Breccia – 0.5 to 1%
205.3 292 Allen Bay Formation – mostly doloboundstone
292 324 cp, br Blebs of cp throughout with bitumen, b r veins –
0.1%
324 329.6 Allen Bay Formation – mostly doloboundstone
329.6 339 cc Black sooty veins – 0.1%
339 348 Allen Bay Formation – mostly doloboundstone
348 355.5 cc Black sooty veins – 0.1%
355.5 367 Allen Bay Formation – mostly doloboundstone
367 389 cc Black sooty veins and breccias – 0.1%
389 404.3 Allen Bay Formation – mostly doloboundstone
404.3 421.4 py, cc Breccia, veinlets and fracture sulfide – up to 1%
421.4 422.2 Allen Bay Formation – mostly doloboundstone
422.2 424.4 py, cc Sulfide rich fault gouge – 0.8%
424.4 448 py Py in fault gouge – 0.1%
448 455 Allen Bay Formation – mostly doloboundstone