Aston Bay and American West Metals Announce New Copper Targets at the Storm Copper Project, Canada New step-out targets identified from high-powered electromagnetic surveys
Aston Bay and American West Metals Announce New Copper
Targets at the Storm Copper Project, Canada
New step-out targets identified from high-powered electromagnetic surveys
Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is
pleased to present the preliminary interpretation of the initial results from geophysical activities
currently underway at the Storm Copper Project ("Storm" or the "Project") on Somerset Island,
Nunavut. The program is being conducted by American West Metals Limited ("American
West"), who is the operator of the Project. American West has completed the required
expenditures to earn an undivided 80% interest in the Project. American West will be solely
responsible for funding the program.
Highlights
• Preliminary interpretation of the initial Moving Loop Electromagnetic (MLEM)
survey results has identified several new exploration targets highlighting excellent
potential to discover additional copper mineralization
o The initial MLEM data indicates that the high-grade copper mineralization
at the Cyclone Zone likely extends in most directions
o New EM anomalies have also been identified over 1,000 metres ("m") along
strike from the Chinook Zone as well as in the areas of the 2023 discoveries
at the Thunder, Lightning Ridge and Gap Prospects, indicating strong
potential for extensions to known high-grade copper mineralization
o The MLEM surveys continue in the Storm area, and will then move south
toward the Blizzard and Tornado Prospects
o Deeper-looking MLEM surveys are also planned between the North and
South Graben Faults in the Storm area
o Track-mounted Reverse-Circulation (RC) drilling is underway and will test
these new targets as well as several historical EM anomalies and other high-
priority targets for near-surface high-grade copper mineralization
• A second RC drill rig is currently being mobilised to site, which will join the first RC
and two diamond rigs currently onsite
The 2024 high-powered Moving Loop Electromagnetic (MLEM) survey has already successfully
identified numerous conductive anomalies throughout the Storm area, including multiple
anomalies that are adjacent to known copper mineralization and are untested by drilling.
"It is very encouraging to see geophysics identify new targets at Storm," stated Thomas Ullrich,
CEO of Aston Bay. "Moving Loop EM anomalies have demonstrated a very strong correlation
with high-grade copper mineralization, so these are high-priority drill targets. This initial phase
of geophysics is designed to be effective in the shallow subsurface, less than 200 metres depth,
well within reach of the RC drill rigs on site. The ongoing drilling will aim to test these targets in
the coming weeks and over the summer program.
"The upcoming deep-penetrating, wider-spaced MLEM survey is designed to explore the Storm
central graben area below the known mineralization with a targeted search space of 200-500m
depth. This opens a whole new space for potential discovery. In the 2024 season we intersected
copper mineralization at these depths with the same mineralogy as seen at the surface. We
anticipate these deeper-looking surveys will enhance our drill targeting for potentially thicker
and more laterally extensive zones of mineralization in this very prospective but underexplored
zone."
Figure 1: High -powered Electromagnetic (EM) surveys continue to generate new targets at the
Storm Project, Nunavut, Canada.
PHASE 1 MOVING LOOP ELECTROMAGNETICS (MLEM)
The high-powered MLEM survey is advancing rapidly and is initially being used to highlight the
priority areas within the Storm area for expansion of the near-surface zones of higher-grade
copper mineralization and to identify new targets for drilling (Figure 2).
The copper mineralization at Storm is dominantly chalcocite (a copper sulfide mineral with
79.8% Cu content), occurring as massive sulfides in breccias and veinlets. Minor chalcopyrite
(copper sulfide with 34.5% Cu content) is present on the margins of the mineralized profiles. The
contrast in conductivity between chalcocite and the highly resistive dolomite host rocks makes
EM an effective targeting tool in this area.
The initial MLEM surveys at Storm have used 200m N-S line spacings, 100m sensor stations,
and 200m x 200m loops. This configuration provides rapid coverage and is effective in defining
the known near-surface high-grade copper mineralization at Storm.
Figure 2: Recently completed MLEM survey image (Ch18Z) and remaining proposed lines in the
Storm area, overlaying drilling, and aerial photography. Hotter colours (red/green) indicate
higher conductivity. Gaps in this survey were completed in 2023 and will be integrated into the
final modeling and interpretation.
Approximately 22.7 line-kilometres ("km") of the proposed >50 line-km MLEM survey have
been completed within the Storm area (Figure 2). The initial survey lines broadly cover the
southern graben area and around the Cyclone Zone, with the geophysical team working west
along the major trend of the graben. Once the western portion of the survey is complete, the team
will then work east, from the Chinook Zone, toward the Blizzard and Tornado Prospect areas.
The initial survey data from the Cyclone area shows clear EM anomalies outside of the current
copper resource envelope (Figure 2). This data strongly suggests that the higher-grade copper
mineralization is open and continues into these conductive areas. This interpretation is supported
by drilling on the margins of the Cyclone Zone, which include intersections including 16m @
3.07% Cu from 93m downhole (drillhole SROR1601D) and 10.2m @ 2.1% Cu from 17.3m and
5.8m @ 3.6% Cu from 38.6m downhole (drillhole ST99-53).
Figure 3: Recently completed MLEM survey image (Ch18Z) of the Cyclone Zone overlaying
drilling, major faults, and aerial photography. Hotter colours (red/green) indicate higher
conductivity. Gaps in this survey were completed in 2023 and will be integrated into the final
modeling and interpretation.
The survey data from the current coverage over the Southern Graben area, including around the
Thunder Prospect (where drilling has intersected 48.6m @ 3% Cu from 35m downhole in drill
hole ST23-03), has clearly defined conductive features along the strike of the fault network in the
area (Figure 4). Weakly conductive cover is present in the area of the Thunder Prospect (most
likely a thin overlap of the Allen Bay and Cape Storm formations), slightly masking the full EM
response of the bedrock anomalies.
The correlation with the graben faults and orientation of the EM conductors suggests the
potential for further discoveries of high-grade copper sulfides in a similar setting to the Thunder,
Lightning Ridge, Chinook, and Corona zones. Approximately 10km of the graben faults remain
underexplored in the southern Storm area alone, underscoring the very significant exploration
potential.
All of the conductive features defined to date are located proximal to high-grade copper
intersected in drilling, making them compelling targets for the discovery of further copper
sulfides and extensions to the known zones of copper mineralization. The MLEM surveys will
continue to screen the broader Storm area, with follow-up surveys over some of the preliminary
conductors to help better constrain the modeling for drill testing.
Figure 4: Recently completed MLEM survey image (Ch18Z) of the South Graben area,
overlaying drilling, major faults, and aerial photography. Hotter colours (red/green) indicate
higher conductivity. Gaps in this survey were completed in 2023 and will be integrated into the
final modeling and interpretation.
PLANNED PROGRAM
• RC drilling is in progress in the Storm area testing geophysical and resource targets. The
second RC drill rig is currently being mobilized to site.
• EM surveys are continuing at near-surface and deeper areas of interest within the Storm
area. The surveys will then move to the Tornado and Blizzard copper prospect areas.
• Planning is complete and preparations are underway for a broad range of environmental
monitoring and survey activities during 2024.
• Studies are progressing on a range of beneficiation processing methods on a variety of
mineralized material from the Cyclone and Chinook Deposits.
• Project development studies are continuing.
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 56.3m* @ 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
As previously disclosed, Aston Bay entered into an Option Agreement dated March 9, 2021 (the
"Option Agreement") with American West Metals Limited and its wholly-owned subsidiary,
Tornado Metals Ltd. (collectively, "American West") pursuant to which American West was
granted an option (the "Option") to earn an 80% undivided interest in the Project by spending a
minimum of CAD$10 million on qualifying exploration expenditures ("Expenditures"). The
parties amended and restated the Option Agreement as of February 27, 2023 to facilitate
American West potentially financing the Expenditures through flow-through shares but did not
change the commercial agreement between the parties.
The Expenditures were completed during the 2023 drilling program and American West
exercised the Option in accordance with the terms of the Option Agreement, as amended.
American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a
joint venture agreement. Under such agreement, 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 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 by late 2023 or early 2024.
Diamond drilling tested new high-priority gravity targets and environmental baseline studies will
be initiated.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100%
of core length.
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 and hand 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.
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 Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and
gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas
Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018
Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.
The Company is currently exploring the high-grade Buckingham Gold Vein in central Virginia
and is in advanced stages of negotiation on other lands with high-grade copper potential in the
area.
The Company and its joint venture partners, American West Metals Limited and its wholly-
owned subsidiary, Tornado Metals Ltd. (collectively, " American West ") have agreed to form a
20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the
Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under
such agreement, 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. Our strategy is focused on developing mines
that have a low-footprint and support the global energy transformation. Our 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 our approach is our
commitment to the ethical extraction and processing of minerals and making a meaningful
contribution to the communities where our projects are located.