Aston Bay and American West Metals Confirm Direct Shipping Product Potential at the Storm Project, Nunavut, Canada Ore sorting and beneficiation results highlight simple, small-footprint development potential
Aston Bay and American West Metals Confirm Direct Shipping
Product Potential at the Storm Project, Nunavut, Canada
Ore sorting and beneficiation results highlight simple, small-footprint
development potential
HIGHLIGHTS
• Detailed metallurgical study and test work program on representative Cyclone and Chinook Deposit
mineralization has successfully generated potential commercial grade Direct Shipping Products
(“DSPs”)
• The two-circuit, ore sorting* and Inline Pressure Jig (“IPJ”) stream is capable of a range of DSP
concentrate grades with excellent yields of copper (“Cu”)
• The DSP processing test work has delivered:
• Cyclone Deposit at 1.2% Cu to 1.5% Cu feed grades
• 16-22% Cu concentrate, 58-62% copper metal to DSP
• Chinook Deposit at 1.2% Cu to 1.5% Cu feed grade
§ 16-22% Cu concentrate, 64-71% of copper metal to DSP
• DSP process can be easily optimized to suit increased processing rates and selective concentrate grades
• Ongoing test work anticipated to include further upside potential and includes continuing variability,
comminution and optimization studies on the Cyclone, Chinook, and Thunder Deposits
• The development opportunity has excellent ESG outcomes with a very small environmental footprint
and no deleterious elements
• Ongoing drilling at Storm is designed to inform 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 known deposits as well as new discoveries for additional potential resources.
*”Ore sorting” is an industry-recognized term for the use of advanced sensors to mechanically separate
well-mineralized from poorly-mineralized rock. The reader is cautioned that "ore" has specific implications
regarding the feasibility and economic viability of a mineral deposit; until these studies are complete, no
material from Storm yet satisfies the definition of ore, and “ore sorting” here refers solely to the
beneficiation process.
TORONTO, Ontario, August 13, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston
Bay" or the "Company”) is pleased to confirm that a metallurgical study and test work program on typical
Storm mineralization has successfully generated potential commercial grade Direct Shipping Products 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 mine upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
“These metallurgical studies have demonstrated that Storm can produce a potential commercial-grade
DSP from typical Storm copper mineralization through a simple process. The proposed ore sorting and
jig process eliminates the need for conventional flotation plant and its accompanying tailings facility –
this would be a small footprint operation with minimized surficial impact. We are very excited to see
Storm potentially developing into a compelling development story with excellent ESG qualities.”
Figure 1: Storm copper mineralization being processed by a full scale Steinert ore sorter in Perth,
Australia.
Process modelling was provided within the studies completed by Nexus Bonum (Perth, Australia). The
studies are not scoping studies nor feasibility studies. The primary outcomes from the studies are for
desktop or conceptual process modelling which the Company will use for internal purposes to make
strategic decisions on the Storm Copper Project.
HIGH-GRADE POTENTIAL OPEN PIT COPPER OPPORTUNITY
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. An additional approximately 20,000
metres (“m”) of resource upgrade and expansion drilling is currently underway, with release of the
resource anticipated in Q4 2024.
The dominant copper mineral within the Storm deposits is chalcocite. The copper mineralization is
hosted within coarse veins and breccias, and there is a direct correlation between the volume and
thickness of the mineralized veins with overall copper grade.
Chalcocite is a dark-grey copper sulfide mineral that contains 79.8% copper, with a specific gravity
(SG) of 5.5-5.8. The dolomite host rocks to the mineralization are light grey/brown and have an SG of
2.8-2.85. The large difference in physical properties of the copper mineralization and host rocks
suggests amenability to upgrading through straightforward beneficiation processing techniques.
Ore sorting was identified as one technique that could have the potential to upgrade the
mineralization to be suitable as a Direct Shipping Product (DSP). Ore sorting is a pre-concentration
technology that uses advanced sensors and algorithms to separate potentially economically viable
mineralized material from waste rock in real time. This processing technique is widely used in the
mining and mineral processing industry on a range of commodity types, including other base metals,
lithium, iron ore, and nickel.
The use of ore sorting and beneficiation processing technology has the potential to eliminate the
necessity for a conventional flotation plant and its accompanying tailings facility. Consequently, it
would reduce the operational footprint and provide substantially lower capital requirements. The
Nexus study was subsequently broadened to include a range of other beneficiation techniques in
addition to ore sorting to assess the DSP potential further.
DSP CONCEPT DESIGN AND RESULTS
ALS Metallurgy in conjunction with Sacre-Davey (North Vancouver, Canada) and Nexus Bonum (Perth,
Australia), international consulting firms with highly respected credentials in mineral processing and
beneficiation, were engaged to complete detailed studies on the ore sorting and beneficiation
performance of typical copper mineralization at Storm using metallurgical samples from the Cyclone
and Chinook Deposits.
The test work studied the upgrade performance of a range of sensor-based and gravity technologies
using the metallurgical samples provided. The mineralization was tested over a wide range of copper
grades and size fractions to determine the DSP potential across the range of mineralized material at
Storm.
Of all of the tests completed, ore sorting and wet jigging (a gravity separation technique) using the
Inline Pressure Jig (IPJ) produced the most favourable upgrade results, and the combination of the
two circuits allowed both the coarse (>11.2 millimetre (“mm”)) and fine fractions (<11.2mm) to be
processed effectively.
The favourable results were used to generate a design process flow diagram (PFD) incorporating
particle ore sorters (XRT) and Inline Pressure Jigs (IPJ) to produce a selected DSP product grade.
DSP processing test work was completed on each of the Cyclone and Chinook Deposits confirming
that the Cyclone and Chinook copper mineralization is amenable to upgrading and that high
recoveries can be obtained in very low mass yields. For the Cyclone Deposit, feed grades at 1.2% to
1.5% Cu produced a 16-22% Cu concentrate with 58-62% of copper metal reporting to the DSP. For
Chinook, feed grades at 1.2% to 1.5% Cu produced a 16-22% Cu concentrate with 64-71% of copper
metal reporting to the DSP.
A simplified description of the PFDs for the Cyclone and Chinook Deposits is presented below.
See Appendix A on the Aston Bay website https://astonbayholdings.com/news/dsp-appendix/ for a
more detailed description.
Figure 2: Typical mid-range case PFD for the Chinook Deposit using Ore Sorting and Gravity Upgrade based on test work results Note: numbers
may not add due to rounding.
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 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 56.3* @ 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
On March 9, 2021, Aston Bay entered into an option agreement with American West Metals Limited
(American West), and its wholly owned Canadian subsidiary Tornado Metals Ltd., pursuant to which
American West was granted an option to earn an 80% undivided interest in the Project by spending a
minimum of CAD$10 million on qualifying exploration expenditures. The parties amended and restated
the Option Agreement as of February 27, 2023, to facilitate American West directly earning an interest in
the Project alongside its Canadian subsidiary without any change to the overall commercial agreement
between the parties. The expenditures were completed during 2023, and American West exercised the
option. American West and Aston Bay have formed an 80/20 unincorporated joint venture.
Under the joint venture, 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 and metallurgical 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 in 2024. Deep diamond drilling during 2023
discovered high-grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth (ST23-02),
suggesting the potential for discovery of large-scale copper targets at depth.
Diamond drilling of new high-priority deep MLEM targets, RC delineation drilling for resource
development and additional geophysical surveys are now underway in the 2024 program. Metallurgical
studies and environmental baseline studies are ongoing, with bulk sampling for prefeasibility-level
processing planned for summer 2024.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core
length.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious
metal deposits in Nunavut, Canada and Virginia, USA.
The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in
Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The company is also in advanced
stages of negotiation on other lands with high-grade critical metals potential in North America
The Company and its joint venture partners, American West Metals Limited and its wholly -owned
subsidiary, Tornado Metals Ltd. (collectively, “American West”) have formed a 20/80 unincorporated joint
venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc
Deposit. Under the unincorporated joint venture, 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. The company’s strategy is focused on developing mines that have a low-footprint and
support the global energy transformation. AW1’s 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 AW1’s approach is a commitment to the ethical extraction and processing of
minerals and making a meaningful contribution to the communities where its projects are located.
Led by a highly experienced leadership team, AW1’s strategic initiatives lay the foundation for a
sustainable business which aims to deliver high-multiplier returns on shareholder investment and
economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each
party’s interest in the Project pursuant to the agreement in respect of the joint venture, management
objectives, forecasts, estimates, expectations, or predictions of the future may constitute “forward -
looking statement”, which can be identified by the use of conditional or future tenses or by the use of
such verbs as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate”, “project”, “plan”, and
words of similar import, including variations thereof and negative forms. This press release contains
forward-looking statements that reflect, as of the date of this press release, Aston Bay’s expectations,
estimates and projections about its operations, the mining industry and the economic environment in
which it operates. Statements in this press release that are not supported by historical fact are forward-
looking statements, meaning they involve risk, uncertainty and other factors that could ca use actual
results to differ materially from 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 these statements, which apply only at the time of writing 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 to the extent
required by securities legislation.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Thomas Ullrich, Chief Executive Officer
(416) 456-3516