Aston Bay and American West Metals Confirm New Thick Copper Intercepts at Cyclone and Lightning Ridge as Drilling Accelerates at the Storm Copper Project, Canada 30 RC drill holes now completed with diamond drilling now also underway
Aston Bay and American West Metals Confirm New Thick Copper
Intercepts at Cyclone and Lightning Ridge as Drilling Accelerates
at the Storm Copper Project, Canada
30 RC drill holes now completed with diamond drilling now also underway
• The 2024 summer drilling program continues to accelerate with more than 4,450 metres (“ m”) now
completed
• The recent drilling has targeted expansion at the Cyclone and Chinook Prospects, and delineation drilling
Lightning Ridge discovery and Thunder Prospect
• Visual results have been received for 16 of the Lightning Ridge and Cyclone Deposit drill holes which
confirm a 100% hit rate for copper sulfides; visual results for drilling at Thunder and Chinook are pending
Lightning Ridge Prospect:
• Drill hole SR24 -014 has intersected a combined total of 30.5m of visual copper sulfide mineralization
within three zones from 57.9m downhole
• Drill hole SR24 -016 has intersected a combined total of 2 1.3m of visual copper sulfide mineralization
within three main zones from 38.1m downhole, including 5m of very strong copper sulfide mineralization
from 44m downhole
• Copper mineralization at the Lightning Ridge zone has now been defined over a strike of 150m, with
excellent potential to expand further
Cyclone Deposit:
• Visual results have been received for 13 drill holes, including several outside of the current mineralization
footprint, with all drill holes intersecting visual copper sulfides
• Drill hole SR24 -009 was drilled approximately 80m to the south -west of the Cyclone Deposit and has
intersected 32m of strong visual copper sulfides from 85.3m downhole
• Drill holes SR24 -011 and SR24- 013 have intersected thick intervals of semi- massive sulfides within the
southern part of the current known mineralization envelope
• Drilling at the Cyclone Deposit continues to confirm the robust and continuous nature of the copper
mineralization supporting the potential for delineation of a future resource and outstanding growth
potential
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, July 10, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or
the "Company”) is pleased to present an update on drilling and exploration 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. 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 2024 exploration program has ramped up production and we are on track to drill the proposed
20,000 metres this season.
“The summer phase of drilling is hitting visual copper mineralization in every hole, expanding the already
large zone of high- grade copper mineralization at Cyclone and confirming additional mineralization
around last year’s discovery at Lightning Ridge. Most exciting for me is the intersection of a thick zone of
copper sulfide mineralization across the fault from Cyclone in the down- dropped Central Graben. This
very large area holds the potential for significant additional discoveries concealed below the surface in
this down-faulted block.”
DRILL PROGRAM ACCELERATING AT STORM
A total of 30 drill holes (for approximately 4,453m) have now been completed during the 2024 drilling
program, with drilling ongoing. Assay results were received from the five exploratory Reverse Circulation
(“RC”) drill holes from the spring phase of the program, which confirmed exploration success at the Gap
prospect ( see Aston Bay July 2, 2024 , news release). Assay results from the remainder of the current
drilling, including the 3,460m drilled since July 1, are pending. Drilling is ongoing with 20,000m planned.
The recent drill holes have been completed at the Cyclone, Chinook, Thunder, and Lightning Ridge high-
grade copper prospects. The visual results from 16 of these drill holes have now been received, with all
holes intersecting visual copper sulfides. The mineralogy and presence of copper has been confirmed
with portable XRF analysis.
The drilling at the Cyclone Prospect 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.
Figure 1: Reverse Circulation (RC) drilling underway at the Cyclone Deposit, Storm Project, Nunavut.
All of the reported infill drill holes have intersected thick intervals of visual copper sulfide s, including
semi-massive sulfides, highlighting the outstanding continuity of the mineralization at Cyclone.
Exploration drilling outside of the known Cyclone mineralization has also intersected thick intervals of
strong visual copper mineralization , confirming the excellent potential for growth to the south -west,
east, and north of the deposit.
The initial Lightning Ridge drilling has successfully confirmed the continuity and likely geometry of the
high-grade mineralization . The steeply dipping copper mineralization (discovery hole SR23 -52
intersected 30.4m @ 2.1% Cu, 5.4 grams per tonne (“g/t”) silver (“Ag”) can now be traced over a strike
of at least 150m, with further extensions interpreted to be likely , given the thick intervals of the visual
mineralization in the outlying drill holes.
The 2024 drill program is continuing with two RC drill rigs and single diamond drill rig. The excellent
production of the drilling achieved to date puts the program on track to complete the planned 20,000m
of drilling.
Hole ID Prospect Easting Northing Depth (m) Azimuth Inclination
SR24-001 Expl. 465403 8174839 251.5 180 -75
SR24-002 Cyclone 465497 8174396 140.2 180 -70
SR24-003 The Gap 464015 8173152 149.4 170 -45
SR24-004 The Gap 463975 8173143 199.6 130 -60
SR24-005 Graben 464200 8173324 251.5 180 -75
SR24-006 Chinook 466176 8172877 129.5 180 -60
SR24-007 Cyclone 464729 8174010 150.9 0 -70
SR24-008 Chinook 466216 8172870 140.2 180 -60
SR24-009 Cyclone 464629 8174021 120.4 0 -70
SR24-010 Chinook 466197 8172835 109.7 180 -60
SR24-011 Cyclone 464855 8174089 131.1 180 -70
SR24-012 Chinook 466317 8172830 115.8 180 -60
SR24-013 Cyclone 464945 8174144 120.4 180 -70
SR24-014 Lightning 466029 8172538 118.9 0 -50
SR24-015 Cyclone 464856 8174223 160.0 180 -70
SR24-016 Lightning 466091 8172538 129.5 0 -50
SR24-017 Cyclone 464765 8174233 120.4 180 -70
SR24-018 Lightning 466063 8172513 149.3 0 -50
SR24-019 Cyclone 464688 8174273 121.9 180 -75
SR24-020 Lightning 466201 8072538 140.2 0 -50
SR24-021 Cyclone 464763 8174300 131.1 180 -70
SR24-022 Thunder 465364 8172845 140.2 180 -60
SR24-023 Cyclone 464848 8174344 144.8 180 -70
SR24-024 Cyclone 464948 8174340 149.3 180 -61
SR24-025 Cyclone 465089 8174285 170.7 180 -65
SR24-026 Cyclone 465048 8174094 120.4 180 -70
SR24-027 Cyclone 465147 8174100 114.3 180 -63
SR24-028 Expl. 465867 8174040 140.2 180 -65
SR24-029 Expl. 465900 8174500 251.4 180 -65
SR24-030 Thunder 465234 8172845 140.2 180 -60
Table 1: Details for the 2024 resource and exploration drill holes completed to date.
Figure 2: Recent and existing drill hole locations, copper mineralization outlines, overlaying aerial
photography.
LIGHTNING RIDGE COPPER PROSPECT EXTENDED
The Lightning Ridge Prospect is located to the south of the Chinook Prospect. The high -grade copper
zone was discovered with exploration drilling during 2023 in which drill hole SR23 -52 intersected 15.2m
@ 2.3% Cu from 30.5m downhole and 15.2m @ 2.1% Cu from 77.7m downhole.
Outcropping massive chalcocite is visible at surface and in boulders at the base of a large E -W oriented
gully (Figure 4). The proximity to the gully and the style of mineralization is strongly suggestive that the
mineralization is fault-related and steeply dipping, as is seen at the nearby Chinook and Corona copper
prospects.
The initial 2024 drilling at Lightning Ridge included three drill holes designed to test the strike extent and
confirm the geometry of the high-grade mineralization intersected in SR23-52 (Figure 3).
The visual results have now been received and show that the drill holes along strike of the initial
discovery hole have intersected strong visual copper sulfide s. The known strike extent of the Lightning
Ridge is now interpreted to be over 150m.
The third drill hole was drilled beneath SR23 -52 and what is interpreted to be parallel to the zones of
high-grade mineralization. The drill hole also intersected visual copper sulfide mineralization and other
mineralogy that supports the interpretation that th is third hole is located on the margin of the main
copper zone. See below for details.
Figure 3: Plan view of the Chinook, Corona, Thunder, and Lightning Ridge areas showing the known
copper mineralization and interpreted footprint (defined by drilling, MLEM and VTEM) of the near -
surface copper mineralization and drilling overlaying regional geology.
DRILL HOLE SR24-014 AND SR24-016 DETAILS
RC drill hole SR24 -014 was drilled to a depth of 119m and completed to the west of discovery drill hole
SR23-52 (Figure 3).
SR24-014 has intersected three main zones of visible chalcocite - and chalcopyrite -dominant
mineralization, correlating with the multiple copper zones encountered in drill hole SR23-52.
Drill hole SR24 -016 was drilled to a depth of 129.5m and is located east of drill hole SR23 -52. Three
distinct zones of copper sulfide mineralization were also intersected, including a strongly mineralized
zone between 102-106m downhole.
Mineralization key for the tables below: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu
= native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena, cuox = copper oxides. (5%) =
visual estimation of sulfide content
Hole ID From (m) To (m) Min Description
SR24-014 0.0 15.2 Cape Storm Formation
15.2 24.4 ma, py Patchy ma and py (0.1%)
24.4 32.0 Allen Bay Formation
32.0 57.9 py Patchy py (0.1%)
57.9 64.0 chpy, py Patchy cp and py (0.2%)
64.0 76.2 Allen Bay Formation
76.2 79.3 cc, chpy,
py
Patchy py, with patchy cc and cp (1%)
79.3 86.9 chpy Veinlet hosted cp (1%)
86.9 93.0 cc Breccia hosted cc (0.5%)
93.0 100.6 Allen Bay Formation
100.6 108.2 cc, Cu Breccia cc and blebby native Cu (0.5%)
108.2 118.9 Allen Bay Formation
Table 2: Summary geological log for drill hole SR24-014.
Hole ID From (m) To (m) Min Description
SR24-016 0.0 32.0 Cape Storm Formation
32.0 38.1 py Patchy py (0.1%)
38.1 48.8 py, ma, cc Patchy cc, cp and py (2%)
48.8 54.9 py Patchy py (0.1%)
54.9 57.9 Allen Bay Formation
57.9 64.0 py, chpy Patchy py with veinlets of cp (0.5%)
64.0 102.1 py Patchy py (0.2%)
102.1 106.7 py, cc Patchy cc and py (2%)
106.7 129.5 Allen Bay Formation
Table 3: Summary geological log for drill hole SR24-016.
DRILL HOLE SR24-018 DETAILS
Drill hole SR24-018 was drilled to a depth of 149.4m and below discovery drill hole SR23-52.
The drill hole intersected a thin interval of minor copper sulfides from a depth of 146.3m downhole, and
multiple zones of visible pyrite and copper oxides. This mineral assemblage is typical of peripheral
copper mineralization in sed-hosted copper systems, supporting the interpretation that the step -back
position of the drill hole is on the southern margin of the east -west trending copper zone at Lightning
Ridge.
The copper sulfides in all of the Lightning Ridge drill holes are hosted in veinlets and breccias within the
Allen Bay dolomudstones. The main zones of copper mineralization are thought to be related to the
steeply dipping fault architecture in the southern graben area. Lightning Ridge is one of six known high-
grade copper zones within this under -explored area, with over 10km of prospective faults yet to be
explored.
Hole ID From (m) To (m) Min Description
SR24-018 0.0 30.5 Cape Storm Formation
30.5 35.1 py, ma Patchy py, Cuox and ma (0.1%)
35.1 44.2 py Patchy py (0.1%)
44.2 100.6 Allen Bay Formation
100.6 106.7 ma, Cu Blebby Cu and patchy ma, trace Cuox (0.5%)
106.7 146.3 Allen Bay Formation
146.3 149.4 py, cc Patchy cc and py (0.2%)
Table 4: Summary geological log for drill hole SR24-018.
Figure 4: Geological long- section view (looking north) at 8,172,580N showing the visual results for drill
holes SR24-14 and SR24-16, historical drilling, and the interpreted copper horizons. Drill hole SR24 -18 is
located to the south of this section and is therefore not shown.
CYCLONE EXPANSION POTENTIAL CONFIRMED WITH THICK COPPER INTERSECTIONS
Delineation drilling at the Cyclone Prospect is continuing and the visual results from drill holes SR24-007,
SR24-009, SR24-011, SR24-013, SR24-015, SR24-017, SR24-19, SR24-021, SR24-023, SR24-024, SR24-025,
SR24-026 and SR24- 027 have been received. Drilling is designed to expand and infill an upcoming
maiden mineral resource estimate for the Storm Project that is currently being constructed to CIM
standards.
The visual results continue to demonstrate the excellent lateral continuity of the high -grade
mineralization and confirm the expansion potential of Cyclone to the south-west, east, and north.