Aston Bay and American West Metals Confirm New Zone of Thick, Near-Surface, High-Grade Copper at Storm Copper Project, Canada Grades of more than 7% copper in recent drilling of The Gap; planned 20,000m summer drilling program underway
Aston Bay and American West Metals Confirm New Zone of Thick,
Near-Surface, High-Grade Copper at Storm Copper Project, Canada
Grades of more than 7% copper in recent drilling of The Gap;
planned 20,000m summer drilling program underway
• Drill hole SR24-03 at the underexplored Gap prospect has intersected:
• 20 metres (“m”) @ 2.3% copper (“Cu”) from 38m downhole, including,
▪ 8m @ 5.3% Cu from 39m downhole, including,
• 3m @ 7% Cu from 41m downhole
• SR24-03 was drilled to test an electromagnetic (EM) anomaly, once again demonstrating the strong
correlation between EM targets and very high-grade copper sulfide mineralization
• A further 10 EM anomalies have already been identified by the 2024 EM program, with deep penetrating,
high-resolution EM surveys planned to recommence this month around the existing Storm deposits as
well as the regional Tornado, Blizzard, and Tempest areas
• The summer drilling program is now underway with approximately 20,000m of drilling planned, initially
using two Reverse Circulation (RC) rigs and one diamond drilling rig, to target:
• Resource definition at the Thunder high-grade discovery where drilling during 2023 intersected
48.6m @ 3% Cu from 32.4m (ST23-03)
• Resource definition and extension at the Cyclone and Chinook Prospects
• Shallow, high-priority EM targets within the Storm area
• Large-scale geophysical targets below the Cyclone Prospect where drilling during 2023
discovered high -grade copper sulfides up to 2.7% Cu at approximately 300m vertical depth
(ST23-02)
• Bulk sampling for prefeasibility-level processing and development studies
• Sealift to Storm locked -in for September 2024 with fuel and other drilling supplies as well as heavy
mechanized equipment for the 2025 season already delivered to port in Montreal and ready for shipping
to Storm
TORONTO, Ontario, July 2, 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 is already delivering early exploration success this season. The grade and
length of this intercept at the new Gap Prospect are impressive, further proof of the effectiveness of EM
geophysics as a targeting tool for copper.
“The track-mounted RC drill rig , new to Storm this year, will improve efficiency in delineation drilling,
augmenting our heli -portable RC and diamond rigs. Multiple anomalies remain untested - we are just
getting started, with more geophysics and 20,000 metres of reverse circulation (RC) and diamond drilling
planned for the rest of the season.”
Figure 1: Reverse Circulation (RC) drilling underway at the Chinook Prospect, Storm Project, Nunavut.
SUMMER DRILLING TO ACCELERATE AND BUILD ON EARLY 2024 SUCCESS
Assays from the spring program drill holes SR24 -01, SR24-02, SR24-03, SR24-04 and SR24 -05 have now
been received and confirm new exploration success in The Gap area, which is located midway between
the Cirrus Prospect and the high-grade Thunder Prospect.
A total of five drill holes for 992.2m were completed during the spring program before the break leading
into the summer drilling and exploration program.
The drilling at The Gap has intersected a thick interval of high -grade copper sulfides associated with an
EM anomaly. The intersection of 20m @ 2.3% Cu from 38m downhole contains copper grades up to 7.3%
Cu (from 41m downhole) and continues to confirm the association of EM anomalies with very high-grade,
semi-massive copper sulfides.
The Gap EM anomaly was the first of a series of high-priority conductors in the southern graben area that
are planned to be tested during the drilling season . The drill hole highlights the potential for further
discoveries along the 4km of structures that host the Cirrus and Corona Prospects, as well as the high-
grade Thunder (48.6m @ 3% Cu) and Lightning Ridge (30.4m @ 2.1% Cu) copper prospects.
The fifth drill hole of the spring program (SR24-05) tested a historic Induced Polarization (IP) geophysical
anomaly within the central graben area, an area with very little previous drilling. This central graben area
is interpreted to be a down-dropped block between the two main faults to the north and south that host
or are spatially associated with most of the copper mineralization at Storm. The geology in the graben is
considered equally prospective as elsewhere at Storm but displaced downwards an unknown depth.
This fifth hole encountered a thick sequence of pyrite mineralization, typical peripheral -style
mineralization at Storm, and the likely source of the IP anomaly. The hole terminated at 251.5m, the limit
of the RC drill rig, without intercepting copper sulfides . This suggests that the hypothesized flat-lying
copper-mineralized horizon within the central graben could be displaced 250m stratigraphically below the
mineralized zones as seen at Cyclone . Additional drilling with the diamond drill rig will test Fixed Loop
Electromagnetic (FLEM) and Moving Loop Electromagnetic ( MLEM) anomalies in this highly prospective
area.
The Summer program has now commenced testing a broad range of exploration and resource targets,
including the Thunder, Cyclone and Chinook Prospect areas. The program will initially use two RC rigs and
one diamond drilling rig with over 20,000m of drilling planned for the 2024 program.
Hole ID Prospect Easting Northing Depth (m) Azimuth Inclination
SR24-01 Expl. 465403 8174839 251.5 180 -75
SR24-02 Cyclone 465497 8174396 140.2 180 -70
SR24-03 The Gap 464015 8173152 149.4 170 -45
SR24-04 The Gap 463975 8173143 199.6 130 -60
SR24-05 Graben 464200 8173324 251.5 180 -75
Table 1: Details for the 2024 resource and exploration drill holes completed to date.
Figure 2: Recent and existing drill hole locations and zones of copper mineralization overlaying aerial
photography.
DRILL HOLE SR24-02 DETAILS
SR24-02 was drilled to the north of the Cyclone Prospect to a downhole depth of 140.2m and was designed
to test for potential extensions to the existing copper resources at the Cyclone Prospect.
SR24-02 intersected a single thick zone of copper sulfide mineralization between 82m and 116m
downhole. The chalcocite dominant, weakly mineralized zone consists of thin veinlets and patchy
disseminations within fractured dolomite, with grades up to 0.5% Cu (82.3 – 83.8m downhole).
The relatively lower grades of the interval reflect other nearby drill holes that are characterized by a local
facies change in the rock to massive dolomudstone: the “tight” very fine-grained mudstone rock lacks the
open space necessary for the efficient copper mineralization that is well -defined laterally throughout
Cyclone. Importantly, however, previous drilling has confirmed that the copper mineralization re -
intensifies in more favourable permeable host rock to the east, as well as potentially north tow ards drill
hole SR23-55 (7.6m @ 1% Cu, including 1.5m @ 2% Cu), providing vectors for future drilling.
Hole ID From
(m)
To (m) Width Cu % Zn % Ag g/t
SR24-02 82.3 83.8 1.5 0.5 - 0.5
106.7 108.2 1.5 0.3 - 1
111 116 5 0.2 - 1
Table 2: Summary of significant drilling intersections for drill hole SR24-02 (>0.2% Cu)
DRILL HOLE SR24-03 & SR24-04 DETAILS
SR24-03 was drilled to a downhole depth of 149.4m and was designed to test a strongly conductive MLEM
anomaly in The Gap area (midway between the Cirrus copper prospect and the Thunder high-grade copper
prospect) (Figure 2).
The entire 149.4m length of drill hole SR24 -03 is variably mineralized with a combined total of 47.2m of
breccia and vein-style copper mineralization. The drill hole contains a strongly sulfide-mineralized breccia
interval which returned 20m @ 2.3% Cu from 38m downhole . The mineralization within the strongly
mineralized zone (chalcocite, bornite, chalcopyrite) appears very similar to that of the Thunder Prospect
to the east and contains a semi-massive sulfide zone grading 8m @ 5.3% Cu from 40m downhole.
Hole ID From
(m)
To (m) Width Cu % Zn % Ag g/t
SR24-03 38 58 20 2.3 - 3.3
Including 39 47 8 5.3 - 6.4
Including 41 44 3 7 - 7.5
And 54.9 56.4 1.5 1.1 - 1
62.5 64 1.5 0.4 1
74 82 8 0.4 1.6
93 96 3 0.5 1.5
129 134 4 0.2 1
Table 3: Summary of significant drilling intersections for drill hole SR24-03 (>0.2% Cu)
SR24-04 was drilled to a downhole depth of 199.6m and was designed to help determine the geometry of
the main zone of copper mineralization encountered in drill hole SR24 -03 for future resource definition
drilling. The drill hole was drilled across section and below SR24-03.
SR24-04 intersected a number of copper zones with vein style mineralization hosted within fractured
dolomite.
Hole ID From
(m)
To (m) Width Cu % Zn % Ag g/t
SR24-04 32 35 3 1 - 3
42.7 44.2 1.5 0.9 - 1
47.3 48.8 1.5 0.4 - 1
56.4 57.9 1.5 1 - 9
Table 4: Summary of significant drilling intersections for drill hole SR24-04 (>0.2% Cu)
The intersection depths and the intensity and zoning of copper sulfides in both drill holes indicate that the
mineralization in the Gap area may be relatively flat-lying and may have the potential for lateral expansion
(Figure 3).
The Gap exploration holes were planned to test a very strong MLEM anomaly that covers an area of
approximately 300m x 200m. This feature is located within a much larger zone of moderately conductive
EM, which suggests that the footprint of copper mineralization in The Gap area could be significant.
Additional drilling will be used to determine the extent of the copper mineralization at The Gap Prospect
during the 2024 summer drilling season.
Figure 3: N-S schematic geological interpretation on section 464,000E showing the location of SR24-03 and
SR24-04. Note – drill hole SR24-04 is located off section and shown for context.
DRILL HOLE SR24-05 DETAILS
Exploration drill hole SR24 -05 was drilled to 251.5m and was designed to both test an IP anomaly and
investigate the stratigraphic section within the central graben area of Storm.
The interpretation of historical IP data highlighted a broad, weakly chargeable feature that may have
represented disseminated copper sulfides.
This central graben area is interpreted to be a down -dropped block between the two main faults to the
north and south that host or are spatially associated with most of the copper mineralization at Storm. The
geology in the graben is thought to be equally prospective as elsewhere at Storm but displaced
downwards by faulting, suggesting that any mineralized horizons in the large graben, if present, would
also be displaced downward an unknown depth.
SR24-05 encountered a thick sequence of pyrite mineralization, the typical peripheral-style mineralization
at Storm, between 58m and 204m and is the likely source of the IP anomaly. The drill hole did not intersect
the hypothesized copper horizon which is interpreted to be displaced below 250m vertical depth.
Deeper diamond drilling will test the prospective copper horizon (which also hosts the Cyclone copper
deposit) at depth in the central graben area. Deep diamond drilling during 2023 intersected copper sulfide
mineralization up to 2.7% Cu (from 358.2m downhole in drill hole ST23 -02), confirming the potential for
a stacked mineral system in the Storm area, with at least two highly prospective horizons identified to
date (at depths of 50-100m and 250-350m depth respectively).
RESOURCE DEFINITION DRILLING PLAN – THUNDER, CYCLONE AND CHINOOK PROSPECTS
The near -surface, favourable geometry and high copper grades of the Storm prospects have set the
foundation for what Aston Bay and American West believe could be a large-scale, long-life copper mining
camp in the Storm area.
The Thunder Prospect, as well as the Cyclone and Chinook Prospects have been prioriti zed for the
delineation of resources for the maiden resource estimate at Storm. Work at Cyclone and Chinook will
also aim to convert a large volume of mineralized rock.
The copper mineralization within all of these prospects remains open with numerous high -grade copper
drill intervals on the margins of the deposits. An estimated 12,000 – 15,000m of drilling has been planned
for resource expansion activities in the Storm area.
EXPLORATION DRILLING PLAN
The recent exploration and resource definition activities indicate that the Storm Prospects and extensive
copper mineralization are only a small part of a very large, sediment-hosted copper mineral system.
Significant exploration discovery potential along strike and at depth
There is significant potential for additional exploration discovery at Storm both at depth and along strike.
High-grade copper sulfide mineralization has been found at a stratigraphic level below the known near-
surface copper prospects (Figure 4), and at numerous other locations along the 100km strike of the
prospective copper horizon (Figure 6).
All five of the deep diamond drill holes completed during the 2022 and 2023 programs intersected copper
sulfide mineralization at approximately the same stratigraphic horizon (270 -320m vertical depth) across
an of area of 5 km2. Notably, drill hole ST23 -02 intersected high-grade mineralization up to 2.7% Cu (at
358.2m downhole), and multiple intersections over 1% copper, indicating the potential of the system to
host economic mineralization similar to that defined in the near surface at that deeper stratigraphic level
(Figure 5).
Figure 4: Long Section view of the Cyclone Prospect showing the known copper mineralization, drilling,
and the potentially extensive copper horizon intersected at depth by diamond drilling in 2022/2023.
MLEM highly effective, now optimized for both near-surface and >250m depth
Phase 1 of the Moving Loop Electromagnetic (MLEM) survey was completed during the Spring exploration
program. The survey covered the majority of central graben of the immediate Storm area with
approximately 46.7 line-km completed. The first phase of the survey was configured and optimized to
screen for conductive bodies (such as copper sulfides) up to 250m depth. Areas to the east hosting
compelling gravity anomalies between known mineralized faults will be investigated in future programs.