Aston Bay and American West Metals Expand the Extensive Near- Surface Copper Mineralization at the Storm Copper Project, Canada Further assay results from the summer Reverse Circulation (RC) drilling program have returned thick intervals of near-surface, high-grade copper mineralization, including:
Aston Bay and American West Metals Expand the Extensive Near-
Surface Copper Mineralization at the Storm Copper Project,
Canada
Further assay results from the summer Reverse Circulation (RC) drilling program have
returned thick intervals of near-surface, high-grade copper mineralization, including:
• Drill hole SR23-38 (4100N Zone) has intersected:
o 24.4m @ 1.1% Cu from 48.8m, including,
▪ 6.1m @ 2.8% Cu from 54.9m, including,
▪ 1.5m @ 8.3% Cu from 54.9m, and,
▪ 4.5m @ 1.5% Cu from 67.1m
• Drill hole SR23-41 (4100N Zone) has intersected:
o 12.2m @ 1.1% Cu from 118.9m, including,
▪ 3m @ 4% Cu from 126.5m
• Drill hole SR23-43 (4100N Zone) has intersected:
o 1.5m @ 1% Cu from 51.8m, and,
o 1.5m @ 1.6% Cu from 64m, and,
o 3.1m @ 2.7% Cu from 76.2m, and,
o 1.5m @ 1% Cu from 80.8m
• High-grade, near-surface copper has now been defined at the 4100N Zone over a strike
of more than 1,300m and a width of 400m, with drilling and geophysics supporting the
potential to extend mineralization at least 600m farther to the north-east.
• Drilling results continue to demonstrate the strong correlation between geophysical
targets and copper mineralisation, with an extensive suite of geophysical targets
remaining to be tested.
• The latest assays are part of the 63 drill holes completed at Storm in 2023 that will
support the maiden mineral resource estimation at Storm.
• All the known high-grade, near-surface copper zones remain open providing
outstanding potential for further drilling to expand the resource.
TORONTO, ON / ACCESSWIRE / November 6, 2023 / Aston Bay Holdings Ltd.
(TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") reports the latest assay results
from the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The
program was conducted by American West Metals Limited ("American West"), who is the
operator of the Project.
"We are encouraged by the remaining reverse circulation drilling results from our summer 2023
program at Storm," stated Thomas Ullrich, CEO of Aston Bay. "The footprint of the near-surface
copper mineralization continues to get larger while demonstrating excellent continuity.
Mineralization in these previously known zones remains open, and new discoveries of thick,
high-grade zones such as Thunder and Lightning Ridge in the near surface that point to the
potential to find more. Our partners American West are aggressively moving this near-surface
mineralization toward a potential low-cost, high-margin DSO production scenario.
"The significance of this work is not limited to the near-surface mineralization alone. Deeper
drilling this season has also confirmed the presence of similar copper mineralogy and grade at
depth that are spatially associated with geophysical anomalies of significantly larger lateral
extent. Although we have not yet encountered the same thicknesses as we see in the near surface,
these new deeper intercepts highlight the similarities to the large-scale copper deposits of
Central Africa. It is exciting to explore a project with such significant scale potential and we
look forward to the 2024 season."
Figure 1: Reverse Circulation resource delineation drilling in 2023 at the 4100N Zone, Storm,
Nunavut.
STRONG RESULTS FURTHER HIGHLIGHT RESOURCE AND EXPANSION
POTENTIAL
A total of 63 drill holes were completed during the 2023 drilling program for 9,756m, out of a
planned maximum of 10,000m. Of these drill holes, 56 were drilled using reverse circulation
(RC), and 7 were diamond drill holes. The drilling was designed to define resources within the
known near-surface, high-grade 4100N, 2750N and 2200N copper zones to support a maiden
resource and to test key exploration targets and concepts.
The completion of 39 RC drill holes at the 4100N Zone during 2023 has confirmed a large
volume of mineralization with significant resource potential. The mineralization is flat-lying and
continuous over a significant lateral extent. The latest assays confirm thick intervals of copper
mineralization on the margins of the 4100N Zone, giving strong indications that the
mineralization remains open laterally in most directions.
The flat-lying geometry, stratabound nature and metal zonation are typical of sediment-hosted
copper deposits. The abundance of similar mineralization elsewhere at Storm, both at the surface
and at depth, suggests that the 4100N Zone could be one element of a much larger-scale
sediment-hosted copper system. The known mineralization occurs within a predictable horizon
and the grade of the mineralized intervals correlates directly to the density and volume of
fractures/structures (i.e., available space) within the host dolomudstones.
Figure 2: Plan view of the 4100N Zone showing the interpreted footprint (defined by drilling,
MLEM and VTEM) for the near-surface copper mineralization and drilling, overlaying regional
geology. Stated drill hole intersections are all down hole length, and true width is expected to be
60% to 100% of stated length.
Several of the RC drill holes in the latest batch of results (SR23-33, -34, -40, and -54) were
drilled in the eastern part of the 4100N Zone in an area of lesser brecciation and sulfide veining.
This area is characterized by massive dolomudstones representing a local facies (i.e., textural and
compositional) change within the sedimentary unit resulting in locally less available space for
mineralization. Importantly, drilling has confirmed that the copper mineralization re-intensifies
in more favourable host rock to the east as well as potentially north of this local massive
dolomudstone zone (see SR23-55 description below).
EXPANDING THE 4100N ZONE NORTHWARDS - DRILL HOLE SR23-55 DETAILS
Exploration RC drill hole SR23-55 was drilled to a downhole depth of 150.9m and was designed
to test a moderately conductive Fixed Loop Electromagnetic (FLEM) anomaly to the north of the
4100N Zone (Figure 3).
Figure 3: Plan view of the 4100N Zone showing the interpreted mineralized footprint (defined by
drilling and EM) and drilling, overlaying FLEM imagery (Late time conductivity - Channel 16.
Hotter colours and white indicate higher conductivity). Stated drill hole intersections are all
down hole length, and true width is expected to be 90% of stated length.
The 2021 FLEM survey highlighted two distinct, late time anomalies with an apparent strike of
approximately 200m and 500m respectively north of the known copper mineralization at the
4100N Zone. A single drill hole was designed to test the southernmost anomaly.
Drill hole SR23-55 intersected a 24.4m thick interval of breccia and vein copper sulfide
mineralisation. The mineralized zone contains a stronger sulfide breccia interval of 7.6m @ 1%
Cu, which includes 1.5m @ 2% Cu. The >2% copper mineralization is interpreted to be the
source of the EM anomalism.
Significantly, a FLEM anomaly located over 300m to the north of drill hole SR23-55 has a
higher conductivity and could represent larger volumes of >2% copper mineralisation. This
anomaly is yet to be drill tested. These two anomalies cover an area of approximately 16 hectares
and have the potential to host significant volumes of additional mineralization.
These EM targets and the expansion of the 4100N Zone are a priority of the 2024 exploration
and drilling program.
EXPLORATION UPSIDE - NUMEROUS EM ANOMALIES REMAIN UNTESTED
Exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features
during 2023 has further expanded the footprint of the near-surface, high-grade copper
mineralization at Storm.
The recent Lightning Ridge (combined 30.4m @ 2.2% Cu) and Thunder (48.6m @ 3% Cu)
discoveries (see September 26, 2023, Aston Bay news release) continue to highlight the
effectiveness of EM as a targeting tool and the correlation of EM anomalies with semi-massive
and massive copper sulfides.
Two other high-priority EM targets were tested recently during the drilling program. In addition
to drill hole SR23-55 described above, hole SR23-53 targeted a FLEM anomaly in the newly
named Hailstone area beneath surficial copper gossans (Figure 4). The drill hole intersected four
zones with minor chalcocite veining (<0.2% Cu) but is interpreted to have missed the targeted
conductor. Although the conductor was modeled with low confidence due to its location on the
edge of the survey loop, the presence of copper sulfides is encouraging. Additional EM surveys
will be completed to better constrain the target for follow-up drilling.
Five significant, fault-related copper prospects (Thunder, Lightning Ridge, 3500N, 2750N and
2200N Zones) have been identified to date in the area around the southern graben fault. All of
these discoveries are located at or close to the surface and have only been tested to a depth of
approximately 100 vertical metres.
Drilling has confirmed that high-grade copper sulfides in the southern area are characterized by
broad EM anomalies with a localized stronger EM signature. A number of these local ‘bullseye'
features remain untested and have the potential to further expand the footprint of high-grade
near-surface copper mineralization within this area (Figure 4). Significantly, the broader EM
anomalies may represent a deeper zone of copper mineralization with much larger lateral extents,
which are common features of sediment-hosted copper deposits.
Further exploration along strike of the vast fault network in the area will be designed to test both
near-surface and deeper sediment-hosted copper mineralization. Approximately 10km of
prospective structures have been identified in the southern graben area alone. Additional EM and
gravity surveys are planned for the start of the 2024 season and will cover the Storm, Tornado,
Blizzard, and Tempest prospect areas.
Figure 4: Plan view of the southern graben fault area showing the interpreted mineralized
footprint (defined by drilling) and drilling, overlaying FLEM imagery (Late time conductivity -
Channel 16. Hotter colours and white indicate higher conductivity) and regional geology. Stated
drill hole intersections are all down hole length, and true width is expected to be 60% to 90% of
stated length.
Hole ID From
(m)
To (m) Width Cu % Zn % Ag
g/t
SR23-32 54.8 57.9 3.1 0.3 - 2
62.5 64 1.5 0.3 - 1
70.1 71.6 1.5 0.3 - 1
SR23-33 68.6 71.6 3 0.7 - 3
Including 68.6 70.1 1.5 1 - 5
79.3 80.8 1.5 0.2 - 2
94.5 96 1.5 0.3 - 3
SR23-34 NIS - - - - -
SR23-35 47.2 48.8 1.6 1.8 - 5
59.4 61 1.6 0.3 - 3
82.3 83.8 1.5 0.5 - 1
SR23-36 71.6 74.7 3.1 1.5 - 3.3
Including 71.6 73.2 1.6 2.7 - 6
79.3 80.8 1.5 0.3 - 1
SR23-37 56.4 83.8 27.4 0.2 - 1
SR23-38 16.8 19.8 3 0.6 - 5.5
25.9 27.4 1.5 0.4 - 2
33.5 38.1 4.6 0.3 - 1.3
48.8 73.2 24.4 1.1 - 4.4
Including 54.9 61 6.1 2.8 - 10.3
Including 54.9 56.4 1.5 8.3 - 29
And 67.1 71.6 4.5 1.5 - 4.3
SR23-39 44.2 76.2 32 0.3 - 1
Including 51.8 53.3 1.5 2.9 - 6
SR23-40 83.8 108.2 24.4 0.2 - 1
SR23-41 118.9 131.1 12.2 1.1 - 4.8
Including 126.5 129.5 3 4 - 15.5
SR23-42 57.9 86.9 29 0.5 - 2
Including 68.6 71.6 3 1.9 - 6
And 85.3 86.9 1.6 1.8 - 4
SR23-43 48.8 82.3 33.5 0.6 - 2.6
Including 51.8 53.3 1.5 1.5 - 5
And 64 65.5 1.5 1.6 - 5
And 76.2 79.3 3.1 2.7 - 7.5
And 80.8 82.3 1.5 1 - 2
SR23-44 147.8 149.4 1.6 0.2 - -
SR23-45 36.6 38.1 1.5 0.3 - 2
50.3 51.8 1.5 0.6 - 2
56.4 62.5 6.1 1.4 - 2
Including 59.4 61 1.6 4.3 - 6
80.8 86.9 6.1 1.3 - 4.5
Including 80.8 83.8 3 2.4 - 7.5
SR23-46 27.4 29 1.6 0.2 - 2
70.1 71.6 1.5 0.3 - 1
100.6 102.1 1.5 0.7 - 4
SR23-47 NIS - - - - -
SR23-53 NIS - - - - -
SR23-54 62.5 64 1.5 0.3 - 1
79.3 80.8 1.5 0.3 - 2
SR23-55 105.2 112.8 7.6 1 - 3.7
Including 109.7 111.3 1.6 2 - 8
Table 1: Summary of significant drilling intersections in this report (>0.2% Cu).
PLANNED PROGRAM
• Assays for rock and gossan samples from the Tempest area as well as the fourth deep
diamond drill hole are pending and due over the coming weeks.
• Ore sorting, beneficiation, and process optimization studies on a range of copper
mineralization from the 2750N and 4100N Zones are in progress.
• Resource modeling and estimation work for the Storm Project is continuing.
• A report on the Storm Project summer environmental program is being compiled.
• Logistics and exploration planning for the 2024 exploration program is continuing.