Aston Bay and American West Metals Report Assays from Deep Drilling at the Storm Project, Nunavut, Canada 98 metres of copper sulfides reinforce large-scale sediment-hosted copper potential
Aston Bay and American West Metals Report Assays from Deep
Drilling at the Storm Project, Nunavut, Canada
98 metres of copper sulfides reinforce large-scale sediment-hosted copper
potential
Highlights:
• The 2024 deep drilling program has delivered further evidence of a very extensive laterally oriented
deeper copper horizon that covers an area of more than 10 square kilometres (“km 2”) and remains
open
• All three deeper drill holes in the 2024 program – collared approximately 2 km apart from each other
– have intersected copper sulfides and prospective stratigraphy within the interpreted deeper copper
horizon
• The second 2024 deep diamond drill hole (ST24-02) drilled during 2024 has intersected an aggregate
of 98.6 metres (“m”) of copper sulfide mineralization within multiple horizons
• The third 2024 deep diamond drill hole (ST24-03) – targeting a 1,300m x 500m EM anomaly below the
Cirrus Deposit – was suspended due to a highly fractured zone on approach to the target EM plates,
and will now be completed in early 2025
• ST24-03 encountered minor copper sulfides in the upper portions of the drill hole and an extensive
zone of fractured carbonate rocks at depth - a highly favourable geological setting for the deposition
of copper mineralization
• The first 2024 deep diamond drill hole (ST24 -01) intersected thick copper sul fides from 311m
downhole with grades up to 3.7% copper (“Cu”) as reported on September 20, 2024
• The large volume of mineralisation in the deeper diamond drilling, particularly in ST24-02, continues
to highlight the large lateral and vertical extent of the Storm copper system and the potential for
large-scale stratigraphic hosted copper deposits similar to those of the Central African Copperbelt
• Additional results from the 2024 campaign to be reported in the coming weeks.
TORONTO, Ontario, October 30, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay"
or the "Company”) is pleased to provide an update on diamond drilling activities at the Storm Copper
Project (“Storm” or the “Project”) on Somerset Island, Nunavut. The exploration program is being
conducted by American West Metals Limited (“American West”), the Project operator. Aston Bay and
American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project
property, with Asto n Bay maintaining a free carried interest until a decision to mine is made upon
completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
“It is encouraging to receive confirmation of our geological model with the drill bit. Drilled to test
stratigraphy and structure in a little-explored area, ST24-02 encountered a significant amount of sediment-
hosted style copper mineralization. While the mineralization at this location is spread out over a wide
interval, it nevertheless highlights the pervasive nature of the mineralizing process at Storm and points to
the potential where the copper budget of these pervasive fluids can be concentrated in higher-grade zones
as in the near-surface copper deposits currently being defined at Storm.
“Our third deep drill hole remains only partially completed due to drilling difficulties at the end of the
season. Drilling in the frozen Arctic ground requires salt to be added to the drilling fluid to prevent freezing.
Before reaching the target, the drill intercepted a fractured zone, resulting in the loss of the drilling fluid.
Unfortunately, it was too late in the season to resupply the salt and other drilling additives necessary to
continue the hole this year.
“The targeted anomaly exhibits characteristics of both fault-hosted “Chinook-style” and stratiform-hosted
“Cyclone-style” mineralization, making it a very compelling target. I eagerly look forward to completing
this drill hole early next year.”
Figure 1: Photo of the diamond drilling rig being prepared at the Storm Project, Nunavut, Canada.
OVERVIEW: DRILLING CONTINUES TO EXPAND THE COPPER SYSTEM
The drill holes for the 2024 deep drilling campaign were designed to test key geological targets at Storm
and the potential for new zones of copper mineralization within the ‘Deep Copper Horizon’ discovered
during 2023 (see August 2, 2023, Aston Bay news release).
Drill hole ST24-02 has intersected thick intervals of low-grade copper sulfide mineralization with multiple
thin higher-grade horizons. The entire rock package is variably fractured, with copper sulfides occurring
as veins and fracture infill. The large volume of mineralization and brecciation highlight a significant
mineralization event, and its location within the centre of the Thunder and Corona graben block supports
the potential for further discoveries of economic mineralization at depth.
ST24-03 targeted a large Moving Loop EM (MLEM) anomaly below the Cirrus Deposit and Gap Prospect
and encountered a large void/fractured zone on approach to the targeted EM plates, which slowed the
drilling and prevented the hole from being completed this season. Given the strong correlation between
copper sulfide mineralization and MLEM anomalies at Storm, this EM anomaly remains a high-priority drill
target for early 2025.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit
outlines, major faults , and deep diamond drill hole locations. All the deeper drill holes have intersected
copper at depth within a prospective area of more than ten square kilometres.
DRILL HOLE ST24-02 DETAILS
Drill hole ST24-02 was drilled to a downhole depth of 455m and intersected a combined total of 98.6m of
copper sulfide mineralization (Figure 4). The drill hole was designed to test the stratigraphy and structure
in the southern areas of Storm, south of the Southern Graben Fault.
In addition to minor copper mineralization hosted within the upper Allen Bay horizons (at the same depth
as the known shallow Storm prospects), three main mineralized zones were identified at depth in ST24 -
02. The mineralization is hosted within abundant sporadic fracturing, variably infilled by copper sulfides
averaging 0.1% copper (“Cu”) (see Table 2).
The most significant zone of mineralization, from 292m to 324m downhole, is hosted within a bituminous,
vuggy, coral dolopackstone-doloboundstone sequence with blebby to veinlet chalcopyrite, chalcocite and
bornite with assays up to 0.53% Cu (from 322.5 – 323.5m downhole) . The mineralized textures and
lithological associations from this zone are consistent with the ‘Deep Copper Horizon’ discovered during
2023 and show the persistence of this horizon across multiple fault blocks on the Storm property.
The large volume of visual mineralization within ST24-02 highlights the scale of the copper system at
Storm. The proximity of drill hole ST24 -02 to the Thunder Prospect and Chinook and Corona deposits
provides further evidence that the Allen Bay Formation within the Southern Graben may host high-grade,
stratigraphic- and structurally-hosted copper deposits similar to those of the Central African Copperbelt.
Figure 3: Chalcocite (dark grey) and bornite ( metallic blue) fracture fill in drill hole ST24 -02 at
approximately 313.75m downhole (this piece of core is within an interval of 1m @ 0.33% Cu).
Figure 4: NE-SW geological section through ST24-02 looking southeast.
DRILL HOLE ST24-03 DETAILS
Diamond drill hole ST24-03 was designed to target a 1,300m x 500m flat-lying MLEM anomaly (Figure 5 –
EM anomaly A1) bounded by a series of large, mostly steeply dipping EM plates (approx. 350m to top,
conductance ~40-60S, moderate ~40-60deg S/SW dip, striking ~WNW-ESE) at its the northern edge. The
EM anomalies are located below the Cirrus Deposit and the Gap high -grade copper prospect and are
interpreted to be proximal to the Southern Graben Fault.
Figure 5: 400m loop MLEM image (CH20BZ) showing anomalies and modelled plates overlying drilling and
the geological and structural interpretation of the Storm area. The MLEM anomaly discussed in this release
is labelled A1.
ST24-03 has been drilled to a downhole depth of 414m (planned depth of 600 -700m) and intersected
several zones of fracturing and sporadic copper sulfides (Figure 6). The presence of voids and fractures at
the current depth resulted in reduced circulation and the loss of drilling fluids , including the critical salt
additive required to prevent freezing in this area of deep permafrost. The drill hole had to be suspended
pending the resupply of salt from the Sealift (now delivered) and will be completed as a high priority in
early 2025.
Figure 6: NE-SW geological section view through ST24 -03 (looking NW) showing the Cirrus Deposit,
interpreted Southern Graben Fault and modelled MLEM conductors. Drilling was suspended at 414m
depth; the planned drill hole depth is 650-700m, to be completed in early 2025.
The drill hole has not yet intersected the targeted MLEM anomaly, but the results are encouraging. The
hole was drilled entirely into lower Allen Bay Formation, the host of the majority of copper mineralization
at Storm, and intersected multiple organic-rich horizons and thick zones of oxidized fracturing. One
notable zone includes a laminated organic-rich mudstone with fine disseminated pyrite and chalcopyrite
veinlets from 178m to 180m depth downhole. Minor copper sulfides were also encountered at 305m
downhole as patchy chalcopyrite veinlets and infill to a vuggy shell -fragment dolofloatstone. Organic
material and hydrocarbons are critical requirements for the depo sition of metals in this minerali zing
system, and their presence is encouraging.
Fractures and voids at depth and close to the target area are also positive indicators since permeability
and porosity are critical for the open-space filling style of high-grade copper mineralization at Storm.
Also noteworthy is that the orientations of the sub-vertical MLEM plates parallel to and directly below the
sub-vertical Southern Graben Fault are suggestive of fault -related mineralization, as seen in the strong
EM response at the Chinook and Corona Deposits. The faults may have channelled and focussed the metal-
bearing fluids, allowing for more intense mineralization. The sub -horizontal component of th e MLEM
anomaly A1 may also be suggestive of stratiform mineralization, as seen at Cyclone where an EM anomaly
delineates flat-lying bodies of high-grade copper mineralization that are directly adjacent to the Northern
Graben Fault (Figure 5).
With such a close fit to the predictive geologic model that has already successfully discovered new zones
of copper mineralization combined with the proven robust correlation between MLEM anomalies and
high-grade copper mineralization at Storm, the untested portion of this drill hole is a compelling high -
priority target for the 2025 drill season.
Hole ID Prospect Easting Northing RL (m) Depth
(m) Azimuth Inclination
ST24-01 Graben 464728 8173893 289.4 385 0.3 -80.1
ST24-02 Expl. 465600 8172675 246.2 455 160 -75
ST24-03 Expl. 462772 8173627 213.7 414.11* 35 -70
Table 1: Details for the 2024 deep diamond drill holes at the Storm Project. Note*, drill hole ST24 -03 is
pending and will be completed during 2025.
Hole ID From (m) To (m) Width Cu ppm Zn ppm Ag g/t
ST24-02 52.00 55.00 3.00 1402 10 2.0
Including 53.00 53.60 0.60 6100 10 2.0
58.00 59.60 1.60 110 10 2.0
72.50 76.50 4.00 203 10 1.1
77.00 79.00 2.00 953 10 1.8
Including 78.00 78.50 0.50 3050 10 2.0
81.00 84.00 3.00 140 10 1.3
85.00 86.50 1.50 253 10 1.0
104.00 106.00 2.00 420 10 1.5
107.00 112.10 5.10 176 10 0.9
114.50 115.00 0.50 640 10 2.0
130.30 131.00 0.70 230 10 1.0
132.50 133.10 0.60 270 10 2.0
170.00 172.00 2.00 195 10 1.5
193.00 194.50 1.50 240 10 2.0
195.50 196.50 1.00 2290 40 1.5
Including 195.50 196.00 0.50 4330 60 2.0