Aston Bay and American West Metals Thick High-Grade Copper in Deep Drilling at the Storm Project, Nunavut, Canada Large copper system at depth confirmed by assays with up to 3.7% Cu Drilling Highlights
Aston Bay and American West Metals Thick High-Grade Copper in
Deep Drilling at the Storm Project, Nunavut, Canada
Large copper system at depth confirmed by assays with up to 3.7% Cu
Drilling Highlights
• Deep diamond drilling has discovered Cyclone -style copper mineralization at depth and confirmed the
prospectivity of the Central Graben area
• Drill hole ST24-01 has intersected:
o 10m @ 1.2% copper (“Cu”) from 311 metres (“m”) downhole, including,
▪ 3m @ 2.2% Cu from 315m downhole, including,
• 0.5m @ 3.7% Cu from 315.5m downhole
• The drilling confirms the large lateral extent of the Storm copper system at depth and highlights the potential
of the ‘Deep Copper Horizon’ to host large-scale stratigraphic hosted high-grade copper deposits
• Assays for a second deep diamond drill hole ST24-02 – drilled approximately 1,500m south of ST24-01 and
which intersected 99.2m of visual copper sulfide – are expected in the coming week
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, September 20, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston
Bay" or the "Company”) is pleased to provide an update on 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”), 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 first deep drill hole of the year adds another success to the 2024 exploration program at Storm. The
style of copper mineralization intercepted, and its stratigraphic location is similar to Cyclone – this may be
the fault-offset southern portion of the deposit and could add to a potential future resource.
“In addition to extensions to known mineralization, this discovery highlights the discovery potential of the
deeper stratigraphic levels in the Central Graben area, an expanse of over ten square kilometres. Every
deep drill hole has hit copper mineralization at approximately the same depth, and we continue to improve
our geophysical modeling to hit thicker and higher -grade intercepts in this very large and prospective
horizon.
“The value of these deeper discoveries is not limited to the potential value of the copper alone. The
geophysical signature of exploration success that we obtain from these drill holes will be fed back into the
model to further refine our targeting for even better copper intercepts at depth.”
Figure 1: Chalcocite (dark grey) breccia and native copper (metallic) blebs within fractured dolomite in drill
hole ST24-01 from approximately 315.87m downhole. This interval yielded 3.7% Cu.
DEEP COPPER SYSTEM PROSPECTIVITY CONFIRMED
Diamond drill hole ST24-01 was designed to test the stratigraphy of the Central Graben and the potential
for new zones of copper mineralization within the ‘Deep Copper Horizon’ that was discovered during 2023
(see September 26, 2023, Aston Bay news release).
The horizon intersected by ST24 -01 is the same interpreted mineralized stratigraphic horizon that hosts
the Cyclone Deposit at shallow levels north of the North Graben Fault. Significantly, the drill hole
intersected copper mineralization at the same depth as encountered in every other widely -spaced drill
hole within the large Central Graben. The consistency of copper mineralization in this horizon highlights
the laterally extensive and likely stacked nature of the deep copper system which now covers an are a of
over 10km2.
The intercepts in ST24 -01 further support the potential of Storm to host large -scale stratigraphic and
structurally hosted high-grade copper deposits similar to those in the Central African Copperbelt.
Figure 2: Plan view of the Storm area showing the geological interpretation, known copper deposit
outlines, major faults, and deep diamond drill hole locations.
DRILL HOLE ST24-01 DETAILS
ST24-01 was drilled to a downhole depth of 385m and intersected a 22m-thick zone of breccia and vein
style copper mineralization containing two sub-zones of stronger mineralization.
The upper 2m thick sub -zone contains veinlets of chalcocite hosted within a moderately fractured zone
from 302.5m downhole.
The strongest zone of mineralization was intersected between 311m and 321m downhole, displaying the
typical sediment hosted copper mineralogical profile with a high -grade core of native copper and
chalcocite with peripheral chalcopyrite and other less copper-rich sulfide minerals (Table 1 and Figure 3).
The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the
Allen Bay Formation. The Allen Bay is the main host of the copper mineralization within the Storm area,
and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit
discovered to date.
Mineralization encountered in ST24-01 could represent the southern continuation of Cyclone within the
down-thrown Central Graben block (Figure 4), demonstrating the discovery potential for additional large
and high -grade deposits. Further, the intersection of copper mineralization at the same stratigraphic
position in every widely-spaced deep hole drilled to date highlights the prospectivity of the entire 10km2
Central Graben. This large and relatively unexplored area is a key target for follow-up drilling.
Table 1: Summary of recent significant drilling intersections for drill hole ST24-01 (>0.2% Cu).
Figure 3: Downhole drilling data from ST24-01 showing (left to right), natural log curve of copper
grades, shaded copper bins (>0.2%) within drill hole trace, and copper assay value (ppm).
Table 2: Details for deep diamond drill hole ST24-01.
Figure 4: Schematic geological section at 464730E showing the Cyclone interpreted copper mineralized
zone, mineralized intervals in existing drilling outside of Cyclone, including ST24-01. The mineralization
intersected by ST24-01 is situated immediately below the Cape Storm Formation, similar to the Cyclone
Deposit. Here the Central Graben block is interpreted to be displaced downward approximately 250m.
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 n umerous 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 int erest 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 alon gside 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. Afte r 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 b ulk 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 ext raction 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 oper ations, 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
Sofia Harquail, IR and Corporate Development
(647) 821-1337