Aston Bay Announces 41 Metres of 4.18% Copper Intersected at Storm Project, Nunavut
Aston Bay Announces 41 Metres of 4.18% Copper Intersected at
Storm Project, Nunavut
TORONTO, ON / ACCESSWIRE / September 1, 2022 / Aston Bay Holdings Ltd.
(TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce the
first assay results from drilling at the Company's high-grade Storm Copper Project ("Storm" or
the "Project") on Somerset Island, Nunavut. This is the maiden drilling program for American
West Metals Limited ("American West"), who are the project operator, since entering an option
agreement with Aston Bay in March 2021.
Highlights
• Drill hole ST22-05 from the 2750N Zone has intersected:
o 41m* @ 4.18% Cu from 38m downhole, including;
o 15m* @ 10.05% Cu from 47m downhole, and including;
o 5m* @ 24.28% Cu from 48m downhole.
• Further assays for Storm are expected in the coming days.
"The initial assay results from the 2022 drilling program at the 2750N Zone are impressive and
demonstrate the quality of the mineralized system," stated Thomas Ullrich, CEO of Aston Bay.
"The spectacular copper grades over significant thicknesses validate the historic high-grade
intersections in the zone, increasing the confidence in the continuity of the mineralization in an
area where we are working with our partner American West toward defining a shallow copper
resource that can support a low cost, small footprint direct shipping product mining operation. In
parallel with moving the 2750N Zone toward development, this program's discovery potential
demonstrated by the intersection of a zone of stratiform sediment hosted style of copper is very
exciting."
Figure 1: Massive and fracture-fill bornite and chalcocite from approx. 50m downhole in ST22-
05.
Drill Hole ST22-05 Details
ST22-05 was drilled to a downhole depth of 89 metres (m) and is one of eight drill holes
completed to date during the 2022 drill program, which was designed to determine the resource
potential of the shallow 2750N Zone (Figure 2).
The drill hole is located on the same section as drill hole ST22-04 (assays pending) and was
testing the upper continuation of the deeper mineralization intersected in ST22-04 (Figure 3).
ST22-05 intersected a broad 60m zone of vein and fracture-style copper sulfide mineralization
from approximately 22m downhole. The stronger and more significant mineralization within this
interval consists of breccia and massive sulfides between approximately 38m and 79m downhole
that yielded 41m @ 4.18% copper (Cu). A thick zone of massive bornite and chalcopyrite is
present between 48m and 53m, which returned an average grade of greater than 24% copper.
Table 1 summarises the significant intersections from ST22-05. Intersections are expressed as
downhole widths and are interpreted to be approximately 75-80% of true width. A cut-off grade
of 0.5% copper is used to define a significant intersection and is based on copper mineralogy,
mineralization habit and expected potential beneficiation performance.
Figure 2: Plan of the 2750N Zone showing the volume of visual mineralization encountered in
drilling, indicating strong continuity and thickness. True lengths of intersections in the inclined
drill holes are approx. 40% greater than they appear in plan view; stated drill hole intersections
are all core length, and true width is expected to be 60% to 95% of core length.
Hole ID From (m) To
(m)
Width
(m)
Cu % Zn % Ag g/t
ST22-05 38 79 41 4.18 - -
Including 47 62 15 10.05 - -
Including 48 53 5 24.28 - -
Table 1: Summary of significant drilling intersections for drill hole ST22-05 (>0.5% Cu)
Figure 3: Schematic geological section at 466275E showing main geological units and drilling.
The copper mineralization intersected in ST22-05 is shown as well as visual sulfide observations
from ST22-04.
2750N Zone: Advancing to a Maiden Mineral Resource
All drill holes completed at the 2750N Zone have successfully intersected thick zones of copper
bearing breccia and/or massive copper sulfides (mostly chalcocite) hosted within much broader
intervals of vein and fracture-style mineralization.
Of the total of 1,534m drilled during the 2022 program, 997m has been completed at the shallow
and high-grade 2750N Zone. The drilling has failed to close off the mineralization which is over
200m in strike and remains open to the east and west, and at depth.
There is excellent potential for further extensions to the 2750N Zone with significant copper
anomalies in soils and rock chips along strike for over 1km from the known mineralization.
Massive chalcocite has been mapped in outcrop on the western margin of the 2750N Zone, with
assays of rock chips up to 62% copper (Figure 4).
Figure 4: Plan of the 2750N Zone area showing drilling, interpreted 2750N mineralization
outline, known copper gossans and soil geochemistry overlaying aerial photography.
DRILLING PROGRAM SUMMARY
Hole ID Prospect Easting Northing Depth
(m) Azi Inclination
ST22-01 2750N 466230 8172841 128 180 -50
ST22-02 2750N 466202 8172763 155 360 -65
ST22-03 2750N 466293 8172778 119 359 -68.6
ST22-04 2750N 466276 8172827 146 182 -60.3
ST22-05 2750N 466275 8172827 89 180 -45.8
ST22-06 2750N 466178 8172828 152 180 -53
ST22-07 2750N 466164 8172804 101 197 -52
ST22-08 2750N 466328 8172822 107 180 -55
ST22-09 Loop10_1 466947 8172552 155 018 -60
ST22-10 Loop7_2 464323 8174299 382.6 180 -68.4
Table 2: Drill hole details
Planned Program
Work will continue along parallel paths to progress the near-surface resource development at the
2750N/4100N/2200N Zones and the exploration/discovery potential for sediment hosted copper
type deposits.
Further diamond drilling is planned to expand the 2750N Zone, and to define initial resources at
the 4100N and 2200N Zones, where high-grade copper mineralization has also been intersected
in historical drilling.
Exploration activities, including drilling and geophysics, are also planned to follow up on the
significant new discovery of sediment hosted style copper mineralization, which is associated
with a large electromagnetic (EM) anomaly to the west of the previously recognized and highly
mineralized 4100N Zone (see August 23, 2022 news release).
Beneficiation and metallurgical test work will soon commence on drill core from this year's
program. The aim of this work is to create a definitive flow sheet for a direct shipping product
operation from the 2750N Zone mineralization. Previous test work on Storm drill core has
produced a >53% copper direct shipping product using a full-scale ore sorter (see April 11, 2022
news release).
Investors can expect further news as the laboratory assays for the remaining drill holes are
received over the coming days and weeks.
Board Change
The Company announces that Jan-Erik Back has resigned from the Board of Directors of the
Company due to other work commitments with immediate effect, and the Board has accepted his
resignation. Mr. Back joined the Board in 2016 and served as Chair of the Audit Committee.
Thomas Ullrich, President & CEO, stated: "We would like to thank Jan-Erik for his valuable
contribution over the years and we are very pleased that he has agreed to continue to contribute
as Senior Advisor on the Company's Advisory Committee."
The directors of Aston Bay have commenced a search for an appropriate replacement for Mr.
Back. With immediate effect Thomas Ullrich has been appointed to the Company's Audit
Committee and Jessie Liu-Ernsting has been elected as Chair of the Audit Committee.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 117 contiguous mining claims and six prospecting permits
covering an area of approximately 302,725 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* @ 2.45% Cu from surface and 56.3m* @ 3.07% Cu
from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.58% Zn,
28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/t Ag from 101.5m). Additionally, there are
numerous underexplored 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.
*Stated drillhole intersections are all core length, and true width is expected to be 60% to 95%
of core length.
Figure 5: Storm Copper
Project, Location Map.
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 Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for base metals and gold
deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich
with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer
Lindsley Award winner for his discovery of the Taylor Pb -Zn-Ag Deposit in Arizona . The
Company is currently drilling the Mountain Base Metals Project in Virginia, exploring the
Buckingham Gold Project, also in Virginia, and is in advanced stages of negotiation on other lands
in the area.
The Company is also 100% owner of the Storm Proj ect property, which hosts the Storm Copper
Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian company focused on
growth through the discovery and development of major base metal mineral deposits in Tier 1
jurisdictions of North America.
They are a progressive mining company focused on developing mines that have a low-footprint
and support the global energy transformation.
Their portfolio of copper and zinc projects include significant existing mineral resource
inventories and high-grade mineralization that can generate robust mining proposals. The
company is commitment to the ethical extraction and processing of minerals and making a
meaningful contribution to the communities where our projects are located.
The company is led by a highly experienced leadership team, with strategic initiatives that 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 rel ease, including those regarding the Option Agreement, grant of
the Option and the expected closing date, American West's interest in the Storm Project and its
other acquisitions and plans, plans for the upcoming field season, 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 operations, 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 a nd other
factors that could cause 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 reli ance 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.
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