Aston Bay Announces Drill Program for the Storm Copper Project, Nunavut Summer drill program to commence in July 2022 Focus on resource definition and bulk sampling to advance a low-impact direct ship product mining proposal
Aston Bay Announces Drill Program for the Storm Copper Project,
Nunavut
Summer drill program to commence in July 2022
Focus on resource definition and bulk sampling to advance a low-impact direct ship product
mining proposal
Drill testing of new high-priority EM conductors also planned
TORONTO, ON / ACCESSWIRE / June 22, 2022 / Aston Bay Holdings Ltd. (TSXV: BAY)
(OTCQB: ATBHF) ("Aston Bay" or the "Company") is pleased to announce that the Company's
exploration and earn-in partner, American West Metals Limited ("American West"), has released
details of the planned drilling and exploration activities at Aston Bay's high-grade Storm Copper
Project ("Storm" or the "Project") on Somerset Island, Nunavut.
A major diamond drilling program is scheduled to commence at Storm next month to test key
resource and exploration targets. This drilling program will be the first since American West
became project operator under the option agreement with Aston Bay. American West has an
option to earn an 80% interest in the Storm Project. APEX Geoscience Ltd. will manage and
execute the program.
Program Highlights
• Diamond drilling is planned to commence at Storm in July 2022 to test high-grade
copper targets
• Drilling will focus on resource definition at the high-grade 2750N Zone
• Previous intersections at the 2750N Zone include 110 metres (m)* @ 2.45% copper
(Cu) from surface and 56.3m* @ 3.07% Cu from 12.2m
• Potential to also delineate additional zones of copper mineralization with drill
testing of new, high-priority EM conductors
• A bulk sample of copper mineralization at Storm will be acquired during the
program for second-phase direct shipping product (DSP) and beneficiation test
work; initial ore sorting supports the potential to produce a DSP with a grade >53%
Cu
The resource definition drilling will begin at the 2750N Zone where historical drilling has
encountered significant copper mineralization, including 110m* at 2.45% Cu from surface (drill
hole ST97-08), and 56.3m* @ 3.07% Cu from 12.2m (drill hole ST99-19). The 2750N Zone
copper mineralization is open at depth and along strike.
Drilling will also test a number of high-priority electromagnetic (EM) conductors that were
identified by the 2021 fixed loop electromagnetic (FLEM) survey completed by American West
over the Storm Project area. The survey identified multiple near-surface anomalies, some of
which are coincident with outcropping copper occurrences, that are consistent with EM
responses of known occurrences of massive chalcocite mineralization on the Storm property.
The 2021 survey also identified several large, flat-lying EM conductors that may represent a
deeper, stratigraphic source to the near-surface mineralization. These anomalies present
compelling targets for the discovery of a major sedimentary copper mineral system.
"We are excited to have our earn-in partner American West so swiftly advance the Storm
Project," stated Thomas Ullrich, CEO of Aston Bay. "The ground geophysical program
completed last season has been instrumental in defining high-priority drill targets for this
year, and the outstanding result of a >53% Cu direct ship product from ore-sorting tests
conducted over the winter is conducive to low-impact mining.
"Storm has more than 14,000 metres of historical drilling with significant high-grade
copper intercepts. The current program is designed to unlock the value of these intercepts
by moving toward a resource that could support a mining proposal, as well as by
expanding on these known areas of mineralization. We will also continue to drill for
discovery in unexplored areas, targeting untested anomalies that may represent sizable
zones of undiscovered high-grade copper mineralization."
Figure 1: Diamond drilling at Storm during 2016. The diamond rig is at site and being prepared
for the 2022 drill program.
RESOURCE DEFINITION DRILLING
Resource definition this year will initially focus on defining potential shallow resources within
the 2750N Zone.
Historical drilling within the 2750N Zone has encountered thick intervals of high-grade copper
mineralization, including 110m* at 2.45% Cu from surface (drill hole ST97-08), and 56.3m* @
3.07% Cu from 12.2m (drill hole ST99-19). Given the outstanding width of these intervals and
the distance between drill holes (>100m), extension and infill drilling in the 2750N Zone gives
the potential opportunity to quickly define large volumes of further copper mineralization.
Over 1,500 metres of drilling is initially planned in and around the 2750N Zone, with hole depths
between 100-150m due to the shallow nature of mineralization.
Initial ore sorting test work on the shallow copper mineralization at Storm supported the
production of a direct ship product grading 53% Cu (see news release dated April 11, 2022).
The excellent results from the ore-sorting test work suggest that a shallow, high-grade resource is
likely to be well suited to a low-footprint direct ship product (DSP) mining operation.
EXPLORATION DRILLING - 2021 FIXED LOOP EM (FLEM) SURVEY
American West completed a large fixed loop EM (FLEM) survey over the Storm Copper Project
area in 2022 (see news release dated December 13, 2021).
Historical EM surveys have successfully identified several strong conductive anomalies that are
associated with known copper mineralization at Storm. The high-powered 2021 survey was
designed to better define these historical anomalies, highlight potential extensions to the known
copper mineralization and to also identify potential new targets.
The survey identified two distinct types of EM anomalies which included strong, near-surface
and sub-vertical conductors, as well as a series of large, deeper and generally flat-lying
conductors (Figure 2).
Shallow EM conductors
Seven shallow conductors were identified during the 2021 FLEM survey that are interpreted as
likely to represent untested zones of massive chalcocite mineralization. These anomalies are
favorably situated along, or in close proximity to, the bounding faults of the Storm graben, and in
areas of elevated density (Figure 2).
Importantly, the conductors east of the 2200N and 2750N Zones are also associated with
significant copper in soil geochemical anomalies and outcropping copper mineralization.
With only very limited drilling into some of these areas of anomalism, the newly defined
conductors present a number of compelling new and untested drill targets that will be tested
during the upcoming drilling program.
Figure 2: Storm Copper Project - 2021 FLEM conductors, drilling, outcropping copper
mineralization (gossan) and major faults overlaying aerial photography
Deep EM conductors
Seven untested deeper conductors of interest were also identified during the 2021 survey (Figure
2, red rectangles). Six of the seven anomalies are located proximal to the bounding faults of the
Storm graben.
The geometry and mostly gentle dips of the modeled deep EM conductors suggest that they may
be related to stratiform type targets and may be indicative of traditional sedimentary type copper
mineralization at depth. Given the highly resistive nature of the host geology (dolomites), even
subtle conductors are considered to be highly prospective when combined with coincident
geochemical or airborne gravity anomalies.
One of these is a large (>750m in strike) conductive anomaly associated with the 4100N Zone
where previous high-grade intersections include 15m* @ 3.88% Cu from 72.4m (drill hole
ST99-47)*. A large conductive anomaly was also recognized below the 2750N and 2200N
Zones.
These present as compelling large-scale exploration targets that may represent the source of the
near-surface high-grade copper already confirmed by shallow drilling. These new targets will be
tested as part of the 2022 drill program.
PROGRAM TIMING
The diamond drilling at Storm is expected to commence in early July, with the logistics and final
planning currently underway. The results of the drilling program are expected to be released
regularly given the highly visual nature of the copper mineralization and host geology.
ABOUT 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 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-Silver 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).
There are numerous underexplored targets within the 120-kilometre (km) strike length of the
mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1%
Cu up to 32% Cu in gossans.
American West has an option to earn an 80% interest in the Storm Project.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 90%
of core length.
Figure 3: 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 exploring the Mountain Base Metals Project and the Buckingham Gold
Project in Virginia and is in advanced stages of negotiation on other lands in the area.
The Company is also 100% owner of the Storm Project 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 a new Australian company focused
on growth through the discovery and development of major base metal mineral deposits in Tier 1
jurisdictions of North America. We are a progressive mining company focused on developing
mines that have a low footprint and support the global energy transformation.
Our portfolio of copper and zinc projects include significant existing resource inventories and
high-grade mineralization that can generate robust mining proposals. Core to our approach is our
commitment to the ethical extraction and processing of minerals and making a meaningful
contribution to the communities where our projects are located.
Led by a highly experienced leadership team, our 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, see www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, 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 and 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 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.
For more information contact:
Thomas Ullrich, Chief Executive Officer
416-456-3516
Salisha Ilyas, Investor Relations
647-209-9200
SOURCE: Aston Bay Holdings Ltd.