Aston Bay Announces Major New Copper Discovery at Storm Project, Nunavut
Aston Bay Announces Major New Copper Discovery at Storm Project,
Nunavut
TORONTO, ON, August 23, 2022 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB:
ATBHF) ("Aston Bay" or the "Company”) is pleased to announce visual results confirming the
discovery of a new zone of stratiform sulfide copper mineralization 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
• Exploration drill hole ST22 -10 has intersected over 68 metres (m) of stratiform copper sulfide
mineralization from 277m downhole
• The discovery is associated with a 800m x 300m electromagnetic (EM) plate, with six other similar
large EM plates yet to be tested
• This new style of mineralization at Storm is evidence of a major copper system at depth with
significant copper endowment upside
“On top of outstanding copper intersections already encountered in drilling at the 2750N Zone
earlier this season, we are extremely excited to intersect a new large zone of stratiform copper
sulfide mineralization as predicted by our geologic model,” stated Thomas Ullrich, CEO of
Aston Bay.
“Drilling at this new zone targeted one of seven large new EM anomalies that were delineated in
last year’s geophysical program. These anomalies are spatially associated with known high-grade
copper mineralization at the surface, as well as with faults that likely served as the plumbing
system for the mineralizing fluids. The discovery of copper mineralization at depth supports our
model for a major copper system below the high-grade near-surface mineralization. Six other
large anomalies in the Storm area remain untested. We view this to be a significant copper
discovery.”
Figure 1: Chalcopyrite (copper sulfide) within ST22-10 drill core from 313m downhole.
Chalcopyrite is the metallic yellow mineral within tan/grey dolostone/limestone.
Exploration Drilling Defines Major New Discovery
Drill hole ST22-10 has intersected a thick sequence of copper sulfide mineralization associated
with a large, previously untested EM anomaly that was defined in the fixed loop EM (FLEM)
survey completed over the Storm Copper Project area in 2021 (see news release dated December
14, 2021).
Approximately 68.8m of chalcopyrite dominant mineralization was intersected from 277m
downhole in drill hole ST22-10 (approx. 230m vertical depth). The mineralization is interpreted
to be stratiform and is hosted within a vuggy, bituminous and fossiliferous carbonate unit. This
geological setting is consistent with the typical mineralization model for sedimentary copper
systems where this style of permeable host rocks form chemical traps for the deposition of
copper rich fluids (Figure 2).
This newly discovered mineralization and setting at Storm shares features very similar to many
large volume, sedimentary hosted copper systems. Importantly, ST22-10 is the first hole to
intersect one of the deeper EM anomalies modelled from the 2021 FLEM survey with six other
similar EM plates yet to be tested, indicating the potential for a large-scale mineral system.
Figure 2: Schematic exploration concept of the Storm/Seal Projects. Drill hole ST22-10 has
intersected mineralization interpreted to be associated with the area labelled as Copper Target:
Stratiform Copper Mineralization.
Background
Historical EM surveys have successfully identified several strong conductive anomalies that are
associated with known copper mineralization at Storm. The high-powered 2021 survey
completed by American West was designed to better define these historical anomalies, highlight
potential extensions to the known copper mineralization and to also identify potential new
targets.
The 2021 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 3).
The geometry and mostly gentle dips of the deep EM conductors suggested that they may be
related to stratiform type targets, and therefore may be indicative of traditional sedimentary type
copper mineralization.
Importantly, the new EM anomalies are located proximal to the known bounding faults of the
Storm graben, which are interpreted controls on the copper mineralization at Storm.
Conductor Loop7_2 (see Figure 4) is a large conductive feature (modelled as 800 x 300m, depth
~250m, conductivity thickness 10). This target was prioritized for drilling as its eastern extent
appeared to project upwards towards the 4100N Zone, where previous high-grade intersections
include 15m* @ 3.88% copper (Cu) from 72.4m (drill hole ST99-47), and therefore presented as
a compelling target.
Significantly, six new EM anomalies remain to be drill tested – these include a large conductive
anomaly (1,700 x 1,000m) below the highly mineralized 2750N and 2200N Zones, and another
large anomaly to the east of the 4100N Zone (690 x 695m) (Figures 3, 4 and 5) where historical
drilling has also intersected high-grade copper sulfides. All anomalies are located within 500m of
the surface.
Figure 3: Plan showing 2021 FLEM conductors, drilling, outcropping copper mineralization
(gossan) and major faults overlaying aerial photograph. The deeper flat lying conductors appear
as red rectangles. Stated drillhole intersections are all core length, and true width is expected to
be 60% to 95% of core length.
DRILL HOLE ST22-10 DETAILS
ST22-10 was drilled to a downhole depth of 382.6m and intersected two main zones of visual
copper mineralization. The drill hole was terminated prematurely due to a mechanical failure,
with the deeper zone still open at depth.
The first zone encountered in ST22-10 is located near surface and consists of 34m* of weak vein
style, fracture hosted and blebby chalcocite over a number of intervals from 17m downhole. This
mineralization is typical of the near-surface mineralization at Storm.
The deeper zone of mineralization is over 68m* thick and is still open at depth. The
mineralization consists of vein, breccia and replacement style chalcopyrite that is interpreted to
be stratiform and distinctly different to the copper mineralization historically seen at Storm.
The copper sulfides are hosted within a sequence of fossiliferous/stromatolitic carbonates with
zones of vugs that contain hydrocarbons (bitumen), calcite and pyrite. Abundant chalcopyrite
veins are present within the upper portion of the zone associated with localized breccias (Figure
1). Minor sphalerite (zinc sulfide) is also present within the vugs in the lower part of the
sequence.
These host rocks and mineralization styles are typical of sedimentary hosted copper systems.
Additional high resolution EM work will be completed to further define these more conductive
areas of the system for follow-up drilling.
Figure 4: Plan showing drill collars, 2021 FLEM conductors and copper gossans in the 4100N
Zone area. Stated drillhole intersections are all core length, and true width is expected to be
60% to 95% of core length.
Figure 5: Long section at 8174200N showing drill holes and 2021 FLEM conductors in the
4100N Zone area. Conductor Loop7_2 was intersected by ST22-10. Conductor Loop9_4 is
located at depth to the east of the 4100N Zone and remains untested. Stated drillhole
intersections are all core length, and true width is expected to be 60% to 95% of core length.
Figure 6: ST22-10 drill core between 358.16 – 371m downhole showing the vuggy nature of the
carbonate rocks. The vugs can contain variable amounts of chalcopyrite, sphalerite, calcite,
pyrite and bitumen.
Table 1 summarizes the mineralization observed in ST22-10. Intersections are expressed as
downhole widths and are interpreted to be close to true widths. Visual estimates of sulfide type,
quantity and habit should not be considered a substitute for laboratory assays. Laboratory assays
are required to determine the widths and grade of mineralization as reported in preliminary
geological logging.
Hole
ID
From
(m)
To
(m) Min Description (Sulfide volume within interval)
ST22-
10 17 21 cc Trace fractures and breccias in dolomite (1%)
33.5 50 cc Veinlets within massive dolomite (1-2%)
53 57 cc Localized veining and breccias (1-2%)
84.7 87 cc Veinlets and blebs (<1%)
90 97 cc Fractured dolomite with mineralized veinlets (1%)
277 303 chpy/py Blebs and veins, locally vuggy (1%) in fossiliferous
carbonates
308.3 311 chpy/py Blebs of chalcopyrite and finely laminated pyrite
(1%)
311 316.5 chpy/py/cc? Bitumen filled vugs and breccia with chalcopyrite
cement (2%)
316.5 321.5 chpy Weakly veined in more massive carbonate (1%)
324 332 chpy/py Brecciated by vugs/bitumen/chalcopyrite/calcite
(1%)
342 350 chpy?/py Large local vugs filled with calcite and pyrite
(chalcopyrite?) (1%)
355 364 py/sp Vuggy with fine pyrite fill, coarse euhedral
sphalerite also present (2%)
378 382.6 py/chpy? Fine sulfides in vugs (1%)
Table 1: Description of intervals with visually identified mineralization in drill hole ST22-10.
Mineralogy key is cc = chalcocite, bn = bornite, chpy = chalcopyrite, py = pyrite, sp =
sphalerite, az = azurite, ml = malachite
DRILLING PROGRAM SUMMARY
Table 2 show details for drill holes completed at the Storm Project in the current program. A
total 1,534.6m has been drilled to date.
Geological logging of the holes recently completed at the 2750N Zone – ST22-07 and ST22-08 –
is being completed and a further announcement regarding this drilling will be made shortly. This
shallow drilling is following up the significant historical copper intersections at the 2750N Zone,
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). Significantly, the 2750N Zone copper mineralization remains open
at depth and along strike with potential for ongoing drilling to further expand the significant
volume of mineralization in this area.
The exploration phase of the program – highlighted by drill hole ST22-10 – has immediately
delivered success with the discovery of a potentially major copper mineral system within the
Storm Project. The early indications and scale of the mineralization intersected to date strongly
suggest a stratiform sedimentary copper deposit model. Assays for ST22-10 are expected in the
coming month.
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