Aston Bay Announces New Copper System Confirmed at Storm Project, Nunavut
Aston Bay Announces New Copper System Confirmed at Storm Project,
Nunavut
TORONTO, Ontario, September 28, 2022 – Aston Bay Holdings Ltd. (TSXV: BAY)
(OTCQB: ATBHF) ("Aston Bay" or the "Company”) today reported that initial assay results
from drill hole ST22-10 have confirmed a significant discovery from the summer drill program
at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut, Canada.
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
• Initial results from drill hole ST22 -10 have confirmed sediment hosted copper and zinc
sulfide mineralization below the near-surface high-grade deposits at Storm
• The discovery drill hole is associated with a series of untested large and coincident
geophysical anomalies identified across a zone that extends for more than 5 kilometres
(km), indicating the potential for a large-scale sedimentary copper system at depth
• These results validate our geological model that interprets the extensive near-surface
high-grade copper mineralization at Storm to be associated with a much larger
sedimentary copper deposit at depth
• Early observations suggest the deeper copper system at Storm is analogous to Central
African copper deposit styles
“We are excited the assay results from drill hole ST22-10 have confirmed the presence of
sediment hosted type of copper and zinc mineralization at the Storm Project,” stated Thomas
Ullrich, CEO of Aston Bay. “This style of mineralization, with its potential to host giant copper
deposits such as those in Central Africa, has always been our target for discovery on Somerset
Island.
“The visual logging shows the presence of sulfide minerals chalcopyrite, pyrite and sphalerite,
which are extremely significant as it demonstrates movement of metal-bearing fluids through a
thick permeable horizon. Elsewhere at Storm, including the nearby 4100N Zone, the
chalcopyrite/pyrite/sphalerite mineralization occurs on the margin of much higher-grade
chalcocite and bornite zone. This drill hole pierced the edge of a large conductive anomaly, so
considerable discovery upside exists here and at the six other large anomalies that have yet to be
tested.
“We now have two avenues for growth at the project: advancing the high-grade near-surface
copper mineralization at Storm toward a maiden resource for a low cost, small footprint direct
shipping product mining operation, and continued exploration for the potential discovery of a
very large sediment hosted style of mineralization hidden in the subsurface.”
New Style of Copper and Zinc Sulfide Mineralization Confirmed
Drill hole ST22-10 intersected a thick sequence of sulfide mineralization hosted within carbonate
sediments. The drill hole was targeting a large electromagnetic (EM) anomaly to the west, and
deeper than the near-surface high-grade 4100N Zone.
Approximately 68.8 metres (m) of chalcopyrite, pyrite and sphalerite mineralization were
intersected from 277m downhole in drill hole ST22-10 (approx. 230m vertical depth). The
mineralization is interpreted to be stratabound and is hosted within a vuggy, bituminous and
fossiliferous carbonate unit.
Visual observations of chalcopyrite and sphalerite in the drill core have now been confirmed by
assays within the sampled intervals from ST22-10.
Of the sulfide mineralized zones, only portions containing clear and abundant chalcopyrite and
sphalerite were sampled with the aim of confirming sediment hosted copper and zinc
mineralization. Most of the pyrite-dominant zones were excluded from samples submitted for
assay - see Table 1 for assay results and Figure 3 for a geological cross section of the drill hole.
These results confirm the presence of sediment hosted copper and zinc sulfide mineralization and
have verified the discovery of this new style of mineralization at Storm.
Geophysical properties logging of sections of the core will be conducted on ST22-10 to refine
the geophysical targeting model for follow-up drilling.
ST22-10 is the deepest drill hole completed at the Storm Project this season and highlights the
outstanding exploration potential of the project area. Compilation of historical induced
polarization (IP), gravity and EM data reveals a series of large anomalies that sit below, and/or
adjacent to the known near-surface high-grade copper mineralization and graben fault system.
The metal associations, zonation and geophysics suggest that the drill hole has intersected the
edge of a new and significant mineralization system.
Figure 1: Chalcopyrite (copper sulfide) within ST22-10 drill core from 313m downhole.
Drill Hole ST22-10 Details
ST22-10 targeted the margin of a large (300m x 800m), previously untested EM anomaly. The
hole was drilled to a downhole depth of 382.6m and intersected both a shallow zone and deep
zone of visual copper and zinc mineralization.
The drill hole was terminated prematurely due to a mechanical failure, with the deeper
mineralized zone still open at depth.
The shallow mineralized zone within ST22-10 consists of 34m of weak vein style, fracture
hosted and minor blebby chalcocite over a number of intervals from 17m downhole. The assays
also indicate the presence of sphalerite (zinc sulfide) up to 1.05% Zn in places, and minor galena
(lead sulfide).
The deeper zone of mineralization is over 68m thick and remains open at depth. The
mineralization consists of vug, open pore space and breccia filling as well as replacement style
pyrite ± chalcopyrite ± sphalerite sulfide mineralization superimposed on pre-existing
hydrocarbon rich sediments. This mineralization is interpreted to be of the sediment hosted style,
and distinctly different than the fault zone breccia hosted copper mineralization intersected at the
2750N and 2200N Zones at Storm.
Assays up to 0.44% copper (Cu) confirm the presence of chalcopyrite within the lower
mineralized sequence. Zinc mineralization has also been confirmed in the lower part of the
sequence with sphalerite accompanied by pyrite and calcite within bituminous vugs.
Mineral Zonation
Mineralization at the nearby 4100N Zone and elsewhere at Storm is clearly zoned, with a core of
chalcocite mineralization grading into zones bornite ± covellite, then chalcopyrite, pyrite and on
to an outer sphalerite ± galena zone, reflecting progressive reduction of the metal-bearing fluids
by interaction with hydrocarbons in the permeable zones of the rock.
The mineralization encountered in ST22-10 suggests this drill hole intercepted the outer
chalcopyrite/pyrite/sphalerite zone of the system. Follow-up detailed EM is expected to improve
targeting for the higher-grade chalcocite and bornite zones predicted by the deposit and
mineralization models.
Figure 2: Sphalerite crystal sitting within a vug in drill hole ST22-10 (361.2m downhole).
Figure 3: Schematic geological section of drill hole ST22-10 along 464315E. Only selective sample were
taken down hole to verify the type of mineralization prior to further sampling.
Potential for a Significant New Copper System
Initial observations suggest that the style of mineralization, host rocks and the geological setting
of the ST22-10 area are evidence of a reduced facies type of sediment hosted copper system.
Global examples of these are the giant Kupferschiefer (Germany) and Central African copper
deposits.
The geology intersected within ST22-10 has all the elements required for sediment hosted ore
forming processes including permeable carbonate rocks, hydrocarbons for reducing fluids,
sulphur source and a favourable structural setting. The central graben of the Storm area is an
ideal trap for metal bearing fluids and will be a key focus for further exploration.
The mineralization encountered to date shows clear zonation, which will be used to determine
vectors to the stronger part of the mineralization system. The presence of zinc and lead in
addition to copper suggests that ST22-10 has intersected the margin of a copper dominant
sedimentary hosted mineralization system.
Figure 4: Schematic exploration concept of the Storm/Seal Projects. Drill hole ST22-10 is interpreted to
have intersected the margin of the area labelled as Copper Target: Sediment Hosted Copper
Mineralization (Source - Aston Bay Holdings).
Planned Program
Beneficiation test work is expected to commence shortly with a focus on further optimization of
the process to produce a direct shipping product. All of the remaining drill core (half core) from
drill hole ST22-02 will be used in the test work.
Further diamond drilling and surface electromagnetics are planned for next year to follow-up the
new deeper discovery as well as the shallow mineralization at the 2750N Zone. The drilling will
also aim to define initial resources at the 4100N and 2200N Zones, where thick zones of high-
grade copper mineralization have been intersected at shallow depths in historical drilling.
A detailed review of the existing induced polarization (IP) and gravity anomalies is underway
(Figure 5). The current datasets show a number of large anomalies that are focused around the
central graben faults and sit beneath high-grade surface mineralization; these present compelling
targets for further exploration.
Investors can expect further news on the 2750N Zone drilling in the coming days.
Figure 5: Plan view of the Storm Project area showing drilling, IP anomalies (magenta), deep EM
anomalies (red rectangles), Storm Graben faults, overlaying Falcon gravity image (GDD Fourier).
Hole ID From
(m)
To (m) Width Cu % Zn % Pb % Ag g/t
ST22-10 29.11 37.00 7.89 - 0.18 - 2.33
Including 32.00 33.00 1.00 - 1.05 0.05 7
41.27 56.00 14.73 - 0.09 - 1.56
63.00 66.00 3.00 - 0.02 - 1
145.50 150.50 5.00 - 0.04 - 2.2
311.00 317.00 6.00 0.12 - - 1
Including 313.00 314.00 1.00 0.41 - - 2
323.00 327.00 4.00 0.27 - - -
Including 323.00 325.00 2.00 0.44 - - -
358.00 366.50 8.50 - 0.04 - -
Table 1: Summary of significant drilling intersections for drill hole ST22-10 (>0.1% Cu, >0.01 Zn) Note –
these cut-off grades reflect the exploratory nature of the drilling and are designed to indicate anomalous
values.
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