Aston Bay Holdings Intercepts 33.50 g/t Au over 1.29 m in Initial Phase 2 Results at its Buckingham Gold Project, Virginia, USA
FOR IMMEDIATE RELEASE TSX-V: BAY; OTCQB: ATBHF
Aston Bay Holdings Intercepts 33.50 g/t Au over 1.29 m in Initial Phase 2 Results
at its Buckingham Gold Project, Virginia, USA
Highlights
• 33.50 g/t Au over 1.29 m (BUCK-018) in a 33 m step-out from previous drilling
• 1.40 g/t Au over 2.75 m including 2.90 g/t Au over 1.25 m (BUCK-019) in 66 m step-out from
previous drilling
• Assays pending from drill holes BUCK-020 and -021, which intersected quartz veining with
visible gold a farther 52 m to the southeast
• Total known vein strike length of over 200 m; vein remains open to southeast and at depth
August 10, 2020 - Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) (“Aston Bay” or the “Company”)
is pleased to present initial assay results from two drill holes from the recently completed Phase 2
diamond drill program at its Buckingham Gold Property located in Central Virginia, USA. Phase 2 of the
2020 Buckingham drill program comprised seven (7) large diameter (HQ) oriented diamond drill holes
totaling 803 metres (m), which added to the 1,218 m drilled in ten holes in the first phase of the program
in March (see August 4, 2020 Aston Bay press release). The significant gold intersections from the first
Phase 2 drill holes assayed to date are presented in Table 1. The assay results for the remaining five
holes are pending.
Table 1. 2020 Phase 2 Buckingham Project Drilling Summary with Significant
Gold Intercepts.
From To Interval Estimated Au
Drill Hole (m) (m) Length True Width (g/t)
(m) (m)*
BUCK20-017 results pending
BUCK20-018 35.31 36.60 1.29 1.03 33.50
BUCK20-019 34.50 37.25 2.75 2.20 1.40
including 34.50 35.75 1.25 1.00 2.90
BUCK20-020 results pending
BUCK20-021 results pending
BUCK20-022 results pending
BUCK20-023 results pending
(*assuming a 72° dip on the quartz vein, the true width is 80%)
Drill hole locations with the significant gold intercepts can be seen in Figure 1 and in a longitudinal cross
section in Figure 2. Refer to the Ju ly 27, 2019 Aston Bay news release for additional information on
previous drilling.
“These intercepts confirm the extension of the gold-bearing Buckingham Vein to the southeast and once
again demonstrate high grade gold mineralization in th is mesothermal-type vein,” stated Thomas
Ullrich, CEO of Aston Bay. “We look forward to the pending results from holes 20 and 21, located 50 m
farther along strike, both of which intersected quartz vein with visible gold, as well as assays from the
three holes targeting zones of disseminated sericite-pyrite-quartz-gold mineralization below significant
gold-in-soil anomalies to the west of the vein.”
“The Buckingham Vein is a mesothermal type vein, with visible gold and sulfides in quartz and associated
with sericite and carbonate alteration . The veins appear to be closely related to zones of faulting and
shearing within the altered metavolcanic host . They typically lack the banding textures of epithermal
veins and have only very low levels of the classic epithermal pathfinder elements. Mesothermal veins
are known to host deposits with significant extent and impressive gold grades elsewhere in the world
such as the greenstone/Archean deposits in Quebec and Ontario and lode veins of the western US , so
the identification of these mesothermal gold-bearing systems at Buckingham is very encouraging. Their
presence in this area may have been overlooked due to the deep weathering profile and scarcity of rock
outcropping at the surface. We are excited to discover these types of veins at Buckingham and plan to
broaden our exploration program for additional occurrences in Virginia.”
About the Buckingham Main Zone
Discovered by prospecting in 2015 following up on a gold anomaly from a 1996/97 stream sediment
survey, the NW-SE trending Buckingham Main Zone comprises a series of visible gold -bearing quartz
vein outcrops that extend over a strike length of some 150 m at surface and have yielded grab sample
assay values up to 701 grams per tonne (g/t) Au. Three core holes drilled on the vein in 2016 yielded
significant core-length intercepts of 17.1 g/t Au over 1.98m (WAR16-06) and 24.3 g/t Au over 2.59m
(WAR16-05).
2019 Drilling
The veining and alteration encountered in the 2019 drill program included core-length intercepts of up
to 35.6 g/t Au over 2.03 m and 24.7 g/t Au over 3.57 m in gold-bearing quartz veins, as well as 2.2 g/t
Au over 18.1 m and 1.9 g/t Au over 22. 2 m in adjacent but separate sericite-quartz-pyrite alteration
zones (see June 5, 2019 Aston Bay release).
Phase 1 2020 Drilling
The Phase 1 2020 drill program encountered veining and alteration similar to that in the 2019 drilling
of the zone, yielding core length intercepts of 5.81 g/t Au over 6.29 m including 29.9 g/t Au over 0.92
m, 19.25 g/t Au over 1.4 m and 14.54 g/t Au over 1.06 m in quartz vein material (refer to July 22, 2020
Aston Bay news release).
Phase 2 2020 Drilling
In this recently completed Phase 2 drilling, four of the drill holes (BUCK -018 through BUCK -021, see
Figure 1) targeted the along-strike projection of the Buckingham Vein; all four holes intersected visible
gold-bearing quartz vein material indicating an along -strike extension of 150 m from the 2019 drilling
for a total known strike length of over 200 m for the vein . Results from two of the drill hol es are
presented here (33.50 g/t Au over 1.29 m in BUCK-018 and 1.40 g/t Au over 2.75 m including 2.90 g/t
Au over 1.25 m in BUCK-019); results from the two remaining drill holes with visible gold-bearing quartz
vein intercepts (BUCK-020 and -021) are pending. Three drill holes (BUCK -017, -022 and -023; results
also pending) targeted gold -in-soil anomalies to the west and southwest of the vein and intersected
broad zones of sericite-quartz-pyrite mineralization similar in character to gold-bearing mineralization
intersected in previous drilling.
A table with significant intersections from all drill holes at the Buckingham Vein and surrounding zones
of disseminated mineralization in the larger Buckingham Main Zone is presented in Table 2.
Gold in Virginia
The gold-bearing system at the Buckingham Project is hosted within a package of likely late Precambrian
or early Cambrian-age sediments, including greywackes with minor quartz-arenites (phyllite, schist and
quartzites), within the Appalachian orogenic belt, hosting past producing mines, current gold mines and
advanced gold exploration plays in a belt from Georgia, the Carolinas, Virginia, Nova Scotia and through
to Newfoundland. This region is the site of the historically prolific Virginia Gold-Pyrite Belt which hosted
a reported 250 gold mines that were in production prior to the California gold rush of 1849 but has seen
little recent mineral exploration. Gold production has also occurred to the south in the Carolina Slate
Belt, notably at OceanaGold’s Haile Mine located in South Carolina with commercial production
commencing in 2017 and slated to produce up to 150,000 ounces of gold per year.
Virginia Gold-Pyrite Belt Brownfield Exploration
In addition to the 4,953 acres surrounding the Buckingham vein, Aston Bay has exploration agreements
in place for 4,399 acres of private land surrounding several historical gold mine workings and other
prospective areas in Virginia. A prospecting program, including surface rock and soil sampling, has been
completed on parcels of land located over and adjacent to a historic past -producing mine located 20
km southeast of Buckingham, with results expected in the coming weeks. Continued exploration in
these and other brownfields areas is planned throughout the summer and fall.
Samples from the Company’s 2020 Buckingham drill program were shipped to the ALS Laboratory in
Vancouver, BC for analysis. A secure chain of custody was maintained, and the program inclu ded a
comprehensive QAQC program, which did not identify any preparation or analytical issues. Results from
the remaining five drill holes (BUCK -017, -020, -021, -022 and -023) are pending. Analysis will be by
standard fire assay techniques which will incl ude metallic screen assaying of selected intervals with
visible alteration and mineralization (including visible gold). Results are anticipated in the coming
weeks.
Figure 1: Plan map with drill hole locations and intial results (BUCK-018 and -019) for 2020 Phase 2 drilling, Buckingham
Gold Project, Virginia. Select significant assay intervals from previous drill programs noted. Results for BUCK20-017, -020,
-021, -022 and -023 pending. Local grid in metres.
Figure 2: Longitudinal cross section w ith significant gold intercepts, Buckingham Gold Project, Virginia. 2020 . Initial Phase 2 drill
intercepts in white boxes; previous drill intercepts in blue italics. Results for BUCK20-017, -020, -021, -022 and -023 pending.
View looking northeast.
Figure 3: Photograph of quartz vein intervals intersected in HQ-sized diamond drill hole a) BUCK-018
and b) BUCK-19 with examples of visible gold depicted at right, indicated by red arrows. Scale as noted.
Table 2. Buckingham Project Drilling Summary with Significant Gold Intercepts.
From To Interval Estimated Au
Drill Hole (m) (m) Length True Width (g/t) Target
(m) (m)*
WAR16-004** 17.47 19.14 1.67 1.34 0.90 vein
WAR16-005** 22.00 24.07 2.07 1.66 24.29 vein
WAR16-006** 46.48 48.46 1.98 1.58 17.13 vein
BUCK19-001 36.40 38.43 2.03 1.62 35.61 vein
BUCK19-002 89.50 122.50 33.00 26.35 0.36 vein
including 102.00 103.55 1.55 1.24 3.36 vein
BUCK19-003 23.20 26.50 3.30 2.64 20.44 vein
and 30.90 31.40 0.50 0.40 34.25 vein
BUCK19-004 55.73 59.30 3.57 2.85 24.73 vein
including 56.51 57.90 1.39 1.11 62.51 vein
BUCK19-005 56.73 74.80 18.07 14.43 2.16 disseminated zone
including 56.73 62.50 5.77 4.61 5.46 disseminated zone
including 56.73 58.30 1.57 1.25 17.45 disseminated zone
and 86.28 108.50 22.22 17.75 1.90 disseminated zone
including 95.00 101.50 6.50 5.19 5.19 disseminated zone
including 95.00 96.50 1.50 1.20 19.30 disseminated zone
BUCK19-006 112.70 114.57 1.87 1.49 0.95 vein
BUCK20-007 47.00 50.09 3.09 2.47 1.08 disseminated zone
and 68.74 72.00 3.16 2.53 1.11 disseminated zone
BUCK20-7B 64.78 117.44 52.66 42.18 0.37 disseminated zone
including 110.35 116.00 5.65 4.52 1.30 disseminated zone
BUCK20-008 74.94 105.72 30.78 24.62 0.24 disseminated zone
including 76.50 78.00 1.50 1.20 2.23 disseminated zone
BUCK20-009 20.50 32.00 11.50 9.20 1.00 disseminated zone
and 62.29 85.02 22.73 18.18 0.40 disseminated zone
including 68.00 70.00 2.00 1.60 2.09 disseminated zone
BUCK20-010 10.00 19.00 9.00 7.20 1.01 disseminated zone
and 51.35 52.29 0.94 0.75 1.58 disseminated zone
BUCK20-011 no significant intersection disseminated zone
BUCK20-012 no significant intersection disseminated zone
BUCK20-013 no significant intersection disseminated zone
BUCK20-014 44.71 51.00 6.29 5.03 5.81 vein
including 45.43 46.35 0.92 0.74 29.90 vein
BUCK20-015 44.60 47.00 2.40 1.92 4.47 vein
and 53.00 54.40 1.40 1.12 19.25 vein
BUCK20-016 95.70 96.76 1.06 0.85 14.65 vein
BUCK20-017 results pending disseminated zone
BUCK20-018 35.31 36.60 1.29 1.03 33.50 vein
BUCK20-019 34.50 37.25 2.75 2.20 1.40 vein
including 34.50 35.75 1.25 1.00 2.90 vein
BUCK20-020 results pending vein
BUCK20-021 results pending vein
BUCK20-022 results pending disseminated zone
BUCK20-023 results pending disseminated zone
*assuming a 72° dip on the quartz vein, the true width is 80%
**three holes drilled by a previous operator at Buckingham Main Zone in 2016