Aston Bay Intersects Additional Copper Mineralization at Storm Copper Project, Nunavut
Aston Bay Intersects Additional Copper Mineralization at Storm
Copper Project, Nunavut
• Another five Reverse Circulation (RC) drill holes completed at the 4100N Zone with
all drill holes intersecting thick downhole intervals of copper sulfides, including:
o 16.7m of strong visual copper sulfides from 42.7m in SR23-05
o 15.2m of strong visual copper sulfides from 54.9m in SR23-06
o 13.7m of strong visual copper sulfides from 48.8m in SR23-07
o 13.7m of strong visual copper sulfides from 68.6m in SR23-08
o 32m of strong visual copper sulfides from 56.4m in SR23-09
• The 4100N drilling program is designed to support a maiden resource estimate where
extensive near -surface copper mineralization has already been intersected across
1,000m of strike
• The second batch of drill samples has been sent to the laboratory for analysis
• RC drilling continues at Storm with a further 10-12 drill holes planned at the 4100N
Zone to be followed by drilling at other high-grade copper targets
• Moving Loop Electromagnetic (MLEM) survey close to completion at the 4100N Zone
with new, strong conductors identified for drilling
• Moving Loop Electromagnetics (MLEM) is set to commence at the underexplored
Tempest Prospect which hosts a 250m-long copper gossan
• Ground gravity survey - designed to identify drill targets at the deeper sedimentary
copper system at Storm - has been completed with data being processed ahead of
diamond drilling
TORONTO, ON / May 9, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF)
("Aston Bay" or the "Company") reports an update on drilling and geophysical activities at the
Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. This is
the second 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.
The Reverse Circulation (RC) drilling program is continuing at the 4100N Zone, with a focus on
defining a maiden copper resource for the near-surface copper mineralization within the Storm
Project. The Moving Loop Electromagnetic (MLEM) survey will be completed shortly at the
4100N Zone, with several new conductors identified and being assessed for drilling. The MLEM
survey will then commence at the Tempest Prospect, an underexplored copper prospect
approximately 40km south of Storm. The ground gravity survey has been completed with final
processing of data underway, with diamond drilling scheduled to test the deeper sedimentary-
hosted copper system.
Visual estimates of mineral abundance should never be considered a proxy or substitute for
laboratory analyses where concentrations or grades are the factor of principal economic
interest. Laboratory assays are required to determine the presence and grade of any contained
mineralization within the reported visual intersections of copper sulfides. Portable XRF is used
as an aid in the determination of mineral type and abundance during the geological logging
process.
"This is impressive progress by our partner American West Metals in this ambitious exploration
program," stated Thomas Ullrich, CEO of Aston Bay.
"Drilling is progressing quickly with all drill holes intersecting significant lengths of copper
sulfide mineralization as noted in the visual logs. The conductive anomaly at the 4100N Zone is
proving to be an excellent predictor of sulfide mineralization. We look forward to the continued
drilling that will further test this conductor, as well as additional results from the ongoing
geophysical program at the 4100N Zone and at the untested Tempest Prospect to the south."
Figure 1: RC samples being analyzed with portable XRF and prepared for shipment to the
laboratory, Storm Copper Project.
RESOURCE POTENTIAL GROWS WITH DRILLING SUCCESS
Five additional drill holes have been completed at the 4100N Zone and continue to highlight the
significant resource potential of the near-surface mineralization at Storm. All nine drill holes
completed to date within the current program have intersected thick intervals of visual sulfides,
which have been confirmed to contain copper based on portable XRF analysis.
The mineralized footprint at the 4100N Zone has been shown by historical drilling to extend over
an area of approximately 32 hectares. We believe there is an outstanding opportunity to define a
significant near-surface resource base that could support an initial low-cost, open-pit mining
operation.
DRILL HOLE DETAILS
The latest drill holes (SR23-05, SR23-06, SR23-07, SR23-08 and SR23-09) have continued to
intersect thick intervals of copper sulfide mineralization, hosted within dolomite of the Allen Bay
Formation.
The mineralization is similar in its appearance to the first four drill holes completed in the
current program and is comprised of zones of strong sulfides hosted within a broad mineralized
package of what is interpreted to be mostly vein and fracture-style mineralization. The
mineralized horizons continue to be relatively flat-lying and laterally extensive in nature.
The dominant copper sulfide minerals observed within the drill holes to date are chalcocite, with
chalcopyrite and bornite also present. Minor native copper and copper oxides (mostly malachite
and cuprite) are also present.
Chalcocite is an important ore mineral due to its high grades (up to 79.8% copper) and
outstanding metallurgical properties.
The Allen Bay host unit is present throughout the Storm Project area and is comprised of
massive to thinly bedded dolomicrites.
Hole ID Prospect Easting Northing Depth
(m) Azi Inclination Type
SR23-
01 4100N 464991 8174285 137.2 180 -65 RC
SR23-
02 4100N 464990 8174157 140.2 180 -59 RC
SR23-
03 4100N 465041 8174251 151 178 -65 RC
SR23-
04 4100N 465045 8174166 152.4 179 -69 RC
SR23-
05 4100N 464899 8174146 131.1 180 -66 RC
SR23-
06 4100N 464899 8174261 166.1 180 -69 RC
SR23-
07 4100N 464805 8174203 137.2 180 -71 RC
SR23-
08 4100N 464726 8174286 118.9 180 -69 RC
SR23-
09 4100N 464726 8174206 164.6 180 -69 RC
Table 1: 2023 program drill hole details. Note - depth in metres has been converted from
measurements in feet and is rounded.
Figure 2: Plan view of the 4100N Zone showing interpreted copper mineralization footprint
(defined by drilling), historical and recent drilling, overlaying regional geology. Stated diamond
drill hole intersections (red text boxes) are all core length, and true width is expected to be 60%
to 95% of core length. Stated RC dill hole intersections (blue text boxes) are close to true widths.
Figure 3: Geological section view at 464,900E showing the interpreted mineralization envelope
(>1% Cu) and recent drill hole visual observations. Stated diamond drill hole intersections are
core length, and expected to be near true width.
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. Portable XRF analysis has been used to confirm the nature of the sulfide
intercepts. Laboratory assays are required to determine the widths and grade of mineralization as
reported in preliminary geological logging.
Mineralization key: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native
copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visual estimation of
sulfide content.
Hole ID From
(m)
To
(m) Min Description
SR23-05 0.0 22.9 Cape Storm Formation
22.9 35.1 Allen Bay Formation
35.1 42.7 Py, cc recrystallised dolomudstone, patchy to veinlet
py (0.5%)
42.7 59.4 cc, Cu, py dense cc veinlets with selvage Cu and patchy
py veins (1.5%)
59.4 62.5 cc, py trace cc veinlets and patchy py (0.5%)
62.5 68.6 cc, py Cherty brown dolomudstone, cc veinlets and
patchy py (0.5%)
68.6 71.6 Cu minor fine disseminated Cu (0.3%)
71.6 76.2 py py veinlets (0.5%)
76.2 83.8 ml trace ml in fine fractures (0.2%)
83.8 106.7 patchy recrystallization of dolomudstone (0%)
106.7 131.1 Allen Bay Formation
Table 2: Summary geological log for drill hole SR23-05.
Figure 4: RC drilling chips from SR23-05 between approximately 41 - 50m (135 - 165ft)
downhole. Chalcocite (copper sulfide) can be seen as dark gray chips and veinlets.
Hole ID From
(m)
To
(m) Min Description
SR23-06 0.0 35.1 Cape Storm Formation
35.1 42.7 Allen Bay Formation
42.7 50.3 ml, py trace patchy ml and patchy py veins (0.2%)
50.3 54.9 cc fine cc veinlets (0.1%)
54.9 64.0 cc, py cc veinlets and patchy py (0.4%)
64.0 82.3 cc fine cc veinlets (0.1%)
82.3 88.4 cc, py cc veinlets and patchy py (0.4%)
88.4 128.0 Massive brown to beige dolomudstone (0%)
128.0 137.2 ml trace fine ml (0.2%)
137.2 138.7 Cu finely disseminated native Cu (0.5%)
138.7 146.3 ml trace fine ml (0.2%)
146.3 166.1 Allen Bay Formation
Table 3: Summary geological log for drill hole SR23-06.
Figure 5: Geological section view at 464,800E showing the interpreted mineralization envelope
(>1% Cu) and recent drill hole visual observations. Stated diamond drill hole intersections are
core length, and true width is expected to be 60% to 95% of core length.
Hole ID From
(m)
To
(m) Min Description
SR23-07 0.0 29.0 Cape Storm Formation
29.0 48.8 py, ml fine banded recrystallized dolomudstone,
trace ml veinlets and patchy pyrite (0.5%)
48.8 54.9 cc, py abundant cc and py veinlets (1.5%)
54.9 68.6 py, ml trace py veinlets (0.2%)
68.6 76.2 Cu cherty dolomudstone, trace fine disseminated
Cu (0.2%)
76.2 83.8 py, cc fine semi-massive py and dense cc veinlets
(2%)
83.8 88.4 ml, ct trace ml and ct veinlets (0.2%)
88.4 106.7 py patchy trace pyrite (0.2%)
106.7 137.2 Allen Bay Formation
Table 4: Summary geological log for drill hole SR23-07.
Figure 6: RC drilling chips from SR23-07 between approximately 72 - 91m (235 - 300ft)
downhole. Chalcocite (copper sulfide) can be seen as dark gray chips.
Hole ID From
(m)
To
(m) Min Description
SR23-08 0.0 38.1 Cape Storm Formation
38.1 41.1 py, chpy trace py veinlets and patchy chpy (0.5%)
41.1 47.2 beige-grey massive dolomudstone with patchy
weak fracturing (0%)
47.2 61.0 ml trace patchy ml (0.2%)
61.0 68.6 beige-grey massive dolomudstone with patchy
weak fracturing (0%)
68.6 82.3 cc, Cu, ml,
py
cc veinlets with fine disseminated Cu, trace
patchy py and ml (2%)
82.3 85.3 ml trace ml veinlets (0.2%)
85.3 118.9 Allen Bay Formation
Table 5: Summary geological log for drill hole SR23-08.