Aston Bay Intersects Copper Mineralization in First Drill Holes at Storm Copper Project, Nunavut
Aston Bay Intersects Copper Mineralization in First Drill Holes at Storm Copper
Project, Nunavut
TORONTO, Ontario, May 1, 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.
An extensive Reverse Circulation (RC) drilling program and Moving Loop Electromagnetic (MLEM) survey
are now underway at the 4100N Zone. The drilling program will initially aim to define maiden copper
resources at the 4100N, 2750N and 2200N Zones, and then test key exploration targets. Surface
electromagnetic geophysics is underway to highlight enriched zones of mineralization, refine targets for
the remaining resource drilling and define new drill targets.
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.
Highlights
• Four Reverse Circulation (RC) drill holes completed at the 4100N Zone with all drill holes intersecting
thick intervals (core length) of copper sulfide, including:
o 24.4m of strong visual copper sulfides from 48.8m in SR23-01
o 27.4m of strong visual copper sulfides from 56.4m in SR23-02
o 48.7m of strong visual copper sulfides from 54.9m in SR23-03
o 30.6m of strong visual copper sulfides from 50.3m in SR23-04
• The 4100N drilling program is designed to define resources where extensive near -surface copper
mineralization has been identified previously
• The first batch of drill samples has been sent to the laboratory for analysis
• RC drilling continues at Storm with a further 12 drill holes planned at the 4100N Zone to be followed
by drilling at other high-grade copper targets
• Moving Loop Electromagnetics (MLEM) has commenced at the 4100N Zone and has already
identified two new strong conductors that are untested
“We are very pleased with the impressive progress of our partner American West Metals in this early
exploration program,” stated Thomas Ullrich, CEO of Aston Bay.
“The use of a helicopter portable RC drill rig has allowed the earliest ever start to a drill program at
Storm, and our partners are well positioned to complete the work required to define maiden copper
resources at the 4100N, 2750N and 2200N Zones this year. The detailed MLEM program, also underway
and already yielding actionable results, is proving to be valuable in refining targets for the resource
drilling as well as defining new targets for additional discovery.”
Figure 1: RC drilling underway 4100N Zone, Storm Copper Project. Every drill hole completed to date in
the 2023 drill program has successfully intersected copper sulfide mineralization.
IMMEDIATE SUCCESS HIGHLIGHTS RESOURCE POTENTIAL
The first four completed drill holes at the 4100N Zone have begun to confirm the continuity of the
copper zones and highlight the resource potential of the near-surface mineralization. All drill holes have
intersected thick intervals of visual sulfides, which have been confirmed to contain copper based on
portable XRF analysis.
Over 3,000m of historical drilling at the 4100N Zone has identified widespread copper sulfide
mineralization over an area of approximately 32 hectares. This mineralization is a focus for resource
drilling due to its shallow nature and potential to provide a significant resource base as the basis for an
initial low-cost, open-pit mining operation.
DRILL HOLE DETAILS
Drill holes SR23-01, SR23-02, SR23-03 and SR23-04 have intersected thick intervals of copper sulfide
mineralization, hosted within dolomite of the Allen Bay Formation.
The mineralization encountered within the drilling to date comprises 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 are interpreted to be relatively flat-lying and hosted within a
porous, laterally extensive carbonate layer.
The dominant copper sulfide mineral observed within the drill holes to date is chalcocite, with minor
bornite and chalcopyrite on the margins of the mineralized intervals and within veins. Minor native
copper and copper oxides (mostly malachite and cuprite) are also present.
Chalcocite is an important ore mineral due to its high copper content (79.8% copper) and outstanding
metallurgical properties.
The Allen Bay host unit is present throughout the Storm Project area and is composed 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
Table 1: 2023 program drill hole details. Note – depth in metres has been converted from measurements
in feet and is rounded.
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.
Figure 2: Plan view of the 4100N Zone showing interpreted copper mineralization footprint (defined by
drilling), shallow EM anomalies and 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 465,000E showing the interpreted mineralization envelope (>1% Cu)
and recent drill hole visual observations. Stated diamond drill hole intersections are all core length, and
true width is expected to be 60% to 95% of core length.
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
SR23-01 0.0 21.3 Cape Storm Formation
21.3 48.8 Allen Bay Formation
48.8 54.9 ml, cpy, cc veinlets of ml with cpy selvage and trace cc, (1%)
54.9 59.4 cc, ml, ct cc veinlets with ct and trace ml (2.5%)
59.4 64.0 ml, ct trace ml veinlets with ct selvage
64.0 80.8 py Allen Bay Formation
80.8 86.9 cc, py cc veinlets and trace blebby py (1.5%)
86.9 99.1 ml, py, ct trace ml veinlets with patchy ct and trace blebby
py with chert (<1%)
99.1 106.7 Cu, cc, py, ct native Cu and py in vein selvage with cc and ct
(4%)
106.7 114.3 Massive to weakly bedded dolomudstone with
minor cherty bands
114.3 117.3 py, cc dense py veinlets with cc and selvage ct (2.5%)
117.3 121.9 Cu, py dense py veins with abundant fine native Cu
stringers and selvage (5%)
121.9 125.0 ml, py, ct ml veinlets with ct selvage and blebby py (<1%)
125.0 126.5 cc, ml, ct cc veinlets with ml selvage and trace ct (1%)
126.5 137.2 Allen Bay Formation
Table 2: Summary geological log for drill hole SR23-01.
Hole ID From
(m) To (m) Min Description
SR23-02 0.0 24.4 ml Cape Storm Formation
24.4 39.6 ml Allen Bay Formation
39.6 47.2 ml, py, cc trace cc veinlets with py and ml selvage (1%)
47.2 53.3 py py in recrystalized dolomudstone (1%)
53.3 56.4 ml, ct trace ml and ct in fractures at top of interval
56.4 68.6 Cu, cc, py, cpy cc veinlets with selvage Cu, trace cpy (1.5%)
68.6 76.2 py, cc dense cc veinlets and patchy py (1.5%)
76.2 83.8 cc, Cu, py cc veinlets with Cu in selvage and patcy py (2%)
83.8 88.4 cc, py, ml trace cc veinlets with py and ml selvage (<1%)
88.4 91.4 Cu, cc, ml patchy cc and Cu, trace ml veinlets (<1%)
91.4 108.2 py, ml trace patchy py and ml (<1%)
108.2 111.3 cc, ml cc veinlets and selvage ml at bottom of unit
111.3 140.2 py Allen Bay Formation
Table 3: Summary geological log for drill hole SR23-02.
Hole ID From
(m) To (m) Min Description
SR23-03 0.0 39.6 Cape Storm Formation
39.6 54.9 cc, py, chpy cc veinlets with selvage chpy and py (0.5%)
54.9 68.6 cc, chpy, sph,
py
abundant cc veinlets with selvage chpy, sph and
py (2%)
68.6 73.2 cc, chpy, py trace cc veinlets with selvage chpy and py (0.5%)
73.2 83.8 cc, br, chpy,
py, sph
abundant cc and chpy veinlets with patchy br,
sph, Cu veinlets and py (1.5%)
83.8 100.6 cc, br, chpy,
py, sph
abundant cc and chpy veinlets with patchy br,
sph, Cu veinlets and py (1.5%)
100.6 106.7 cc, chpy cc veinlets and patchy chpy (0.5%)
106.7 109.7 chpy, ga chpy veinlets and trace ga (1%)
109.7 114.3 chpy, py trace chpy veinlets with minor py (0.5%)
114.3 121.9 chpy, py dense chpy veins and patchy py (2%)
121.9 137.2 cpy, cc, py cc and chpy veinlets and minor py (0.5%)
137.2 140.2 cc, cpy abundant cc veinls with patchy chpy (1%)
140.2 150.9 cpy Allen Bay Formation
Table 4: Summary geological log for drill hole SR23-03.
Hole ID From
(m) To (m) Min Description
SR23-04 0.0 27.4 Cape Storm Formation
27.4 41.1 Allen Bay Formation
41.1 47.2 chpy, py, ml ml veinlets with selvage py and chpy (0.5%)
47.2 50.3 chpy, ml, cc cc veinlets with selvage chpy and ml (0.5%)
50.3 51.8 ml, chpy abundant ml veinlets with patchy chpy (0.2%)
51.8 61.0 cc, ml, ct, py,
chpy
cc and py veinlets with patchy selvage ml, ct and
chpy (0.5%)
61.0 70.1 py trace py veinlets (0.2%)
70.1 79.2 ml, ct, py ml veinlets with patchy selvage py and ct (0.2%)
79.2 82.3 cc, ml, ct cc veinlets with selvage ct and ml (0.5%)
82.3 83.8 ct, Cu, py ct veinlets with patchy Cu and trace py (0.2%)
83.8 100.6 Cu, cc, py cc veinlets with Cu and patchy py (1%)
100.6 102.1 py trace py veinlets (0.2%)
102.1 115.8 ml, cc cc veinlets with patchy ml (0.5%)
115.8 137.2 ml trace patchy ml (0%)
137.2 152.4 Allen Bay Formation
Table 5: Summary geological log for drill hole SR23-04.
Figure 4: Geological section view at 465,040E showing the interpreted mineralization envelope (>1% Cu)
and recent drill hole visual observations.
MOVING LOOP ELECTROMAGNETICS (MLEM)
Moving loop electromagnetics (MLEM) is underway in parallel with the drilling to follow up on 11
shallow, high-priority EM conductors that were identified by the fixed loop electromagnetic (FLEM)
survey completed by the Company during the 2021 field season.
Four out of a total of fifteen survey lines have been completed to date within the western part of the
4100N Zone.
Two strong, untested MLEM conductors have been identified, and both conductors are located close to
historical copper intersections (including 25.5m (core length) @ 1.9% Cu from 78.8m in ST00-62).
Conductor 1 has been modelled as 30m x 100m, 65-degree northerly dip, 70-80m deep, and with a
conductance of 600-900 Siemens (s). Conductor 2 is 75m x 25m with a shallow south dip, at
approximately 60-70m depth, and with a conductance of 600-900s.
These new EM data outline zones of potentially more massive copper sulfide mineralization within the
4100N Zone. Historical conductors that have been tested with drilling are known to be associated with
high-grade copper sulfides.
The planned drilling will be refined to test these new conductors as part of the resource definition
drilling. MLEM surveys will also be completed at the 2750N and 2200N Zones.
Figure 5: Plan view of the 4100N Zone indicating the location of the two new MLEM conductors (orange,
labeled C1 and C2) and 2021 shallow FLEM conductors (cyan blue).
PLANNED PROGRAM
Drilling at the 4100N Zone will be followed by resource definition at the 2200N and 2750N Zone, where
drilling during 2023 intersected high-grade copper sulfides close to surface including 41m (core length)
@ 4.18% Cu from 38M (ST22-05) downhole.
The first batch of samples has been sent to the laboratory, with results expected within two months.
Once the resource definition programs are complete, new areas for exploration will include the Blizzard,
Tornado and Tempest Prospects. The Tempest Prospect is located approximately 40 kilometres south of
the Storm deposits, and it contains a large (>250m long) copper gossan exposed at surface with assays
up to 32% Cu. Its location and distance from Storm highlight the extensive nature of the prospective
copper mineralization within the Project area.
Diamond drilling will be used to test the high-priority exploration targets and is expected to commence
after the completion of the resource drilling.