Aston Bay Signs Definitive Agreement for Strategic Property Surrounding its Buckingham Gold Project in Virginia, USA
FOR IMMEDIATE RELEASE TSX-V: BAY; OTCQB: ATBHF
Aston Bay Signs Definitive Agreement for Strategic Property
Surrounding its Buckingham Gold Project in Virginia, USA
September 6, 2019 - Toronto, ON - Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF) (“Aston Bay” or
the “Company”) is pleased to announce that it has signed the definitive agreement with a North American
timber company (“the Lessor”) which grants Aston Bay an exclusive option to lease the mineral rights to
10,985 acres (4,445 hectares) of land located in Central Virginia, USA. This agreement formalizes the Letter
of Intent signed between both parties earlier this year (see January 23, 2019 Aston Bay press release).
Aston Bay believes these lands are highly prospective for gold and base metals mineralization.
Approximately 4,873 acres (1,972 hectares) of the lands included in the agreement surround the
Buckingham Gold Property where recent drilling by Aston Bay has in tersected significant gold
mineralization, including 35.61 g/t Au over 2.03m and 24.73 g/t Au over 3.57m core length. The
Buckingham Property and the 4,873 acres of newly acquired land lie within a significant regional gold-in-
stream anomaly that is approximately 9.5 miles ( 15 kilometres) in length defined by p lacer gold in pan
concentrates from 75 stream samples. Only a portion of th is trend has received any known modern
exploration. Where a third of the anomaly (2.8 miles or 4.5 kilometres in strike length) has been covered
with 13 recent soil geochemistry lines, each line yielded one or multiple Au anomalies.
“We are excited to formalize this agreement and partner with such a significant landholder,” stated Aston
Bay CEO Thomas Ullrich. “This allows us to greatly expand exploration beyond the significant
mineralization encountered in drilling and sampled in nearby outcrops on the Buckingham Gold Property,
as well as begin exploration on several previously identified gold and base metals targets.”
Technical Advisor for the project Don Taylor said, “The successful completion of this agreement will allow
thorough testing for the extents of a very significant gold occurrence at Buckingham Gold as well as
provide access to other previously identified gold and base metal occurrences in the immediate vicinity.”
Under the terms of the agreement, Aston Bay will make annual lease payments and commit to minimum
annual expenditures for exploring the lands over the three-year term of the agreement. The agreement
also contains provisions outlining the terms for Aston Bay to enter into mineral lease agreements on
lands it intends to develop.
The Company will release more details of the anticipated exploration plan for the expanded Buckingham
Gold Property in the coming days.
The Buckingham Gold Property hosts sub-cropping quartz veins containing visible gold that have yielded
up to 701 g/t Au (20.4 ounces Au per short ton) in surface grab samples . Recent drilling by Aston Bay
intersected significant gold mineralization in quartz veins, including 35.61 g/t Au over 2.03m core length
in hole BUCK19-001, 20.44 g/t Au over 3.30m and 34.25 g/t Au over 0.5m core length in hole BUCK19-
003, and 24.73 g/t Au over 3.57m including 62.51 g/t Au over 1.39m core length in hole BUCK19-004.
Broad zones of gold mineralization associated with sericite -quartz-pyrite alteration were intersected as
well: 2.16 g/t Au over 18.07m including 17.45 g/t Au over 1.57m core length and 1.90 g/t Au over 22.22m
including 19.30 g/t Au over 1.5m core length in BUCK19-005 (see June 27, 2019 Aston Bay release). Based
upon multiple vein intersections, the estimated true width is 80% of the core interval.
The gold-bearing system is hosted within a package of interpreted Cambrian-age sediments, including
greywackes with minor quartz-arenites (phyllite, schist and quartzites), within the Appalachian orogenic
belt. This region is the site of the historically prolific 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. Small scale and significant gold production has occurred historically throughout North and
South Carolina as well as Virginia. A notable example of a rejuvenated historic producer in the region is
Oceana Gold’s Haile Mine located in South Carolina where commercial production began in 2017 and is
scheduled to produce up to 150,000 ounces of gold per year.
QUALIFIED PERSON
As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Andrew Turner, P.Geol.,
a consultant to Aston Bay, is the Qualified Person for the Company and has prepared, validated and
approved the technical and scientific content of this news release. The Company strictly adheres to CIM
Best Practices Guidelines in conducting, documenting, and reporting its exploration activities.
ABOUT ASTON BAY HOLDINGS LTD.
Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits
in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration
directed by Chief Geologist Dr. David Broughton, the award-winning co-discoverer of Kamoa-Kakula and
Flatreef, in conjunction with the Company’s advisor, Don Taylor, the 2018 Thayer Lindsley Award winner
for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.
The Company has also acquired the exclusive rights to an integrated dataset over certain prospective
private lands at the Blue Ridge Project, located in central Virginia. These lands are located within a
copper-lead-zinc-gold-silver mineralized belt, prospective for sedimentary exhalative (SEDEX) and
Broken Hill (BHT) type base metal deposits, as well as Carolina slate belt gold deposits. Don Taylor, who
led the predecessor company to Blue Ridge and assembled the dataset, has joined the Company’s
Advisory Board and will be directing the Company’s exploration activities for the Blue Ridge Project. The
Company is actively exploring the Buckingham Gold Project in Virginia and is in advanced stages of
negotiation on other lands in the area.
The Company is 100% owner of the 1,024,345-acres (414,537-hectares) Aston Bay Property located on
western Somerset Island, Nunavut, which neighbours Teck’s profitable, past-producing Polaris (Pb-Zn)
Mine just 200km to the north. The Aston Bay Property hosts the Storm Copper Project and the Seal Zinc
Deposit with drill-confirmed presence of sediment-hosted copper and zinc mineralization.
The Company’s public disclosure documents are available on www.sedar.com.
FORWARD-LOOKING STATEMENTS
Statements made in this press release, including those regarding the completion of the acquisition,
management objectives, forecasts, estimates, expectations, or predictions of the future may constitute
“forward-looking statement”, which can be identified by the use of conditional or future tenses or by
the use of such verbs as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate”, “project”,
“plan”, and words of similar import, including variations thereof and negative forms. This press release
contains forward-looking statements that reflect, as of the date of this press release, Aston Bay’s
expectations, estimates and projections about its operations, the mining industry and the economic
environment in which it operates. Statements in this press release that are not supported by historical
fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could
cause actual results to differ materially from those expressed or implied by such forward looking
statements. Although Aston Bay believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on these statements, which apply only
at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new information, future events or
otherwise, except to the extent required by securities legislation. We seek safe harbour.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FOR ADDITIONAL INFORMATION CONTACT:
Thomas Ullrich, Chief Executive Officer
Telephone: (416) 456-3516
Sofia Harquail, IR and Corporate Development
Telephone: (647) 821-1337