Aston Bay and Partner American West Metals Identify Large Significant Copper Targets at the Storm Copper Project, Nunavut

13 June 2023

June 13, 2023

  • High-resolution ground gravity survey identifies significant new anomalies that support the potential for a large-scale sediment-hosted copper system as predicted by geological modeling
  • Strong gravity anomalies identified below and adjacent to the known near-surface copper mineralization
  • The anomalies have an upper boundary at 200 metres (m) depth, extend for several kilometres, and are interpreted to represent dense bodies that are consistent with copper sulfide deposits
  • The outer periphery of one large gravity anomaly was intersected by a 2022 drill hole that terminated in 68m of copper-bearing sulfide mineralization (remaining open at depth) from 277m downhole
  • Gravity anomalies are coincident with historical electromagnetic (EM) and induced polarization (IP) anomalies indicating both dense and electrically chargeable bodies which are interpreted to be consistent with sulfide mineralization

Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) reports on significant gravity anomalies in results from the high-resolution ground gravity geophysical program at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut, Canada. The program was conducted this April and May by American West Metals Limited (“American West”), who are the project operator since entering an option agreement with Aston Bay in March 2021.

“These are spectacular results from the gravity survey conducted at Storm this spring by our partners American West,” stated Thomas Ullrich, CEO of Aston Bay. “The anomalies are large, with a strike length of several kilometres, and spatially coincident with the known shallow high-grade copper mineralization. Importantly, the anomalies are relatively shallow, with an upper boundary at about 200m depth, well within range of the diamond drill.

“The upper margin of one of the largest gravity anomalies was intersected by drill hole ST22-10 in the 2022 drill campaign. Targeting a conductivity anomaly, the hole ended in 68 metres of sulfide mineralization. Being both dense and electrically chargeable, the sulfide is a plausible cause for both the gravity and conductivity anomalies.

“Further, the dominantly pyrite-chalcopyrite sulfide mineralization in the intercept is the style of mineralization found on the periphery of the high-grade copper zones elsewhere at Storm.  Here we have a drill hole intercepting peripheral-style sulfide mineralization on the margin of a very large gravity anomaly – this is an exciting target for the summer 2023 drill program.”

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