Aston Bay Announces Planned Exploration Program At Its Epworth Sediment Hosted Copper-Silver-Zinc-Cobalt Project, Nunavut, Canada

27 June 2024

Airborne geophysics, structural mapping, and sampling to define drill targets

Toronto, Ontario, June 27, 2024 - Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF) (the “Company” or “Aston Bay”) is pleased to announce the proposed summer 2024 exploration program at its Epworth sediment hosted copper-silver-zinc-cobalt project located 80 kilometres (“km”) southeast of Kugluktuk in Nunavut, Canada.

Highlights

  • >$2 million in flow-through funds to be put to work this season; additional funding is also in place
  • 5,000 line-km airborne electromagnetic and magnetic survey planned to identify copper exploration targets and delineate regional and property-scale structures
  • Geological and structural mapping, prospecting, rock and lake sediment sampling directed by Dr. Elizabeth Turner planned to augment geophysical targeting
  • Mineralization at Epworth is similar in style to the mineralization in deposits of the Central African Copper Belt and Aston Bay’s Storm Copper Project
    • Chalcocite boulders at surface yield up to 61.2% copper (“Cu”) with 5,600 grams per tonne (“g/t”) silver (“Ag”) in select rock grab samples from over 300 historic samples
    • Recent prospecting rock grab samples yielded over 37.8% Cu, 27.4% Zn, 1,100 g/t Ag, 3.0 g/t gold (“Au”) and 1700 ppm cobalt (“Co”)
  • Community meetings in Kugluktuk planned
  • Permits in hand for an initial phase of modern drilling 

“We are eager to get to work at our Epworth Property,” stated Thomas Ullrich, CEO of Aston Bay. “We have over $4.1 million in proceeds from our recently closed financing and are entering into a royalty agreement with our partners American West at our Storm property that allocates an additional $3.425 million to Aston Bay.

“The classic tale of exploration starts with high grade mineralization found at surface, then chased up with geological mapping and geophysical surveys that point to the drill targets leading to significant discovery at depth. That is how the major copper deposits of Central Africa were discovered, and that is our playbook for Epworth. We have impressive copper, silver, zinc and cobalt grades at the surface and are excited to begin the geophysical surveys and surface work to develop drill targets this season. And with drill permits already in hand and funding in place, we are ready continue on the path toward discovery next year.”

Bruce MacLachlan from Emerald Geological Services, vendor of the Epworth Property, added, “Emerald Geological Services is excited to implement the 2024 field program in pursuing critical and precious metal discoveries, 30 years following the discovery of the chalcocite boulder (61.2% Cu, 5600 ppm Ag) by EGS’ founder.”

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