Large-Scale Copper Targets at Depth Take Shape at the Storm Project, Nunavut, Canada

22 August 2024

Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing

 
HIGHLIGHTS
  • 100% hit rate continues for the deep diamond drilling with thick intervals of visual copper mineralization intersected at depth below the known near-surface copper deposits
  • The drilling confirms the large lateral extent of the Storm copper system at depth – now intersected over 10 square kilometres – and highlights the potential of Storm to host large-scale stratigraphic and structurally hosted high-grade copper deposits similar to those in the Central African Copperbelt
  • Drill hole ST24-01 has intersected a combined total of 21.3 metres (“m”) of visual copper mineralization, which includes:
    • 6.37m of visual copper sulfide from 293.7m downhole, and
    • 2.43m of abundant visual copper sulfide from 302m downhole
    • 12.5m of visual copper sulfide from 311m downhole, including
      • 4.6m of abundant visual native copper and copper sulfides from 315.4m downhole
  • Drill hole ST24-02 has intersected a combined total of 99.2m of visual copper sulfide, which includes highlights:
    • 1.1m of abundant visual copper sulfide from 195.5m downhole, and
    • 1.3m of abundant visual copper sulfide from 204m downhole, and
    • 17.1m of moderate to abundant visual copper sulfide from 404.3m downhole
  • The deep search phase of the Moving Loop Electromagnetic (MLEM) survey has defined a 1,300m x 500m anomaly at depth below the Cirrus Deposit and The Gap Prospect, with target drilling now underway
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.

TORONTO, Ontario, August 22, 2024 – Aston Bay Holdings Ltd. (TSXV: BAY) (OTCQB: ATBHF) ("Aston Bay" or the "Company”) is pleased to provide an update on drilling activities at the Storm Copper Project (“Storm” or the “Project”) on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited (“American West”), who is the operator of the Project. Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study.

Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:

“The first two deep diamond drill holes of this season have hit an impressive amount of visual copper mineralization of the same style as we see in the high-grade near-surface deposits. When added to the five deep holes drilled over the 2022 and 2023 seasons in a 10 square kilometre area, all of which hit copper and associated sulfide mineralization at depth, the “Storm Deeps” drilling is developing into a compelling exploration story.

“The two new holes were drilled on structural and stratigraphic targets before the completion of the new deep-looking geophysical surveys that have yielded large, strong anomalies at the same stratigraphic level as the copper intercepts in the deep holes. These electromagnetic surveys have proven very successful in targeting copper mineralization at Storm, and I expect the upcoming deep holes, including one currently underway, will benefit from improved targeting of potentially higher-grade and larger zones of copper mineralization. I am eager to see what the drill rig reveals in the coming weeks.”

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