Aston Bay and American West Metals Reports 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut

27 September 2024

September 27, 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.

Drill results outside of known mineralization confirm the expansion potential

Cyclone resource upgrade and expansion:

  • Assays confirm that the resource drilling around and within the Cyclone Deposit has intersected further thick high-grade copper intervals including:
  • Drill hole SR24-093 was drilled 75m south of the current known area of mineralization and has intersected:
    • 53.3m @ 3.9% copper (Cu), 12.6 grams per tonne (g/t) silver (Ag) from 86.9m downhole, including,
      • 22.9m @ 8.5% Cu, 17.8g/t Ag from 86.9m downhole, including,
        • 9.1m @ 14.4% Cu, 21.3g/t Ag from 93m downhole
  • Drill hole SR24-070 has intersected:
  • 45.7m @ 1.9% Cu, 9.4g/t Ag from 35.1m downhole, including,
    • 27.4m @ 3.1% Cu, 14.6g/t Ag from 35.1m downhole, including,
      • 15.2m @ 4.2% Cu, 16.2g/t Ag from 35.1m downhole 
  • 57.9m @ 1% Cu, 4.3g/t Ag from 32m downhole, including,
    • 10.7m @ 3.2% Cu, 16.0g/t Ag from 65.5m downhole
  • Drill hole SR24-045 has intersected:

Sealift and 2025 program preparation:

  • NEAS cargo ship MV Mitiq has successfully completed the 2024 sealift operation at Storm
  • The sealift has delivered large quantities of supplies directly on Somerset Island for the 2025 exploration, resource expansion, and development programs, which is expected to save an estimated $4 Million on the 2025 budget
  • Bulk samples containing copper were also transported offsite via the cargo ship, demonstrating the complete logistics chain for the potential direct shipping product mining operation

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

“It is exciting to hit such a long interval of high-grade copper outside of the previously known zone of mineralization as we work toward calculation of a maiden resource estimate this fall. This suggests there is more to be found, and it bodes well for additional discoveries and expansion of the known existing mineralization with next year’s campaign.

“We congratulate NEAS on the arrival of their cargo ship MV Mitiq into Aston Bay. This sealift is a first for the project that will significantly reduce the cost for both the delineation drilling and exploration diamond drilling programs next year. The successful operation demonstrates that bulk cargo and equipment can be economically transported to the project and that potential products could be delivered to market on the return journey. This will play an important part in future programs and development plans at Storm.”

View Details