17 April 2025
TORONTO, ON / ACCESS Newswire / April 17, 2025 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that a new National Instrument 43-101 ("NI 43-101") Technical Report titled "Initial Mineral Resource Estimate and Technical Report on the Storm Copper Project, Aston Bay Property, Somerset Island, Nunavut, Canada" and dated effective February 7, 2025 (the "Report"), has been filed under the Company's SEDAR+ profile (www.sedarplus.ca).
The Report details an initial Mineral Resource Estimate ("MRE") for the near-surface mineralization (<120 metres ("m") depth) at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut (see Aston Bay news release dated March 3, 2025 - Aston Bay Announces Initial Mineral Resource Estimate for Near-Surface Mineralization at the Storm Copper Project, Nunavut, Canada). The MRE includes six near-surface copper (-silver) deposits within the greater Storm Copper area: Cyclone, Chinook, Corona, Cirrus, Lightning Ridge and Thunder.
Storm Copper Initial Mineral Resource Estimate Key Highlights
Indicated Mineral Resources: 8.2 million tonnes at an average grade of 1.47% copper (Cu) and 4.5 grams per tonne (g/t) silver (Ag), containing 266.3 million pounds (Mlbs) (121,000 tonnes) of copper and 1.185 million ounces of silver (refer to Table 1 for MRE details).
Inferred Mineral Resources: 3.3 million tonnes at an average grade of 1.30% Cu and 3.1 g/t Ag, containing 95.4 Mlbs (43,000 tonnes) of copper and 333,600 ounces of silver (refer to Table 1 for MRE details).
Low-cost development potential:
Near-surface Mineral Resources accessed primarily with open-pit mining, accounting for over 90% of contained metal in the MRE.
100% of MRE consists of fresh, chalcocite-dominant copper sulphide with metallurgical testwork, which confirms excellent beneficiation potential, including sorting (see Aston Bay news releases dated August 13, 2024 and April 11, 2022).
Significant growth and expansion opportunities:
MRE deposits remain open - All six deposits remain open, offering strong potential for rapid expansion of the Mineral Resource inventory.
Cyclone Deeps discovery (2024) - Cyclone-style mineralization located immediately south and faulted down from the existing Cyclone Deposit (1.2% Cu over 10 m from 311 m down hole in drill hole ST24-01; see Aston Bay news release dated September 20, 2024).
New high-grade copper discoveries (2024) - The Gap (2.3% Cu over 20 m from 38 m down hole, including 5.3% Cu over 8 m in drill hole SR24-003; see Aston Bay news release dated July 2, 2024), Squall and Hailstorm are located near surface and ready for Mineral Resource definition drilling.
Belt-scale exploration opportunity - <5% of the 110 kilometre ("km") long copper belt has been adequately explored. Priority targets include the Tempest, Tornado, Blizzard and Seabreeze Prospects, where surface copper-zinc gossans have been identified.
The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West Metals Limited ("American West"), the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a Feasibility Study. The MRE and Report in this announcement were prepared by P&E Mining Consultants Inc. ("P&E") at the request of Aston Bay, independently of American West.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"The filing of this initial Mineral Resource Estimate marks a significant milestone for Aston Bay and the Storm Copper Project. The results confirm the presence of a substantial, high-grade, near-surface copper resource with compelling development potential. Importantly, with all six deposits remaining open and multiple new discoveries made in 2024, we believe we are just scratching the surface of what Storm can deliver.
"Building on this strong foundation, the Company plans to release a Preliminary Economic Assessment in Q3 2025 to further demonstrate the potential of the Project. We recently announced a strategic partnership and funding package covering up to 80% of the initial capital for the development of Storm. This is a strong validation of the Project and highlights a low-risk pathway to potential development1. We look forward to continuing to advance Storm alongside our partners at American West."
This announcement and the Mineral Resource Estimate for the Storm Project contained in it have been prepared solely by Aston Bay based on relevant available information and have not been reviewed or approved by American West, Aston Bay's Storm joint venture partner. American West is the manager of the Storm Joint Venture and holds the majority 80% joint venture interest. Whilst the information in this announcement pertaining to the estimation and reporting of the Mineral Resources has been reviewed and approved by a Qualified Person and the Mineral Resource estimate has been independently reviewed, the Company considers that it is possible that in preparing any future Mineral Resource Estimate or Mineral Reserve Estimate for the Storm Project, American West may adopt different interpretations, assumptions, parameters or plans, or make different judgements, to those used or made by Aston Bay in the Mineral Resource Estimate contained in this announcement.