The program was conducted by
'We are encouraged by the remaining reverse circulation drilling results from our summer 2023 program at Storm,' stated
'The significance of this work is not limited to the near-surface mineralization alone. Deeper drilling this season has also confirmed the presence of similar copper mineralogy and grade at depth that are spatially associated with geophysical anomalies of significantly larger lateral extent. Although we have not yet encountered the same thicknesses as we see in the near surface, these new deeper intercepts highlight the similarities to the large-scale copper deposits of
STRONG RESULTS FURTHER HIGHLIGHT RESOURCE AND EXPANSION POTENTIAL
A total of 63 drill holes were completed during the 2023 drilling program for 9,756m, out of a planned maximum of 10,000m. Of these drill holes, 56 were drilled using reverse circulation (RC), and 7 were diamond drill holes. The drilling was designed to define resources within the known near-surface, high-grade 4100N, 2750N and 2200N copper zones to support a maiden resource and to test key exploration targets and concepts.
The completion of 39 RC drill holes at the 4100N Zone during 2023 has confirmed a large volume of mineralization with significant resource potential. The mineralization is flat-lying and continuous over a significant lateral extent. The latest assays confirm thick intervals of copper mineralization on the margins of the 4100N Zone, giving strong indications that the mineralization remains open laterally in most directions.
The flat-lying geometry, stratabound nature and metal zonation are typical of sediment-hosted copper deposits. The abundance of similar mineralization elsewhere at Storm, both at the surface and at depth, suggests that the 4100N Zone could be one element of a much larger-scale sediment-hosted copper system. The known mineralization occurs within a predictable horizon and the grade of the mineralized intervals correlates directly to the density and volume of fractures/structures (i.e., available space) within the host dolomudstones.
Several of the RC drill holes in the latest batch of results (SR23-33, -34, -40, and -54) were drilled in the eastern part of the 4100N Zone in an area of lesser brecciation and sulfide veining. This area is characterized by massive dolomudstones representing a local facies (i.e., textural and compositional) change within the sedimentary unit resulting in locally less available space for mineralization. Importantly, drilling has confirmed that the copper mineralization re-intensifies in more favourable host rock to the east as well as potentially north of this local massive dolomudstone zone.
EXPANDING THE 4100N ZONE NORTHWARDS - DRILL HOLE SR23-55 DETAILS
Exploration RC drill hole SR23-55 was drilled to a downhole depth of 150.9m and was designed to test a moderately conductive Fixed Loop Electromagnetic (FLEM) anomaly to the north of the 4100N Zone
The 2021 FLEM survey highlighted two distinct, late time anomalies with an apparent strike of approximately 200m and 500m respectively north of the known copper mineralization at the 4100N Zone. A single drill hole was designed to test the southernmost anomaly.
Drill hole SR23-55 intersected a 24.4m thick interval of breccia and vein copper sulfide mineralization. The mineralized zone contains a stronger sulfide breccia interval of 7.6m @ 1% Cu, which includes 1.5m @ 2% Cu. The >2% copper mineralization is interpreted to be the source of the EM anomalism.
Significantly, a FLEM anomaly located over 300m to the north of drill hole SR23-55 has a higher conductivity and could represent larger volumes of >2% copper mineralisation. This anomaly is yet to be drill tested. These two anomalies cover an area of approximately 16 hectares and have the potential to host significant volumes of additional mineralization.
These EM targets and the expansion of the 4100N Zone is a priority of the 2024 exploration and drilling program.
EXPLORATION UPSIDE - NUMEROUS EM ANOMALIES REMAIN UNTESTED
Exploration drilling of high-priority electromagnetic (EM) anomalies and key geological features during 2023 has further expanded the footprint of the near-surface, high-grade copper mineralization at Storm.
The recent
Two other high-priority EM targets were tested recently during the drilling program. In addition to drill hole SR23-55 described above, hole SR23-53 targeted a FLEM anomaly in the newly named Hailstone area beneath surficial copper gossans. The drill hole intersected four zones with minor chalcocite veining (1% Cu up to 32% Cu in gossans. The
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by
Following the merger of
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m @ 4.39% Cu and 20.5m @ 0.56% Cu.
Agreement with American West
As previously disclosed, Aston Bay entered into an Option Agreement dated
The Expenditures were completed during the 2023 drilling program and American West exercised the Option in accordance with the terms of the Option Agreement, as amended. American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In
In
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates by late 2023 or early 2024. Diamond drilling tested new high-priority gravity targets and environmental baseline studies will be initiated.
Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.
QA/QC Protocols
The analytical work reported on herein was performed by ALS Global ('ALS'),
About
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in
The Company and its joint venture partners,
About
Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statement', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Contact:
Chief Executive Officer
Tel: (416) 456-3516
Email: thomas.ullrich@astonbayholdings.com
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