The program is being conducted by
Highlights
Preliminary interpretation of the initial Moving Loop Electromagnetic (MLEM) survey results has identified several new exploration targets highlighting excellent potential to discover additional copper mineralization
The initial MLEM data indicates that the high-grade copper mineralization at the
New EM anomalies have also been identified over 1,000 metres ('m') along strike from the
The MLEM surveys continue in the Storm area, and will then move south toward the Blizzard and Tornado Prospects
Deeper-looking MLEM surveys are also planned between the North and South Graben Faults in the Storm area
Track-mounted Reverse-Circulation (RC) drilling is underway and will test these new targets as well as several historical EM anomalies and other high-priority targets for near-surface high-grade copper mineralization
A second RC drill rig is currently being mobilised to site, which will join the first RC and two diamond rigs currently onsite
The 2024 high-powered Moving Loop Electromagnetic (MLEM) survey has already successfully identified numerous conductive anomalies throughout the Storm area, including multiple anomalies that are adjacent to known copper mineralization and are untested by drilling.
'It is very encouraging to see geophysics identify new targets at Storm,' stated
'The upcoming deep-penetrating, wider-spaced MLEM survey is designed to explore the Storm central graben area below the known mineralization with a targeted search space of 200-500m depth. This opens a whole new space for potential discovery. In the 2024 season we intersected copper mineralization at these depths with the same mineralogy as seen at the surface. We anticipate these deeper-looking surveys will enhance our drill targeting for potentially thicker and more laterally extensive zones of mineralization in this very prospective but underexplored zone.'
PHASE 1 MOVING LOOP ELECTROMAGNETICS (MLEM)
The high-powered MLEM survey is advancing rapidly and is initially being used to highlight the priority areas within the Storm area for expansion of the near-surface zones of higher-grade copper mineralization and to identify new targets for drilling.
The copper mineralization at Storm is dominantly chalcocite (a copper sulfide mineral with 79.8% Cu content), occurring as massive sulfides in breccias and veinlets. Minor chalcopyrite (copper sulfide with 34.5% Cu content) is present on the margins of the mineralized profiles. The contrast in conductivity between chalcocite and the highly resistive dolomite host rocks makes EM an effective targeting tool in this area.
The initial MLEM surveys at Storm have used 200m N-S line spacings, 100m sensor stations, and 200m x 200m loops. This configuration provides rapid coverage and is effective in defining the known near-surface high-grade copper mineralization at Storm.
The survey data from the current coverage over the Southern Graben area, including around the Thunder Prospect (where drilling has intersected 48.6m @ 3% Cu from 35m downhole in drill hole ST23-03), has clearly defined conductive features along the strike of the fault network in the area. Weakly conductive cover is present in the area of the Thunder Prospect (most likely a thin overlap of the
The correlation with the graben faults and orientation of the EM conductors suggests the potential for further discoveries of high-grade copper sulfides in a similar setting to the Thunder,
All of the conductive features defined to date are located proximal to high-grade copper intersected in drilling, making them compelling targets for the discovery of further copper sulfides and extensions to the known zones of copper mineralization. The MLEM surveys will continue to screen the broader Storm area, with follow-up surveys over some of the preliminary conductors to help better constrain the modeling for drill testing.
PLANNED PROGRAM
RC drilling is in progress in the Storm area testing geophysical and resource targets. The second RC drill rig is currently being mobilized to site.
EM surveys are continuing at near-surface and deeper areas of interest within the Storm area. The surveys will then move to the Tornado and Blizzard copper prospect areas.
Planning is complete and preparations are underway for a broad range of environmental monitoring and survey activities during 2024.
Studies are progressing on a range of beneficiation processing methods on a variety of mineralized material from the Cyclone and Chinook Deposits.
Project development studies are continuing.
About the Storm Copper and Seal Zinc-Silver Projects,
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 @ 4.4% Cu and 20.5m @ 0.6% 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
(C) 2024 Electronic News Publishing, source