Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF), a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia and Nunavut, Canada, has started high-impact drilling and exploration activities at its Storm Copper Project on Somerset Island, Nunavut. According to the announcement, American West Metals Limited will conducting the activities. American West has earned an undivided 80% interest in the project and will be solely responsible for funding the program. As part of the activities, track-mounted reverse-circulation (“RC”) drilling is focused on testing new, high-priority exploration targets; resource definition drilling of the 2023 high-grade copper discovery at Thunder; and
drilling electromagnetic (“EM”) targets adjacent to the Cyclone Deposit with the objective of finding additional mineralization. The company noted that additional drill rigs will join the program in the coming weeks, and those rigs will focus on expansion and infill drilling of the Cyclone and Chinook zones; exploration below the known copper mineralization within the Storm area; and drilling of large-scale copper targets at the underexplored Tornado, Blizzard, and Tempest prospects. In addition, a high-powered moving loop electromagnetic (“MLEM”) geophysical survey is also underway. The announcement noted that this drilling program is designed to expand and infill an upcoming maiden mineral resource estimate for the Storm Project that is expected to be presented in May 2024. The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. “We are very excited to be drilling again at Storm,” said Aston Bay CEO Thomas Ullrich in the press release. “This is the first of two significant drill programs our partner, American West, will be conducting this spring and summer, expanding on the known zones of mineralization and drilling for new discoveries. The drill bit has proven the effectiveness of moving loop electromagnetics, so we are pleased to see this geophysical program underway again as well. By tweaking the parameters and increasing the power used in the survey, we believe we will investigate deeper with more confidence. This could uncover geophysical anomalies related to deeper-seated mineralization — excellent targets for diamond drilling in the summer season.”
To view the full press release, visit https://ibn.fm/MvAX5
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia and Nunavut, Canada. The company is led by CEO Thomas Ullrich with exploration in Virginia directed by the company’s advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area. The company and its joint venture partners, American West Metals Limited and its wholly owned subsidiary, Tornado Metals Ltd. (collectively, American West), have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under such agreement, Aston Bay shall have a free carried interest until American West has decided 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 Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%. For more information, please visit www.AstonBayHoldings.com.
NOTE TO INVESTORS: The latest news and updates relating to ATBHF are available in the company’s newsroom at https://ibn.fm/ATBHF
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