Aston Bay (TSX.V: BAY) (OTCQB: ATBHF), a mineral exploration company exploring for high-grade critical and precious metal deposits in Nunavut, Canada, and Virginia, USA, today announced the proposed summer 2024 exploration program at its Epworth sediment hosted copper-silver-zinc-cobalt project located 80 km southeast of Kugluktuk in Nunavut, Canada. Key highlights included >2 million in flow-through funds to be used this season, with additional funding also in place; 5000 line-km airborne electromagnetic and magnetic survey planned to identify copper exploration targets and delineate regional and property-scale structures; and geological and structural mapping, prospecting, rock and lake sediment sampling directed by Dr. Elizabeth Turner planned to augment geophysical targeting. In addition, the company, which has permits in hand for an initial phase of modern drilling, has planned community meetings in Kugluktuk. The announcement noted that chalcocite boulders at surface yield up to 61.2% copper (“Cu”) with 5,600 grams per ton (“g/t”) silver (“Ag”) in select rock grab samples from over 300 historic samples. Recent prospecting rock gram samples yielded over 37.8% Cu, 27.4% Zn, 1,100 g/t Ag, 3.0 g/t gold (“Au”) and 1700 ppm cobalt (“Co”). “The classic tale of exploration starts with high grade mineralization found at surface, then chased up with geological mapping and geophysical surveys that point to the drill targets leading to significant discovery at depth. That is how the major copper deposits of Central Africa were discovered, and that is our playbook for Epworth. We have impressive copper, silver, zinc and cobalt grades at the surface and are excited to begin the geophysical surveys and surface work to develop drill targets this season. And with drill permits already in hand and funding in place, we are ready to continue on the path toward discovery next year,” said Thomas Ullrich, CEO of Aston Bay.
To view the full press release, visit https://ibn.fm/XbRnb
About Aston Bay Holdings Ltd.
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, 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 Storm Project property and Epworth property in Nunavut, as well as the high-grade Buckingham Gold Vein and critical metals prospects 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 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 Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%. Further details are available on the company’s website at https://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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