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, is providing an update regarding drilling activities at its Storm Copper Project, located on Somerset Island, Nunavut. According to the announcement, successful exploration indicates potential for “rapid and significant expansion,” and the operator of the project, America West Metals Limited, has completed the necessary expenditures to earn an undivided 80% interest in the project. Specifically, the report noted that 2024 reverse circulation (“RC”) drilling has delivered immediate success in intersecting thick new zones of copper mineralization in the drilling of geophysical targets, and the visual copper sulfide mineralization intersected in SR24-03 and SR24-04 is much like high-grade copper mineralization in the 2023 discovery hole at the nearby Thunder Prospect, which returned 48.6 meters @ 3% copper (“Cu”). The company noted that drilling results continue to show a strong correlation between moving loop electromagnetic (“MLEM”) targets and copper mineralization, with an extensive suite of new geophysical targets prioritized for drilling in 2024. The company has sent samples for the first batch of drilling to the laboratory and expects to receive assay results in the coming weeks. In addition, phase 1 of the MLEM surveys have been completed in the Storm area and the deep search phase of the program now underway while drilling by the track-mounted RC rig is continuing 24/7. “It is very encouraging to report early success from the 2024 exploration program at Storm,” said Aston Bay CEO Thomas Ullrich in the press release. “Drilling of Moving Loop EM geophysical anomalies is proving to be very effective at discovering copper mineralization. This provides a powerful exploration advantage. With several new anomalies still to be drilled and deep potential only now being tested by this method, we are excited for the potential for continued discovery this season at Storm.”
To view the full press release, visit https://ibn.fm/08TQR
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in the state of 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.
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