The program will be conducted by
Highlights
The 2024 exploration and resource definition program has commenced at the
Track-mounted Reverse-Circulation (RC) drilling is underway and is initially focused on: Testing new, high-priority exploration targets proximal to the known Storm mineralized zones to discover new zones of near-surface high-grade copper mineralization
Resource definition drilling of the 2023 high-grade copper discovery at Thunder where discovery hole ST23-03 delivered 48.6m @ 3% Cu from 32.4m within a broader interval of 76m @ 2% Cu from 32.4m
Drilling electromagnetic (EM) targets adjacent to the Cyclone Deposit - including an EM target with a very high modeled conductivity of 17,000 Seimens - with the aim of finding additional mineralization
Additional drill rigs will join the program in the coming weeks and will focus on:
Expansion and infill drilling of the Cyclone (formerly the 4100N) and Chinook (formerly 2850N) Zones
Exploration below the known copper mineralization within the Storm area
Drilling of large-scale copper targets at the underexplored Tornado, Blizzard, and Tempest Prospects
High-powered Moving Loop Electromagnetic (MLEM) geophysical survey is also now underway to define potential extensions to known areas of high-grade copper mineralization and to define new exploration targets, both in the near-surface and at depth
This drilling program is designed to expand and infill an upcoming maiden mineral resource estimate for the
'We are very excited to be drilling again at Storm,' stated
'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.'
PHASE 1 DRILLING
Reverse Circulation (RC) drilling with a track-mounted RC rig has commenced on high-priority Electromagnetic (EM) and Induced Polarisation (IP) targets as well as areas of potential extensions within the Storm area . This is the first time a tracked RC rig has been deployed at Storm. This rig can move autonomously instead of requiring helicopter mobilization and is expected to provide operational and production benefits, with up to 12,000m of RC drilling initially planned.
Phase 1 of the exploration drilling will target existing EM and IP anomalies that are ranked highly due to nearby copper sulfides in drilling and areas of strong copper geochemical anomalism at surface. These compelling targets include an EM target to the immediate east of the Cyclone Deposit where an EM anomaly has been modeled with a very high conductivity of over 17,000 Siemens.
EM anomalies tested to date in the Storm area have been strongly correlated with higher-grade, >2% copper mineralization. Several IP anomalies that have been drill tested also show a positive correlation with copper sulfide mineralization in the range of 0.5-2% Cu.
PHASE 1 MOVING LOOP ELECTROMAGNETICS (MLEM)
The drilling program is running in parallel with a high-powered Moving Loop EM (MLEM) survey, which is initially being used to highlight the priority areas for expansion of the higher-grade copper mineralized areas and to identify new targets for drill testing.
The initial MLEM surveys at Storm will use 100m N-S line spacings, 100m sensor stations, and 200m x 200m loops. This configuration has been optimal in defining the known high-grade copper mineralization at Storm to date.
Several 200m spaced lines will also be surveyed using 400m x 400m loops to look deeper, below the known copper mineralization.
PLANNED PROGRAM
Reverse Circulation (RC) drilling is in progress in the Storm area testing geophysical targets and expanding zones of known copper mineralization.
EM surveys continue to investigate near surface and deeper areas of interest within the Storm area. The surveys will then move to the Tornado and Blizzard copper prospect areas.
Preparations are underway to add two drill rigs at site - one RC rig and one diamond core rig - increasing the planned drill metres for 2024 to more than 20,000m.
Planning is complete and preparations are underway for a broad range of environmental monitoring and survey activities during 2024.
A maiden CIM (2014, 2019) compliant mineral resource estimate for the
Final assessment and reporting is being completed on a range of beneficiation processing methods on a variety of mineralization types from the Cyclone and Chinook Deposits.
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
Email: thomas.ullrich@astonbayholdings.com
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