Aston Bay and American West Metals Announce 13% Copper in Assays on the Cyclone Deposit and a New Copper Discovery on the Storm Venture, Nunavut, Canada

Drilling Highlights

• Drilling surpasses 20,000 metres (“m”) with 128 Reverse Circulation (RC) drill holes and 14 diamond drill holes now accomplished in 2024 at Storm and Tempest

• Drilling continues 24/7

• The useful resource potential of the Cyclone Deposit is additional highlighted with distinctive high-grade copper intervals confirmed by assays together with:

• Drill gap SR24-057 has intersected:

  • 1.5m @ 13.5% copper (“Cu”), 23g/t silver (“Ag”) from 54.9m downhole, and,

  • 3.1m @ 2.0% Cu, 8.0 g/t Ag from 85.3m downhole, and,

  • 1.5m @ 1.8% Cu, 3.0g/t Ag from 109.7m downhole

• Drill gap SR24-035 has intersected:

  • 3.1m @ 3.9% Cu, 10.5g/t Ag from 57.9m downhole, together with,

    • 1.5m @ 5.9% Cu, 16.0g/t Ag from 57.9m downhole, and,

• 4.6m @ 1.4% Cu, 5.0g/t Ag from 71.6m downhole, together with,

• 1.5m @ 3.1% Cu, 11.0g/t Ag from 71.6m downhole

• Drill gap SR24-031, situated exterior of the identified zone of mineralization, has intersected:

  • 27.4m @ 1.1% Cu, 3.5g/t Ag from 96m downhole, together with,

Exploration drilling and Transferring Loop Electromagnetics (MLEM)

• Drilling of an MLEM anomaly in an untested space south of the Thunder Prospect has intersected sturdy visible copper sulfides from roughly 181.4m downhole – this new discovery is known as ‘Squall‘

• The deep-searching 400m loop MLEM survey is at present underway at Twister the place it has recognized two EM anomalies spatially coincident with outcropping copper

• Drilling of the 1,300m x 500m EM anomaly under the Cirrus Deposit is in progress with the diamond gap deliberate to a depth of 600m

Visible estimates of mineral abundance ought to by no means be thought-about a proxy or substitute for laboratory analyses the place concentrations or grades are the issue of principal financial curiosity. Laboratory assays are required to find out the presence and grade of any contained mineralization inside the reported visible intersections of copper sulfides. Transportable XRF is used as an help within the willpower of mineral sort and abundance in the course of the geological logging course of.

TORONTO, ON / ACCESSWIRE / September 3, 2024 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (“Aston Bay” or the “Firm”) is happy to offer an replace on drilling actions and geophysical surveys on the Storm Copper Venture (“Storm” or the “Venture”) on Somerset Island, Nunavut. The exploration program is being carried out by American West Metals Restricted (“American West”), who’s the operator of the Venture. Aston Bay and American West have shaped a 20/80 unincorporated three way partnership in respect of the Storm Venture property, with Aston Bay sustaining a free carried curiosity till a choice to mine upon completion of a bankable feasibility research.

Thomas Ullrich, Chief Government Officer of Aston Bay, commented:

“The excellent outcomes hold coming in from the exploration program carried out by our companion American West at Storm. The drilling, which has exceeded the deliberate 20,000m of drilling, continues to develop the identified areas of copper mineralization with extra RC and diamond drill holes underway.

“As well as, now we have made one other important copper discovery, named “Squall,” by drilling a blind MLEM geophysical goal. That is the second discovery from drilling MLEM anomalies this yr. Each discoveries are within the little-explored Southern Graben space the place there is no such thing as a outcropping copper mineralization, spotlighting each the expansion potential for a useful resource at Storm and confirming the effectiveness of MLEM in pointing the best way to copper discoveries.

“The diamond drill has simply began spinning on a brand new MLEM goal situated under the Cirrus deposit. The configuration of this huge 1,300m x 500m anomaly suggests a doubtlessly mineralized horizon with feeder faults as predicted by the geological mannequin and as seen elsewhere at Storm. With the constructive hit price drilling EM targets at Storm, we eagerly anticipate seeing this core.

“Exploration actions on the Twister, Blizzard, and Tempest areas are additionally yielding very compelling targets, with further work, together with drilling, underway.”

OVERVIEW

A complete of 128 RC drill holes and 14 diamond drill holes have been accomplished at Storm and Tempest throughout 2024, exceeding the deliberate goal of 20,000m (Determine 1). Drilling continues, with additional assays anticipated in batches over the approaching weeks.

Current outcomes from the Cyclone Deposit have confirmed additional intersections of very high-grade copper as much as 13.5% Cu each inside and outdoors of the present useful resource envelope.

Exploration drilling focusing on an MLEM anomaly within the Southern Graben space has intersected sturdy visible copper sulfides on the finish of the outlet. The brand new discovery and space have been named ‘Squall‘ and the drill gap is being prolonged to verify the total extent of the mineralization.

The deep-searching MLEM survey is at present underway within the Twister and Blizzard areas and has recognized two high-priority EM anomalies situated in beneficial stratigraphy and spatially coincident with outcropping copper. Earlier drilling at Storm has confirmed the sturdy correlation between EM targets and high-grade copper sulfides, the latest instance being Squall, which makes these compelling targets doubtlessly resulting in the invention of copper inside a brand new and untested space.

Determine 1: Current and present drill gap places and copper deposit outlines, overlain on aerial images.

EXCEPTIONAL COPPER HITS AT CYCLONE

Assay outcomes from drill holes SR24-026, -027, -031, -033, -035, -037, -039, -055, -057, and -059 have been acquired and proceed to verify thick, near-surface intervals of copper sulfide mineralization.

The drilling outcomes exhibit constant copper grades and spotlight the wonderful lateral continuity of the high-grade mineralization inside Cyclone (Determine 2). Moreover, thick intervals of coherent copper mineralization (>1% Cu) have been intersected exterior of the prevailing identified zone of copper mineralization, highlighting the useful resource potential to the north and south of the deposit.

Drilling has confirmed {that a} small space within the central-eastern portion of the useful resource is characterised by a “tight” huge dolomudstone facies with lesser brecciation and sulfide veining.

RC drilling at Cyclone continues with a concentrate on increasing the potential useful resource to the west, north, and northeast. Drilling at Storm over the previous three seasons has been designed to tell an upcoming maiden mineral useful resource that’s at present being constructed to CIM requirements, with the discharge of the useful resource anticipated by yr’s finish.

Determine 2: Plan view of the Cyclone Deposit exhibiting the copper mineralized zone outlines and historic and up to date drilling, overlain on regional geology.

DRILL HOLE SR24-057 DETAILS

SR24-057 has returned distinctive copper grades within the far-eastern a part of Cyclone defining new extensions to mineralization. The drill gap, and others round it, have the potential to considerably bolster the higher-grade assets inside the far-eastern finish of the Cyclone deposit.

4 zones of sturdy copper sulfide mineralization hosted inside fractured dolomite of the Allen Bay Formation had been intercepted within the gap.

The higher 1.5m-thick zone of semi-massive chalcocite yielded 13.5% Cu, doubtlessly extending the higher lode of copper mineralization (Determine 3) to the northeast by roughly 100m.

The decrease three zones include sturdy (as much as 3.7% Cu) vein- and fracture-style chalcocite mineralization with minor chalcopyrite bounded by extensive zones of decrease grade (

This depth and character of copper mineralization in SR24-057 is characterised by important lateral continuity inside Cyclone. This, and the spatial relationship to the equally mineralized drill gap SR24-031 (see under description), is a powerful indicator for potential useful resource development at what’s now the jap boundary of the deposit.

Determine 3: SW-NE Geological schematic part view by SR24-033 and SR24-057 exhibiting the latest drill gap places, latest assays, and the interpreted zones of copper mineralization.

DRILL HOLE SR24-031 DETAILS

Drilled to the north-east of the Cyclone Deposit, SR24-031 was designed to check for potential extensions of copper mineralization to the north of Cyclone, between the beforehand identified restrict of mineralization and 2023 drill gap SR23-55 (7.6m @ 1.0% Cu from 105.2m downhole, together with 1.5m @ 2.0% Cu from 109.7m downhole).

Three zones of copper sulfide mineralization had been intersected (Determine 4). A thick interval of mineralization is vertically zoned with a powerful chalcocite-dominant interior core (between 96m and 121.9m downhole) with chalcopyrite margins. This zonation of copper minerals is typical of sediment-hosted copper techniques. The 27.4m thick principal zone of mineralization (averaging 1.1% Cu and three.4g/t Ag from 96m downhole) accommodates a 4.6m thick zone of very sturdy chalcocite veining averaging 3.1% Cu and seven.7g/t Ag from 109.7m downhole.

The drill gap is situated inside a big and little-tested space to the north of Cyclone. The thickness and mineralogy of the copper mineralization in each SR24-031 and -057 have the potential so as to add important assets to the north of the Cyclone Deposit.

Determine 4: Geological schematic part view at 465,400E exhibiting the latest drill gap assays and the interpreted zones of copper mineralization.

Desk 1: Abstract of latest important drilling intersections on the Cyclone Deposit (>0.2% Cu).

SQUALL – NEW COPPER DISCOVERY

The latest EM surveys within the Storm space recognized over 10 new, near-surface targets with a 200m loop survey (designed to display screen from 0-200m depth) and an extra 5 new deeper targets recognized with the 400m loop survey (screening >200m depth).

The primary of those anomalies to be drill examined throughout 2024 resulted within the discovery of the Hole Prospect and was proven to be associated to high-grade copper sulfides (8m @ 5.3% Cu from 39m downhole in drill gap SR24-03).

DRILL HOLE SR24-108 DETAILS

RC drill gap SR24-108 was designed to check high-priority EM anomaly A3, which is seen within the knowledge from each the 200m and 400m loop EM surveys (Determine 5). The coincident knowledge steered that the goal could also be situated at a depth that crossed the designed detection ranges of the 2 surveys.

Drilling achieved the utmost achievable depth of 182.9m downhole, restricted by out there drill rods. The drill gap is interpreted to have hit the jap fringe of the anomaly and intersected sturdy visible copper sulfides within the final sampling interval of the outlet (181.4 – 182.9m). The presence of copper has been confirmed with spot readings by transportable XRF.

The interval accommodates sturdy visible chalcocite hosted inside dense breccias and veins, typical of the copper deposits at Storm. The copper sulfides have been regionally weathered to malachite and the host unit seems to be oxidizedoxidized.

Extra drill rods have been sourced to increase the drill gap to check the total extent of the mineralized interval. The brand new discovery has been named “Squall.’

Determine 5: 400m loop MLEM picture (CH20BZ) overlain on drilling and the geological and structural interpretation of the Storm space. The MLEM anomalies mentioned on this report are labeled A1- A5.

Visible estimates of mineral abundance ought to by no means be thought-about a proxy or substitute for laboratory analyses the place concentrations or grades are the issue of principal financial curiosity. Laboratory assays are required to find out the presence and grade of any contained mineralization inside the reported visible intersections of copper sulfides. Transportable XRF is used as an help within the willpower of mineral sort and abundance in the course of the geological logging course of.

Desk 2: Abstract geological log for drill gap SR24-108. Drill gap was terminated at 182.9m on account of availability of drill rods.

Mineralization key for Desk 2: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visible estimation of sulfide content material

CIRRUS AND GAP DRILLING

Diamond drilling additionally continues on the biggest of the southern EM anomalies, situated at depth under the Cirrus Deposit and Hole Prospect (Anomaly A1 on Determine 5; see Determine 6 for interpreted cross part). The 1,300m x 500m flat-lying goal is bounded by a collection of huge, steeply dipping EM plates (approx. 350m to high, conductance ~40-60 siemens, reasonable ~40°-60° south-southwest dip, placing east-southeast) at its the northern edge the place the anomaly is truncated on the Southern Graben Fault.

The sub-vertical conductors are interpreted to signify faults, doubtlessly the plumbing system chargeable for shifting mineralizing fluids, that intersect the big, flat-lying conductance anomaly representing a permeable horizon. Each the faults and the flat horizon could now be mineralized by sulfides, inflicting the EM response. Comparable EM anomalies drilled at Storm have been confirmed as copper sulfides, making this huge anomaly a compelling drill goal.

Determine 6: 3D ortho-section view (wanting NW) exhibiting MLEM imagery, modeled conductors and drill gap ST24-03, at present underway, with deliberate drill gap hint (CH20Z MLEM picture – hotter colors point out greater conductivity).

TORNADO – MLEM HIGHLIGHTS NEW CONDUCTORS

The MLEM surveys are at present underway within the Twister and Blizzard areas, that are situated roughly 10km alongside strike to the east of Storm. The geological setting is interpreted to be an identical to that of Storm and accommodates quite a few outcropping copper occurrences.

A variety of EM anomalies have been recognized within the preliminary knowledge, a few of that are coincident with geochemical copper anomalies and copper gossans at floor (Determine 7).

The fly RC drill rig has moved right down to the realm and as soon as the ultimate modeling and interpretation of the EM knowledge is full, will check the brand new high-priority EM targets. The drilling may even initially check numerous key geological options to achieve a greater understanding of the stratigraphy of the realm and to assist within the interpretation of the MLEM knowledge.

Determine 7: MLEM picture (CH18BZ) of the Twister and Blizzard 400m loop survey overlaying geology and interpreted main faults. Hotter colors point out greater conductivity.

PLANNED PROGRAM

• RC drilling is constant within the Storm space with the track-mounted drill rig on useful resource improvement and high-priority geophysical targets.

• The fly RC drill rig has moved to the Twister and Blizzard copper prospects.

• Diamond drilling is in progress on deep exploration targets within the Storm space, with ST24-03 underway.

• Extra assays for the continued drill program are anticipated inside the subsequent 2 to 4 weeks.

• Deep-looking EM surveys are underway within the Twister and Blizzard copper prospect areas.

• The environmental monitoring, archaeology, and survey actions for the 2024 program have been accomplished, with remaining stories anticipated within the coming months.

Particulars of the delineation drilling and exploration drill holes for the 2024 program can be found at https://astonbayholdings.com/information/2024-storm-drill-hole-details/.

Certified Particular person

Michael Dufresne, M.Sc., P.Geol., P.Geo., is a certified particular person as outlined by Nationwide Instrument 43-101 and has reviewed and permitted the scientific and technical info on this press launch.

Concerning the Storm Copper and Seal Zinc-Silver Tasks, Nunavut

The Nunavut property consists of 173 contiguous mining claims masking an space of roughly 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Venture includes each the Storm Copper Venture, a high-grade sediment-hosted copper discovery (intersections together with 110m* @ 2.5% Cu from floor and 56.3* @ 3.1% Cu from 12.2m in addition to the Seal Zinc Deposit (intersections together with 14.4m* @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23.0% Zn, 5.1g/t Ag from 101.5m). Moreover, there are quite a few underexplored and undrilled targets inside the 120-kilometre strike size of the mineralized pattern, together with the Twister copper prospect the place 10 seize samples yielded >1% Cu as much as 32% Cu in gossans. The Nunavut property is now the topic of an 80/20 unincorporated three way partnership with American West (see “Settlement with American West” under for extra particulars).

Storm Discovery and Historic Work

Excessive-grade copper mineralization was found at Storm within the mid-Nineties by Cominco geologists conducting regional zinc exploration round their then-producing Polaris lead-zinc mine. An enormous chalcocite boulder present in a tributary of the Aston River in 1996 was traced to spectacular floor exposures of damaged chalcocite mineralization for lots of of metres of floor strike size at what grew to become named the 2750N, 2200N, and 3500N zones. Subsequent seasons of prospecting, geophysics and over 9,000 m of drilling into the early 2000s confirmed a big quantity of copper mineralization under the floor exposures in addition to making the blind discovery of the 4100N Zone, a big space of copper mineralization with no floor publicity.

Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims had been allowed to lapse in 2007. Commander Assets staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 however carried out no further drilling. Aston Bay subsequently entered into an earn-in settlement with Commander and consolidated 100% possession in 2015. Commander retained a 0.875% Gross Overriding Royalty within the space of the unique Storm claims which was bought by Taurus Mining Royalty Fund L.P. in January 2024.

In 2016 Aston Bay entered into an earn-in settlement with BHP, who carried out a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding as much as 16m* @ 3.1% Cu. BHP exited the settlement in 2017 and retains no residual curiosity within the venture. Aston Bay carried out a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in 9 core holes within the Storm space in 2018 yielding a greatest intercept of 1.5m* @ 4.4% Cu and 20.5m* @ 0.6% Cu.

Settlement with American West

On March 9, 2021, Aston Bay entered into an choice settlement with American West Metals Restricted (American West), and its wholly owned Canadian subsidiary Twister Metals Ltd., pursuant to which American West was granted an choice to earn an 80% undivided curiosity within the Venture by spending a minimal of CAD$10 million on qualifying exploration expenditures. The events amended and restated the Possibility Settlement as of February 27, 2023, to facilitate American West instantly incomes an curiosity within the Venture alongside its Canadian subsidiary with none change to the general business settlement between the events. The expenditures had been accomplished throughout 2023, and American West exercised the choice. American West and Aston Bay have shaped an 80/20 unincorporated three way partnership.

Underneath the three way partnership, Aston Bay shall have a free carried curiosity till American West has decided to mine upon completion of a bankable feasibility research, that means American West shall be solely chargeable for funding the three way partnership till such choice is made. After such choice is made, Aston Bay shall be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Venture shall be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to under 10%.

Current Work

American West accomplished a set loop electromagnetic (FLEM) floor geophysical survey in 2021 that yielded a number of new subsurface conductive anomalies. A complete of 1,534m had been drilled in 10 diamond drill holes within the 2022 season, yielding a number of spectacular near-surface intercepts together with 41m* @ 4.1% Cu in addition to 68m of sulfide mineralization related to a deeper conductive anomaly.

In April 2022, outcomes of beneficiation research demonstrated {that a} mineralized intercept grading 4% Cu from the 4100N space could possibly be upgraded to a 54% Cu direct ship product utilizing commonplace sorting expertise. Additional beneficiation and metallurgical research are ongoing.

In April 2023, American West launched into a spring delineation drilling program utilizing a helicopter-portable RC drill rig in addition to conducting gravity and shifting loop electromagnetic (MLEM) floor geophysical packages.

The summer time 2023 program carried out additional delineation drilling of the near-surface high-grade copper zones to advance them towards maiden useful resource estimates in 2024. Deep diamond drilling throughout 2023 found high-grade copper sulfides as much as 2.7% Cu at roughly 300m vertical depth (ST23-02), suggesting the potential for discovery of large-scale copper targets at depth.

Diamond drilling of latest high-priority deep MLEM targets, RC delineation drilling for useful resource improvement and extra geophysical surveys at the moment are underway within the 2024 program. Metallurgical research and environmental baseline research are ongoing, with bulk sampling for prefeasibility-level processing deliberate for summer time 2024.

*Acknowledged drill gap intersections are all core size, and true width is predicted to be 60% to 100% of core size.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration firm exploring for high-grade essential and valuable metallic deposits in Nunavut, Canada and Virginia, USA.

The Firm is at present exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut, and the high-grade Buckingham Gold Vein in central Virginia. The corporate can also be in superior phases of negotiation on different lands with high-grade essential metals potential in North America

The Firm and its three way partnership companions, American West Metals Restricted and its wholly-owned subsidiary, Twister Metals Ltd. (collectively, “American West“) have shaped a 20/80 unincorporated three way partnership in respect of the Storm Venture property, which hosts the Storm Copper Venture and the Seal Zinc Deposit. Underneath the unincorporated three way partnership, Aston Bay shall have a free carried curiosity till American West has decided to mine upon completion of a bankable feasibility research, that means American West shall be solely chargeable for funding the three way partnership till such choice is made. After such choice is made, Aston Bay shall be diluted within the occasion it doesn’t elect to contribute its proportionate share and its curiosity within the Storm Venture property shall be transformed right into a 2% internet smelter returns royalty if its curiosity is diluted to under 10%.

About American West Metals Restricted

AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clear vitality mining firm centered on development by the invention and improvement of main base metallic mineral deposits in Tier 1 jurisdictions of North America. The corporate’s technique is targeted on creating mines which have a low-footprint and help the worldwide vitality transformation. AW1’s portfolio of copper and zinc initiatives in Utah and Canada embody important present useful resource inventories and high-grade mineralization that may generate sturdy mining proposals. Core to AW1’s method is a dedication to the moral extraction and processing of minerals and making a significant contribution to the communities the place its initiatives are situated.

Led by a extremely skilled management crew, AW1’s strategic initiatives lay the muse for a sustainable enterprise which goals to ship high-multiplier returns on shareholder funding and financial advantages to all stakeholders.

For additional info on American West, go to: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made on this information launch, together with these relating to coming into into the three way partnership and every celebration’s curiosity within the Venture pursuant to the settlement in respect of the three way partnership, administration goals, forecasts, estimates, expectations, or predictions of the long run could represent “forward-looking assertion”, which might be recognized by way of conditional or future tenses or by way of such verbs as “consider”, “count on”, “could”, “will”, “ought to”, “estimate”, “anticipate”, “venture”, “plan”, and phrases of comparable import, together with variations thereof and damaging varieties. This press launch accommodates forward-looking statements that replicate, as of the date of this press launch, Aston Bay’s expectations, estimates and projections about its operations, the mining trade and the financial atmosphere during which it operates. Statements on this press launch that aren’t supported by historic truth are forward-looking statements, that means they contain threat, uncertainty and different components that might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. Though Aston Bay believes that the assumptions inherent within the forward-looking statements are cheap, undue reliance shouldn’t be positioned on these statements, which apply solely on the time of writing of this press launch. Aston Bay disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not because of new info, future occasions or in any other case, besides to the extent required by securities laws.

Neither TSX Enterprise Alternate nor its regulation providers supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this information launch.

For extra info contact:

Thomas Ullrich, Chief Government Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

SOURCE: Aston Bay Holdings Ltd.

View the unique press launch on accesswire.com