from Aston Bay Holdings Ltd (NASDAQ:ATBHF)
Aston Bay Intersects Additional Copper Mineralization at Storm Copper Project, Nunavut
- Another five Reverse Circulation (RC) drill holes completed at the 4100N Zone with all drill holes intersecting thick downhole intervals of copper sulfides, including:
- 16.7m of strong visual copper sulfides from 42.7m in SR23-05
- 15.2m of strong visual copper sulfides from 54.9m in SR23-06
- 13.7m of strong visual copper sulfides from 48.8m in SR23-07
- 13.7m of strong visual copper sulfides from 68.6m in SR23-08
- 32m of strong visual copper sulfides from 56.4m in SR23-09
- The 4100N drilling program is designed to support a maiden resource estimate where extensive near-surface copper mineralization has already been intersected across 1,000m of strike
- The second batch of drill samples has been sent to the laboratory for analysis
- RC drilling continues at Storm with a further 10-12 drill holes planned at the 4100N Zone to be followed by drilling at other high-grade copper targets
- Moving Loop Electromagnetic (MLEM) survey close to completion at the 4100N Zone with new, strong conductors identified for drilling
- Moving Loop Electromagnetics (MLEM) is set to commence at the underexplored Tempest Prospect which hosts a 250m-long copper gossan
- Ground gravity survey - designed to identify drill targets at the deeper sedimentary copper system at Storm - has been completed with data being processed ahead of diamond drilling
TORONTO, ON / ACCESSWIRE / May 9, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") reports an update on drilling and geophysical activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. This is the second drilling program for American West Metals Limited ("American West"), who are the project operator, since entering an option agreement with Aston Bay in March 2021.
The Reverse Circulation (RC) drilling program is continuing at the 4100N Zone, with a focus on defining a maiden copper resource for the near-surface copper mineralization within the Storm Project. The Moving Loop Electromagnetic (MLEM) survey will be completed shortly at the 4100N Zone, with several new conductors identified and being assessed for drilling. The MLEM survey will then commence at the Tempest Prospect, an underexplored copper prospect approximately 40km south of Storm. The ground gravity survey has been completed with final processing of data underway, with diamond drilling scheduled to test the deeper sedimentary-hosted copper system.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process.
"This is impressive progress by our partner American West Metals in this ambitious exploration program," stated Thomas Ullrich, CEO of Aston Bay.
"Drilling is progressing quickly with all drill holes intersecting significant lengths of copper sulfide mineralization as noted in the visual logs. The conductive anomaly at the 4100N Zone is proving to be an excellent predictor of sulfide mineralization. We look forward to the continued drilling that will further test this conductor, as well as additional results from the ongoing geophysical program at the 4100N Zone and at the untested Tempest Prospect to the south."
RESOURCE POTENTIAL GROWS WITH DRILLING SUCCESS
Five additional drill holes have been completed at the 4100N Zone and continue to highlight the significant resource potential of the near-surface mineralization at Storm. All nine drill holes completed to date within the current program have intersected thick intervals of visual sulfides, which have been confirmed to contain copper based on portable XRF analysis.
The mineralized footprint at the 4100N Zone has been shown by historical drilling to extend over an area of approximately 32 hectares. We believe there is an outstanding opportunity to define a significant near-surface resource base that could support an initial low-cost, open-pit mining operation.
DRILL HOLE DETAILS
The latest drill holes (SR23-05, SR23-06, SR23-07, SR23-08 and SR23-09) have continued to intersect thick intervals of copper sulfide mineralization, hosted within dolomite of the Allen Bay Formation.
The mineralization is similar in its appearance to the first four drill holes completed in the current program and is comprised of zones of strong sulfides hosted within a broad mineralized package of what is interpreted to be mostly vein and fracture-style mineralization. The mineralized horizons continue to be relatively flat-lying and laterally extensive in nature.
The dominant copper sulfide minerals observed within the drill holes to date are chalcocite, with chalcopyrite and bornite also present. Minor native copper and copper oxides (mostly malachite and cuprite) are also present.
Chalcocite is an important ore mineral due to its high grades (up to 79.8% copper) and outstanding metallurgical properties.
The Allen Bay host unit is present throughout the Storm Project area and is comprised of massive to thinly bedded dolomicrites.
Hole ID | Prospect | Easting | Northing | Depth (m) | Azi | Inclination | Type |
SR23-01 | 4100N | 464991 | 8174285 | 137.2 | 180 | -65 | RC |
SR23-02 | 4100N | 464990 | 8174157 | 140.2 | 180 | -59 | RC |
SR23-03 | 4100N | 465041 | 8174251 | 151 | 178 | -65 | RC |
SR23-04 | 4100N | 465045 | 8174166 | 152.4 | 179 | -69 | RC |
SR23-05 | 4100N | 464899 | 8174146 | 131.1 | 180 | -66 | RC |
SR23-06 | 4100N | 464899 | 8174261 | 166.1 | 180 | -69 | RC |
SR23-07 | 4100N | 464805 | 8174203 | 137.2 | 180 | -71 | RC |
SR23-08 | 4100N | 464726 | 8174286 | 118.9 | 180 | -69 | RC |
SR23-09 | 4100N | 464726 | 8174206 | 164.6 | 180 | -69 | RC |
Table 1: 2023 program drill hole details. Note - depth in metres has been converted from measurements in feet and is rounded.
Intersections are expressed as downhole widths and are interpreted to be close to true widths. Visual estimates of sulfide type, quantity and habit should not be considered a substitute for laboratory assays. Portable XRF analysis has been used to confirm the nature of the sulfide intercepts. Laboratory assays are required to determine the widths and grade of mineralization as reported in preliminary geological logging.
Mineralization key: cc = chalcocite, chpy = chalcopyrite, br = bornite, py = pyrite, Cu = native copper, ct = cuprite, ml = malachite, sph = sphalerite, ga = galena. (5%) = visual estimation of sulfide content.
Hole ID | From (m) | To (m) | Min | Description |
SR23-05 | 0.0 | 22.9 | Cape Storm Formation | |
22.9 | 35.1 | Allen Bay Formation | ||
35.1 | 42.7 | Py, cc | recrystallised dolomudstone, patchy to veinlet py (0.5%) | |
42.7 | 59.4 | cc, Cu, py | dense cc veinlets with selvage Cu and patchy py veins (1.5%) | |
59.4 | 62.5 | cc, py | trace cc veinlets and patchy py (0.5%) | |
62.5 | 68.6 | cc, py | Cherty brown dolomudstone, cc veinlets and patchy py (0.5%) | |
68.6 | 71.6 | Cu | minor fine disseminated Cu (0.3%) | |
71.6 | 76.2 | py | py veinlets (0.5%) | |
76.2 | 83.8 | ml | trace ml in fine fractures (0.2%) | |
83.8 | 106.7 | patchy recrystallization of dolomudstone (0%) | ||
106.7 | 131.1 | Allen Bay Formation |
Table 2: Summary geological log for drill hole SR23-05.
Hole ID | From (m) | To (m) | Min | Description |
SR23-06 | 0.0 | 35.1 | Cape Storm Formation | |
35.1 | 42.7 | Allen Bay Formation | ||
42.7 | 50.3 | ml, py | trace patchy ml and patchy py veins (0.2%) | |
50.3 | 54.9 | cc | fine cc veinlets (0.1%) | |
54.9 | 64.0 | cc, py | cc veinlets and patchy py (0.4%) | |
64.0 | 82.3 | cc | fine cc veinlets (0.1%) | |
82.3 | 88.4 | cc, py | cc veinlets and patchy py (0.4%) | |
88.4 | 128.0 | Massive brown to beige dolomudstone (0%) | ||
128.0 | 137.2 | ml | trace fine ml (0.2%) | |
137.2 | 138.7 | Cu | finely disseminated native Cu (0.5%) | |
138.7 | 146.3 | ml | trace fine ml (0.2%) | |
146.3 | 166.1 | Allen Bay Formation |
Table 3: Summary geological log for drill hole SR23-06.
Hole ID | From (m) | To (m) | Min | Description |
SR23-07 | 0.0 | 29.0 | Cape Storm Formation | |
29.0 | 48.8 | py, ml | fine banded recrystallized dolomudstone, trace ml veinlets and patchy pyrite (0.5%) | |
48.8 | 54.9 | cc, py | abundant cc and py veinlets (1.5%) | |
54.9 | 68.6 | py, ml | trace py veinlets (0.2%) | |
68.6 | 76.2 | Cu | cherty dolomudstone, trace fine disseminated Cu (0.2%) | |
76.2 | 83.8 | py, cc | fine semi-massive py and dense cc veinlets (2%) | |