Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF), JV Partner Report New Exploration Targets at Storm Project Amid Rising Copper Prices

  • Preliminary interpretation of initial MLEM survey results indicates new exploration targets highlighting excellent potential to discover additional copper mineralization
  • Copper process projected to continue upward trend
  • Results open “a whole new space for potential discovery,” says Aston Bay CEO

As copper prices climb to a 2024 high, Aston Bay Holdings (TSX.V: BAY) (OTCQB: ATBHF) is reporting initial results from geophysical activities that are currently underway at its Nunavut-based Storm Copper Project (https://ibn.fm/d5faa). According to the report, preliminary interpretation of the initial moving loop electromagnetic (“MLEM”) survey results indicates several new exploration targets highlighting excellent potential to discover additional copper mineralization.

“Soaring copper prices show no signs of slowing down, analysts say, with the red metal’s rally fueled by supply risks and improving demand prospects for energy transition metals,” states a recent CNBC report (https://ibn.fm/dkBta). “Copper prices with May delivery traded at $4.323 per pound in New York as of Wednesday morning, extending gains after settling at its highest level since June 2022 in the previous session.

“Three-month copper prices on the London Metal Exchange traded 0.6% higher at $9,477 per metric ton,” the report continued. “Demand for copper is widely considered a proxy for economic health. The base metal is critically important to the energy-transition ecosystem and is integral to manufacturing electric vehicles, power grids and wind turbines. Wall Street banks are bullish on the outlook for copper prices through to the end of the year.”

With this backdrop, the results from Aston Bay regarding its Storm Copper Project, which is located on Somerset Island in Nunavut, are particularly promising. The program is fully funded and is being conducted by American West Metals Limited, which has completed the required expenditures to earn an undivided 80% interest in the project.

According to the report, initial MLEM data shows that the high-grade copper mineralization at the Cyclone Zone likely extends in most directions. In addition, new EM anomalies have also been identified over 1,000 meters along strike from the Chinook Zone as well as in the areas of the 2023 discoveries at the Thunder, Lightning Ridge and Gap Prospects. These results, the company observes, indicate strong potential for extensions to known high-grade copper mineralization.

The company also reported that the MLEM surveys continue in the Storm area, with plans to move south toward the Blizzard and Tornado Prospects. In addition, deeper-looking MLEM surveys are also planned between the North and South Graben Faults in the Storm area. The company noted that track-mounted reverse-circulation (“RC”) drilling is underway, with one drill currently operating and a second drill being deployed to the site. This drilling is designed to test the new targets along with several historical EM anomalies and other high-priority targets for near-surface, high-grade copper mineralization.

“It is very encouraging to see geophysics identify new targets at Storm,” said Aston Bay CEO Thomas Ullrich. “Moving Loop EM anomalies have demonstrated a very strong correlation with high-grade copper mineralization, so these are high-priority drill targets. This initial phase of geophysics is designed to be effective in the shallow subsurface, less than 200 metres depth, well within reach of the RC drill rigs on site. The ongoing drilling will aim to test these targets in the coming weeks and over the summer program.”

Ullrich noted that the planned deep-penetrating, wider-spaced MLEM survey will explore the Storm Central Graben area below the known mineralization with a targeted search space of 200 to 500 meters in depth. “This opens a whole new space for potential discovery,” he continued. “In the 2024 season, we intersected copper mineralization at these depths with the same mineralogy as seen at the surface. We anticipate these deeper-looking surveys will enhance our drill targeting for potentially thicker and more laterally extensive zones of mineralization in this very prospective but underexplored zone.”

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in the state of Virginia and in 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 and its joint venture partners—American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd.—have agreed to form a 20/80 unincorporated joint venture and enter into a joint-venture agreement regarding the Storm Project property, which also hosts 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, visit 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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