Aston Bay (TSX.V: BAY) (OTCQB: ATBHF) announced a positive update on its Storm Copper Project on Somerset Island, Nunavut, in collaboration with American West Metals Limited, the project operator. Early drilling results from the ST24-02 hole in an underexplored area confirmed widespread sediment-hosted copper mineralization, which CEO Thomas Ullrich highlighted as a promising indication of significant copper potential. A partially completed third deep drill hole encountered challenging conditions due to freezing ground and limited supplies, delaying completion until early 2024. The targeted anomaly remains a priority due to its potential for both fault-hosted and stratiform-hosted copper mineralization.
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About Aston Bay Holdings Ltd.
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The company is currently exploring the Storm Project property and Cu-Ag-Zn-Co Epworth property in Nunavut, as well as the high-grade Buckingham Gold Vein and critical metals prospects in central Virginia. The company is also in advanced stages of negotiation on other lands with high-grade copper potential in North America. The company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, “American West”), formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, 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 Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%. Further details are available on the company’s website at https://astonbayholdings.com.
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