Aston Bay Holdings Ltd.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
8 King St. East, Suite 1800 Toronto, Ontario M5C 1B5 Canada |
| Tel No.： | 647-821-1337 |
| Web Site： | astonbayholdings.com |
| E-mail： | thomas.ullrich@astonbayholdings.com |
| Contact Person： | Thomas Ullrich |
| Position： | CEO |
| Traded Market： | TSX-V | OTCQB |
| Traded Symbol： | BAY | ATBHF |
| Outstanding Shares： | ~252.95 million |
| 52 Week High： | $ 0.16 |
| 52 Week Low： | $ 0.05 |
| Present Price： | Click Here |
Aston Bay is focused on exploring for gold and copper in North America. The Company is partnered with ASX-listed American West Metals (ASX: AW1) in an 80/20 (AW1/BAY) unincorporated joint venture to advance the high-grade Storm Copper Project in Nunavut (Canada). The Company intends to repeat this success with its recently signed high-grade copper-silver-cobalt Epworth Property, also in Nunavut. Both properties can potentially host large, high-grade precious and critical metal deposits similar to those in the Central African Copper Belt. The Company has also made two discoveries in Virginia USA: a high-grade orogenic-style gold vein and potentially large high-grade Cu-Zn-Co mineralization in a prospective but underexplored belt.
Nunavut Property, Nunavut, Canada
(Storm Copper Project and Seal Zinc Deposit)
The Nunavut property is located 112 km south of the community of Resolute Bay, Nunavut on western Somerset Island. The property is adjacent to tidewater on Aston Bay, has good access to shipping lanes, and the landscape provides favorable conditions for development of roads and a protected deep-water port. Exploration is supported through excellent infrastructure in the nearby hamlet of Resolute Bay.
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares. The property comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m @ 2.5% Cu from surface and 56.3m @ 3.1% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 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). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu, and up to 32% Cu in gossans.
The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West, with two pathways to growth:
- Development of high-grade copper at surface (41m @ 4.2% copper): beneficiation tests yield 53.9% copper for a direct shipping product; excellent ESG qualities; actively advancing toward near-term production; delineation drilling underway; maiden resource estimate in 2024
- Significant potential discovery: Regional-scale (>2,000 sq. km) copper system; Central African Copper Belt-style sediment hosted copper mineralization discovered at depth in 2023
- No required expenditures until bankable feasibility study, near-term revenue with significant discovery upside
- Validation of business model: a win in progress
- Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing. (See news release dated August 22, 2024)
- Excellent news flow Q2 through Q4 2024 and into 2025
Epworth Copper-Silver-Zinc-Cobalt Project, Nunavut, Canada
Aston Bay has an option agreement with Emerald Geological Services whereby Aston Bay can earn an 80% undivided interest in the Epworth Property by spending a minimum of $3 million on qualifying exploration expenditures over a four-year period. (See news release dated April 24, 2024)
- The Epworth property is located approximately 80 km southeast of Kugluktuk region of Nunavut
- Over 74-kilometre long trend of sediment hosted style stratiform copper, silver, zinc and cobalt mineralization
- Mineralization at Epworth is similar in style to the mineralization in deposits of the Central African Copper Belt and the Storm Copper Project
- Chalcocite boulders at surface yield up to 61.2% Cu along with 5,600 g/t Ag in select grab samples from over 300 historic samples
- Recent prospecting rock grab samples yielded over 37.8% Cu, 27.4% Zn, 1,100 g/t Ag, 3.0 g/t Au and 1,700 ppm Co
- Community meetings in Kugluktuk planned
- Airborne geophysics, structural mapping, and sampling to define drill targets
- Permits in hand for an initial phase of modern drilling (See news release dated June 27, 2024)
On August 29, 2024, Aston Bay announced initiation of airborne MobileMT Geophysical Survey and expanded claims holdings at the Epworth Project.
- Property-wide 8,105 line-kilometre (line-km) helicopter-borne MobileMT electromagnetic geophysical survey is underway to identify copper exploration targets and delineate regional and property-scale structures
- 9 claims added for an additional 11,900 hectares (ha) (119 square kilometres (sq. km)) to claims package now totaling 89,000 ha (890 sq. km)
- Prospecting, sampling and mapping program now complete
- Nearly 400 grab rock samples and 44 lake sediment samples collected for assay, 50 samples for petrological study
Virginia Copper-Zinc-Gold Projects, Virginia, USA
Aston Bay has two new discoveries in underexplored belt:
Buckingham Gold Vein Discovery – New Discovery
- High-grade, steeply dipping orogenic-style gold vein
- 35.61 g/t Au over 2.03m
- 24.73 g/t Au over 3.57m including 62.51 g/t Au over 1.39m
- 125m strike length, 2km untested, open at depth
- Soil sampling underway, 2024 drilling planned
Cu-Zn-Co Sedimentary Exhalative (SEDEX)/BHT/ Volcanogenic Massive Sulfide (VMS) Belt
- VMS, SEDEX, and BHT type prospects over a 100km long trend:
- 2.77% Cu, 0.94% Zn over 5m
- 1.17% Cu, 5.23% Zn over 2.25m
- Up to 0.24% cobalt
- New discovery: Cu-Zn SEDEX mineralization and large size (1.3 sq. km) confirmed in belt
- Negotiations advanced for additional SEDEX properties: the hunt is on for size and grade
Thomas Ullrich, Chief Executive Officer and Director
Over 30 years of experience in mineral exploration and geoscience
Former Chief Geologist North America for Antofagasta Minerals
Former Senior Geologist for Almaden Minerals; on the Ixtaca Ag-Au deposit discovery team
Director for Aurania Resources
Dr. Elizabeth Turner, Advisor
Expert on sedimentary-rock hosted ore systems in northern Canada and Central African Copper Belt including both the Kipushi deposit and Kamoa-Kakula Cu deposits
Donald Taylor, Advisor, Virginia Properties (US)
Over 30 years of mineral exploration experience
Founder, Jack’s Fork Exploration, vendor of the Virginia exploration assets
2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit
CEO of Titan Mining
Director of Solaris Resources
Lamont Leatherman, Advisor
Over 30 years of experience in the district, including several discoveries, two currently in development
Former Senior Geologist of Jack’s Fork Exploration
Jessie Liu-Ernsting, Director
Experience in both the private and public sectors of the mining industry
Board member, Young Mining Professionals Toronto
CSC and CPIR Certified
Jeff Wilson, Director
25 years experience in the mining industry, engineered successful buy-outs with Aquiline Resources (Pan American), Silver Quest Resources (New Gold)
Currently President & CEO of Precipitate Gold Corp.
Mark Pryor, Director
Over 40-year record of successfully advancing multiple precious metal, copper, coal, REE and Li projects
Currently Executive Vice President of the Exploration Division at The Electrum Group based in Denver
Gary O’Connor, Director
Over 40 years experience as a mineral exploration and development professional
Former CEO of Moneta Gold, former VP of Dundee Resources, former District Exploration Manager of Freeport-McMoRan
On August 07, 2025, Aston Bay Holdings Ltd. provided an update on exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented :
"We are excited to report these new intercepts of near-surface copper mineralization from recent RC drilling at Storm. The high grade and style of mineralization are the same as those of the deposits, suggesting good continuity. Many of these new intersections are located outside the conceptual pit walls and demonstrate excellent potential to expand the mineral resource.
"The drillers successfully overcame difficult conditions to reach the area of the deep MLEM conductive anomaly in the Deep Cirrus target, intersecting significant lengths of copper sulphide mineralization along the way. Although the area around the conductive target was not significantly copper mineralized, the hole did intercept a favourable stratigraphy. Every deep hole drilled at Storm has encountered sediment-hosted copper style mineralization as we narrow our hunt for additional copper mineralization at depth. I am excited to review the final processing of the MobileMT geophysical survey, which is expected in the coming weeks, to integrate the results with our enhanced understanding of the stratigraphy and mineralization in these prospective deeper areas at Storm."
On July 31, 2025, Aston Bay Holdings Ltd. has commenced its summer field program at its Epworth sediment-hosted copper-silver-zinc-cobalt project located 80 kilometres (km) southeast of Kugluktuk in Nunavut, Canada.
Field work will focus on the southern half of the property where the 2024 property-wide mobile magnetotelluric (MobileMT) survey identified both deep, lower-frequency conductors (up to 900 metres below surface) and near-surface, higher-frequency conductive anomalies. This area had seen only limited prospecting prior to the receipt of the new geophysical data. The conductors are postulated to correspond to pyritic and graphitic layers in the shales of the Recluse Group, which may act as a trap for metal-bearing fluids (see Aston Bay's June 5, 2025, news release for more discussion). Exploration will also focus on the dolomites of the Lower Rocknest formation and the clastic sedimentary rocks of the Upper Odjick formation, which are known to host sediment-hosted copper mineralization such as that found in the Central African copper belt.
Initial mapping and prospecting have already identified several zones of copper mineralization spatially associated with the MT anomalies. Work will continue over several prospective areas in the southern half of the claim block in the coming weeks.
Six crew members from Emerald Geological Services are working at float-plane-supported campsites on the property.
"We are pleased to begin our summer mapping program at Epworth with immediate success in finding sediment-hosted style copper mineralization," stated Thomas Ullrich, chief executive officer of Aston Bay. "This ground truthing exercise located mineralization immediately above the large conductors defined by the MobileMT survey and supports our theory that those conductors may be potentially associated with a significant amount of mineralization yet to be discovered in the subsurface. These deposits, such as those in the Central African copper belt, can be very large and high grade. We look forward to further results from the ongoing mapping as we gather information to aid in targeting for an anticipated drill program."
On July 24, 2025, Aston Bay Holdings Ltd. provided an update on exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are excited to continue exploration during 2025 with additional copper discoveries at Storm. The long intercepts of visual chalcocite and other copper minerals in the geotechnical drilling bode well for resource expansion.
"As well, the large areas of copper and iron gossans at the surface above conductivity anomalies from the newly-acquired MobileMT geophysical survey increase our confidence in the prospectivity of these areas and open up new areas for future potential drilling.
With 80% of the initial development cost now covered in the agreement with Ocean Partners, the Project's development funding is now significantly de-risked. This is a notable stamp of approval from a very well-respected international metals trader. Ocean Partners' existing experience with ore-sorting and DSO copper products is a natural fit with Storm and the partnership has already begun to impact and streamline the technical aspects of the processing work flow for the ongoing PFS activities."
On July 10, 2025, Aston Bay Holdings Ltd. announced the preliminary results from exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are pleased to be drilling again at Storm and very excited by the first look at MMT geophysical results. The initial phase of the MMT survey has delineated several extensive conductive anomalies that match our copper mineralization model, highlighting the project's significant exploration potential. These results are preliminary only, with the fully processed results expected to refine these anomalies and define additional ones in a three-dimensional model to assist in drill targeting later this season.
"The drilling is also progressing well, with additional resource definition and deeper exploration drilling underway. The first deep hole has intersected copper sulfide mineralization at the same stratigraphic position as the large Cyclone Deposit, as predicted by our geologic model. Although copper is not abundant in this intersection, this style of mineralization is typical of the periphery of Cyclone, suggesting that we may be on the edge of a fault-offset portion of another deposit."
We are very pleased to receive support from the Government of Nunavut through the Discover Invest Grow (DIG) program. This funding not only contributes directly to our 2025 exploration efforts at Storm, but also signals strong regional and governmental recognition of the project's potential. It reinforces the importance of responsible resource development in Nunavut and highlights the critical role of copper in the global energy transition."
On June 12, 2025, Aston Bay Holdings Ltd. announced the commencement of activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are excited to begin another field season at Storm. The reverse circulation drill rig will work on adding to the resource and target near-surface exploration targets, while the diamond drill rig will focus on the deeper exploratory holes.
"In addition to the compelling targets generated in previous geophysical programs, we are very excited to be flying a comprehensive MobileMT survey at Storm. This is the same survey that has successfully delineated large conductive targets at our Epworth property. The significant contrast in the conductive properties of the mineralized rock versus the host rock at Storm is ideal for MobileMT, and its utilization of natural-source energy from within the Earth should help define deeper targets that may have eluded previous methods. These new targets will be ready for drilling this season.
"Investors can also look forward to the completion of a Preliminary Economic Analysis for the near-surface mineralization at Storm, currently underway. We are also working up drill targets for our Epworth copper project, also in Nunavut, for a potential late-season drill program."
On June 05, 2025, Aston Bay Holdings Ltd. reported on sampling, mapping and geophysical programs at the Epworth Project ("Epworth" or the "Project") in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"Analysis of the 2024 exploration programs at Epworth is delivering exciting results pointing to the potential for large-scale copper mineralization at the property.
"The surface sampling programs have confirmed previous work where large boulders yielding up to 61.2% copper with 5,600 g/t silver were found at the surface along with several other zones of high-grade metal mineralization. With significant lead, zinc, gold and anomalous cobalt in several newly discovered areas on this large property, we have only scratched the surface.
"These are excellent results, but with mineralization typically confined to structurally controlled fracture filling (veins), building significant tonnage of mineralized material can be challenging. The widespread nature of the metal mineralization, however, points to the potential for large-scale stratigraphically-controlled mineralization at depth - this is the sediment-hosted copper deposit model used to find the large copper deposits of Central Africa and successfully used at our other project, Storm Copper.
"Of the key components required to form an extensive sediment-hosted copper system, the discovery of these conductors provides the final piece of the puzzle at Epworth: these conductors may represent the reductant, in the form of pyrite or graphite in a permeable horizon, that forces the precipitation of metals over large areas within this stratigraphic unit and bounding faults. The first interaction of metal-bearing fluids with a reductant is the site of metal sulfide deposition in this model, providing a large target of potential metal accumulation. As well, the conductors may represent some metal sulfide mineralization themselves.
"These are compelling targets tens of kilometres in scale, mostly within 300m from the surface. We continue to work with the data to refine optimal drill targets for a potential drill program later this season."
On May 22, 2025, Aston Bay Holdings Ltd. provided an update on the planned 2025 regional exploration activities set to commence at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. American West Metals Limited ("American West"), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:
"2025 has witnessed several milestones for the Storm Copper Project. Together with our partners American West, we have delivered the National Instrument 43-101 on the Initial Mineral Resource Estimate at Storm, satisfied the second phase of our royalty agreement with Taurus bringing $1million to Aston Bay, and entered into a strategic alliance with Ocean Partners securing both technical expertise and the majority of funding for development of the near-surface copper mineralization at Storm.
"With this significant progress achieved, we are pleased to announce that work is continuing with a substantial summer program that will advance the development story, while focusing on accelerating exploration for discoveries along this 110 km-long prospective belt. This is a vast area that has already yielded significant discoveries for follow-up, and geophysics will enhance targeting and expand the search space even further at depth. Drilling will also aim to develop the resource on the margins of known deposits and expand on discoveries made last season.
"In addition to results from this exploration and development activities this summer, investors can also look forward to the completion of a Preliminary Economic Analysis for the near-surface mineralization at Storm, currently underway. We expect the second half of 2025 to be even more impactful than the first."
On April 23, 2025, Aston Bay Holdings Ltd. has provided an update on the planned 2025 regional exploration activities at the Storm copper project on Somerset Island, Nunavut. American West Metals Ltd., the project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Drilling preparations are well advanced: All fuel, salt and other supplies for this year's program are already on site, delivered via Sealift in 2024.
Thomas Ullrich, chief executive officer of Aston Bay, commented:
"We are excited to share the planned exploration program for 2025 at Storm. It has been a milestone year for the project, marked by the release of the initial maiden resource estimate and announcement of the strategic partnership with Ocean Partners to fund the majority of the initial capital for the planned development of the near-surface copper and silver mineralization at Storm. We look forward to completing a preliminary economic assessment for the near-surface mineralization while exploring for new discoveries both deeper and outside of the MRE area. This planned program will add the excitement of additional discovery potential throughout the year."
On April 17, 2025, Aston Bay Holdings Ltd. announced that a new National Instrument 43-101 ("NI 43-101") Technical Report titled "Initial Mineral Resource Estimate and Technical Report on the Storm Copper Project, Aston Bay Property, Somerset Island, Nunavut, Canada" and dated effective February 7, 2025 (the "Report"), has been filed under the Company's SEDAR+ profile (www.sedarplus.ca).
The Report details an initial Mineral Resource Estimate ("MRE") for the near-surface mineralization (<120 metres ("m") depth) at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut (see Aston Bay news release dated March 3, 2025 - Aston Bay Announces Initial Mineral Resource Estimate for Near-Surface Mineralization at the Storm Copper Project, Nunavut, Canada). The MRE includes six near-surface copper (-silver) deposits within the greater Storm Copper area: Cyclone, Chinook, Corona, Cirrus, Lightning Ridge and Thunder.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"The filing of this initial Mineral Resource Estimate marks a significant milestone for Aston Bay and the Storm Copper Project. The results confirm the presence of a substantial, high-grade, near-surface copper resource with compelling development potential. Importantly, with all six deposits remaining open and multiple new discoveries made in 2024, we believe we are just scratching the surface of what Storm can deliver.
"Building on this strong foundation, the Company plans to release a Preliminary Economic Assessment in Q3 2025 to further demonstrate the potential of the Project. We recently announced a strategic partnership and funding package covering up to 80% of the initial capital for the development of Storm. This is a strong validation of the Project and highlights a low-risk pathway to potential development1. We look forward to continuing to advance Storm alongside our partners at American West."
On April 09, 2025, Aston Bay Holdings Ltd.'s Storm copper project joint venture partner, American West Metals Ltd., has entered into a strategic partnership and financing agreement with Ocean Partners Holdings Ltd. for the development of Storm, including financing of up to 80 per cent of the initial capital for development of the project.
In addition, Taurus Mining Royalty has agreed to advance the second tranche of the royalty payment (see June 24, 2024, Aston Bay news release).
The Storm copper project is a 20/80 unincorporated joint venture between Aston Bay and American West, the project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, chief executive officer of Aston Bay, commented: "We are thrilled to announce this strategic partnership and funding package for the Storm copper project. Ocean Partners is an experienced global leader in ore sorting and direct shipping ore (DSO) copper project development; they bring both funding and the technical know-how to advance the project. The partnership speaks to the quality of the project and the American West/Aston Bay joint venture team, validation of the project, and highlights a low-risk pathway to potential development.
"Taurus's release of the second tranche of the royalty payment also speaks to their strong belief in the development and growth potential at Storm. The funding from both Ocean Partners and Taurus will be used by American West in a dual strategy of aggressive exploration coupled with project development during 2025. This is a significant milestone for the project and Aston Bay."
On March 03, 2025, Aston Bay Holdings Ltd. announced that an Initial Mineral Resource Estimate ("MRE") for the near-surface mineralization (<120 metres ("m") depth) at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The MRE includes six near-surface copper (-silver) deposits within the greater Storm Copper area: Cyclone, Chinook, Corona, Cirrus, Lightning Ridge and Thunder.
The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West Metals Limited ("American West"), the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a Feasibility Study. The MRE in this announcement was prepared by P&E Mining Consultants Inc. ("P&E") at the request of Aston Bay, independently of American West.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented:
"We are thrilled to announce our Initial Mineral Resource Estimate for the near-surface copper mineralization at the Storm Copper Project. This robust initial MRE, combined with obvious expansion targets and favorable metallurgical characteristics, reinforces our belief in the potential of Storm Copper to become a world-class asset."
"The near-surface nature of the deposits, combined with the excellent metallurgical characteristics of the chalcocite mineralization, strongly supports the potential for a low-cost, high-margin operation. In addition, the exceptional exploration upside potential along the broader Storm Copper Belt provides a clear path for continued growth. We look forward to advancing Storm with our partners at American West, as work continues toward unlocking its full potential."
On February 27, 2025, Dwight Walker, who served as chief financial officer of Aston Bay Holdings Ltd. for the past nine years, has passed away. Mr. Walker was a respected leader, a dedicated colleague and an invaluable part of the Aston Bay team. His extensive knowledge, commitment to excellence and strategic acumen greatly contributed to the success of Aston Bay and the companies he served throughout his distinguished career.
The board of directors of Aston Bay has appointed Donna McLean as interim chief financial officer. Ms. McLean is currently the director, accounting services, at Grove Corporate Service, and is an experienced financial professional. She has served as CFO for numerous public companies in the mining and exploration sectors for the past 20 years.
On December 16, 2024, Aston Bay Holdings Ltd. provided an update on its Epworth Project ("Epworth") and the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm") in Nunavut.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented: "It has been a successful year of exploration at both our Storm and Epworth Projects in Nunavut.
"At Storm, 22,475m of drilling was completed, exceeding expectations. Assay results demonstrated consistent copper grades, highlighting the excellent lateral continuity of the high-grade mineralization within the known zones and defining new discoveries and prospective areas. Work is well advanced on the maiden resource for Storm and the development study work. Reports on both fronts are expected in early 2025.
"At Epworth, we are impressed with the preliminary look at the property-wide MobileMT geophysical survey results and rock and lake sediment survey results. We are processing the geophysical results further and look forward to presenting a comprehensive compilation with the mapping and sampling results in January."
On November 25, 2024, Aston Bay Holdings Ltd. provided an update on the 2024 drilling and regional exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented: "Greenfields regional exploration continues to deliver discoveries at Storm. In addition to the successful delineation drilling program this year, the geological team has discovered two new zones with copper, zinc and silver mineralization, reinforcing the belt-wide prospectivity of this 110 km-long trend. The successful prospecting, geophysics, geochemistry and drilling programs all point to the untapped potential for more copper at Storm, and we look forward to testing these new discoveries while advancing the known deposits toward development.
"Work is advancing well on the maiden resource for Storm as well as the development study work with news expected over the coming months."
On October 30, 2024, Aston Bay Holdings Ltd. provided an update on diamond drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented :
"It is encouraging to receive confirmation of our geological model with the drill bit. Drilled to test stratigraphy and structure in a little-explored area, ST24-02 encountered a significant amount of sediment-hosted style copper mineralization. While the mineralization at this location is spread out over a wide interval, it nevertheless highlights the pervasive nature of the mineralizing process at Storm and points to the potential where the copper budget of these pervasive fluids can be concentrated in higher-grade zones as in the near-surface copper deposits currently being defined at Storm.
"Our third deep drill hole remains only partially completed due to drilling difficulties at the end of the season. Drilling in the frozen Arctic ground requires salt to be added to the drilling fluid to prevent freezing. Before reaching the target, the drill intercepted a fractured zone, resulting in the loss of the drilling fluid. Unfortunately, it was too late in the season to resupply the salt and other drilling additives necessary to continue the hole this year.
"The targeted anomaly exhibits characteristics of both fault-hosted "Chinook-style" and stratiform-hosted "Cyclone-style" mineralization, making it a very compelling target. I eagerly look forward to completing this drill hole early next year."
On October 22, 2024, Aston Bay Holdings Ltd. has received the initial $1-million (U.S.) ($1.38-million (Canadian)) in financing as part of an agreement with the company's joint venture partner, American West Metals Ltd., and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund LP, whereby Taurus will provide financing of up to $12.5-million (U.S.) ($17.3-million (Canadian)) under a royalty package for the Storm copper project.
Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm project property, with Aston Bay maintaining a free-carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20 per cent of the financing from the royalty package ($3.46-million (Canadian)) with no use of proceeds restriction. Thomas Ullrich, chief executive officer of Aston Bay, commented:
"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm project by such a well-respected international mining royalty company is a strong endorsement of the potential of the project.
"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm copper project. American West continues to actively advance the project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to 12 months.
"This could bring an additional $2-million to Aston Bay for a potential total of $3.46-million non-dilutive funds to advance our other critical minerals and gold exploration projects."
On October 17, 2024, Aston Bay Holdings Ltd. provided an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study. It drilled 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented: "Storm continues to deliver impressive results from the delineation drilling program conducted by our partners American West. Long intercepts of high-grade copper mineralization from the surface bode well for potential development at the project. We look forward to more drill results in the coming weeks as we work toward calculating the maiden resource for Storm."
September 27, 2024, Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada
https://astonbayholdings.com/news/aston-bay-report-22.9m-8.5-cu-intersected-at-the-storm/
September 20, 2024, Aston Bay and American West Metals Thick High-Grade Copper in Deep Drilling at the Storm Project, Nunavut, Canada. Large Copper System at Depth Confirmed by Assays With up to 3.7% Copper.
https://astonbayholdings.com/news/thick-high-grade-copper-in-deep-drilling-at-storm/
September 3, 2024, Aston Bay and American West Metals Announce 13% Copper in Assays at the Cyclone Deposit and a New Copper Discovery at the Storm Project, Nunavut, Canada
August 29, 2024, Aston Bay Announces Initiation of Airborne MobileMT Geophysical Survey and Expanded Claims Holdings at the Epworth Project, Nunavut, Canada
August 22, 2024, Large-Scale Copper Targets at Depth Take Shape at the Storm Project, Nunavut, Canada. Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing.