The program was conducted by
'It is encouraging to confirm copper and zinc mineralization from surface samples at Tempest, as this opens a new area for further exploration at Storm,' stated
'Gossans are zones of surface-weathered metal mineralization, and the chalcocite and sphalerite in these zones are associated with EM geophysical anomalies over a 4 km-long trend. The magnetic signature here suggests that the older underlying basement rocks are close to the surface - that contact between the metamorphic basement and sedimentary rocks is a favourable zone of permeability to potentially host mineralization, while the basement rocks themselves can be a source of metal as well.'
COPPER AND ZINC MINERALIZATION CONFIRM OUTSTANDING EXPLORATION OPPORTUNITY
The Tempest Prospect is located approximately 40 kilometres south of the known copper discoveries at Storm. The area was discovered through historical rock and soil sampling which defined copper gossans over 250m, with assays returning copper grades up to 32% Cu from historic select grab samples.
The geology of the area is interpreted to contain the southern extension of the highly prospective Storm sediment-hosted copper horizon, overlapping much older Proterozoic rocks that outcrop to the west. This geological setting and the unconformity between two main geological terranes are interpreted to be highly prospective for base metal mineralization.
A small reconnaissance sampling and field mapping program during the 2023 field season was aimed at expanding the understanding of the area. The mapping revealed a series of gossans that are significantly more extensive than originally defined. The gossans have now been traced over 4km of strike to the north and south of the original Tempest Prospect, significantly upgrading the exploration potential of the area.
Seven select grab samples were taken of gossanous rock outcrop and float, and one was taken from exposed gneiss basement. Several gossanous samples contain highly anomalous base metals with copper grades up to 38.2% Cu (chalcocite-mineralized dolostone with heavy malachite weathering rind
The gossan samples at Tempest differ in composition from those typically found at Storm with higher abundances of zinc, lead and gold. The Storm gossans generally contain only copper +/- silver, with only trace abundances of zinc and lead. This may indicate that the gossans at Tempest are derived from a different style or combination of styles of mineralization.
Tempest remains underexplored and further, more detailed, and extensive geochemical sampling is required to fully define the highest priority target areas.
COPPER AND ZINC MINERALIZATION CONFIRM OUTSTANDING EXPLORATION OPPORTUNITY
The Tempest Prospect is located approximately 40 kilometres south of the known copper discoveries at Storm. The area was discovered through historical rock and soil sampling which defined copper gossans over 250m, with assays returning copper grades up to 32% Cu from historic select grab samples.
The geology of the area is interpreted to contain the southern extension of the highly prospective Storm sediment-hosted copper horizon, overlapping much older Proterozoic rocks that outcrop to the west. This geological setting and the unconformity between two main geological terranes are interpreted to be highly prospective for base metal mineralization.
A small reconnaissance sampling and field mapping program during the 2023 field season was aimed at expanding the understanding of the area. The mapping revealed a series of gossans that are significantly more extensive than originally defined. The gossans have now been traced over 4km of strike to the north and south of the original Tempest Prospect, significantly upgrading the exploration potential of the area.
Seven select grab samples were taken of gossanous rock outcrop and float, and one was taken from exposed gneiss basement. Several gossanous samples contain highly anomalous base metals with copper grades up to 38.2% Cu (chalcocite-mineralized dolostone with heavy malachite weathering rind
The gossan samples at Tempest differ in composition from those typically found at Storm with higher abundances of zinc, lead and gold. The Storm gossans generally contain only copper +/- silver, with only trace abundances of zinc and lead. This may indicate that the gossans at Tempest are derived from a different style or combination of styles of mineralization.
Tempest remains underexplored and further, more detailed, and extensive geochemical sampling is required to fully define the highest priority target areas.
GEOLOGICAL SETTING AND BASE METAL POTENTIAL
While the geological understanding of the Tempest area is continuing to evolve with ongoing exploration, the current interpretation of the geological and geophysical data of the southern
The magnetics of the Tempest area are characterized by strong linear, north-south orientated magnetic features that are interpreted to represent uplifted ('horst') blocks of the Proterozoic basement rocks. The basement rocks in this area are close to surface (outcropping locally), covered by a thin veneer (1% Cu up to 32% Cu in gossans. The
Storm Discovery and Historical Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by
Following the merger of
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m @ 3.1% Cu. BHP exited the agreement in 2017 and retains no residual interest in the project. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m @ 4.39% Cu and 20.5m @ 0.56% Cu.
Agreement with American West
As previously disclosed, Aston Bay entered into an Option Agreement dated
The Expenditures were completed during the 2023 drilling program and American West exercised the Option in accordance with the terms of the Option Agreement, as amended. American West and Aston Bay will form an 80/20 unincorporated joint venture and enter into a joint venture agreement. Under such agreement, 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 Project will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In
In
The summer 2023 program conducted further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource estimates by late 2023 or early 2024. Diamond drilling tested new high-priority gravity targets and environmental baseline studies will be initiated.
Stated drill hole intersections are all core length, and true width is expected to be 60% to 100% of core length.
QA/QC Protocols
The analytical work reported on herein was performed by ALS Global ('ALS'),
About
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in
The Company and its joint venture partners,
About
Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statement', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
Contact:
Chief Executive Officer
Email: thomas.ullrich@astonbayholdings.com
Tel: (416) 456-3516
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