from Aston Bay Holdings Ltd (NASDAQ:ATBHF)
Aston Bay Intersects Copper Mineralization in First Drill Holes at Storm Copper Project, Nunavut
TORONTO, ON / ACCESSWIRE / May 1, 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.
An extensive Reverse Circulation (RC) drilling program and Moving Loop Electromagnetic (MLEM) survey are now underway at the 4100N Zone. The drilling program will initially aim to define maiden copper resources at the 4100N, 2750N and 2200N Zones, and then test key exploration targets. Surface electromagnetic geophysics is underway to highlight enriched zones of mineralization, refine targets for the remaining resource drilling and define new drill targets.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factors 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.
Highlights
- Four Reverse Circulation (RC) drill holes completed at the 4100N Zone with all drill holes intersecting thick intervals (core length) of copper sulfide, including:
- 24.4m of strong visual copper sulfides from 48.8m in SR23-01
- 27.4m of strong visual copper sulfides from 56.4m in SR23-02
- 48.7m of strong visual copper sulfides from 54.9m in SR23-03
- 30.6m of strong visual copper sulfides from 50.3m in SR23-04
- The 4100N drilling program is designed to define resources where extensive near-surface copper mineralization has been identified previously
- The first batch of drill samples has been sent to the laboratory for analysis
- RC drilling continues at Storm with a further 12 drill holes planned at the 4100N Zone to be followed by drilling at other high-grade copper targets
- Moving Loop Electromagnetics (MLEM) has commenced at the 4100N Zone and has already identified two new strong conductors that are untested
"We are very pleased with the impressive progress of our partner American West Metals in this early exploration program," stated Thomas Ullrich, CEO of Aston Bay.
"The use of a helicopter portable RC drill rig has allowed the earliest ever start to a drill program at Storm, and our partners are well positioned to complete the work required to define maiden copper resources at the 4100N, 2750N and 2200N Zones this year. The detailed MLEM program, also underway and already yielding actionable results, is proving to be valuable in refining targets for the resource drilling as well as defining new targets for additional discovery."
IMMEDIATE SUCCESS HIGHLIGHTS RESOURCE POTENTIAL
The first four completed drill holes at the 4100N Zone have begun to confirm the continuity of the copper zones and highlight the resource potential of the near-surface mineralization. All drill holes have intersected thick intervals of visual sulfides, which have been confirmed to contain copper based on portable XRF analysis.
Over 3,000m of historical drilling at the 4100N Zone has identified widespread copper sulfide mineralization over an area of approximately 32 hectares. This mineralization is a focus for resource drilling due to its shallow nature and potential to provide a significant resource base as the basis for an initial low-cost, open-pit mining operation.
DRILL HOLE DETAILS
Drill holes SR23-01, SR23-02, SR23-03 and SR23-04 have intersected thick intervals of copper sulfide mineralization, hosted within dolomite of the Allen Bay Formation.
The mineralization encountered within the drilling to date comprises 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 are interpreted to be relatively flat-lying and hosted within a porous, laterally extensive carbonate layer.
The dominant copper sulfide mineral observed within the drill holes to date is chalcocite, with minor bornite and chalcopyrite on the margins of the mineralized intervals and within veins. Minor native copper and copper oxides (mostly malachite and cuprite) are also present.
Chalcocite is an important ore mineral due to its high copper content (79.8% copper) and outstanding metallurgical properties.
The Allen Bay host unit is present throughout the Storm Project area and is composed 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 |
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 |
SR23-01 | 0.0 | 21.3 | Cape Storm Formation | |
21.3 | 48.8 | Allen Bay Formation | ||
48.8 | 54.9 | ml, cpy, cc | veinlets of ml with cpy selvage and trace cc, (1%) | |
54.9 | 59.4 | cc, ml, ct | cc veinlets with ct and trace ml (2.5%) | |
59.4 | 64.0 | ml, ct | trace ml veinlets with ct selvage | |
64.0 | 80.8 | py | Allen Bay Formation | |
80.8 | 86.9 | cc, py | cc veinlets and trace blebby py (1.5%) | |
86.9 | 99.1 | ml, py, ct | trace ml veinlets with patchy ct and trace blebby py with chert (<1%) | |
99.1 | 106.7 | Cu, cc, py, ct | native Cu and py in vein selvage with cc and ct (4%) | |
106.7 | 114.3 | Massive to weakly bedded dolomudstone with minor cherty bands | ||
114.3 | 117.3 | py, cc | dense py veinlets with cc and selvage ct (2.5%) | |
117.3 | 121.9 | Cu, py | dense py veins with abundant fine native Cu stringers and selvage (5%) | |
121.9 | 125.0 | ml, py, ct | ml veinlets with ct selvage and blebby py (<1%) | |
125.0 | 126.5 | cc, ml, ct | cc veinlets with ml selvage and trace ct (1%) | |
126.5 | 137.2 | Allen Bay Formation |
Table 2: Summary geological log for drill hole SR23-01.
Hole ID | From (m) | To (m) | Min | Description |
SR23-02 | 0.0 | 24.4 | ml | Cape Storm Formation |
24.4 | 39.6 | ml | Allen Bay Formation | |
39.6 | 47.2 | ml, py, cc | trace cc veinlets with py and ml selvage (1%) | |
47.2 | 53.3 | py | py in recrystalized dolomudstone (1%) | |
53.3 | 56.4 | ml, ct | trace ml and ct in fractures at top of interval | |
56.4 | 68.6 | Cu, cc, py, cpy | cc veinlets with selvage Cu, trace cpy (1.5%) | |
68.6 | 76.2 | py, cc | dense cc veinlets and patchy py (1.5%) | |
76.2 | 83.8 | cc, Cu, py | cc veinlets with Cu in selvage and patcy py (2%) | |
83.8 | 88.4 | cc, py, ml | trace cc veinlets with py and ml selvage (<1%) | |
88.4 | 91.4 | Cu, cc, ml | patchy cc and Cu, trace ml veinlets (<1%) | |
91.4 | 108.2 | py, ml | trace patchy py and ml (<1%) | |
108.2 | 111.3 | cc, ml | cc veinlets and selvage ml at bottom of unit | |
111.3 | 140.2 | py | Allen Bay Formation |
Table 3: Summary geological log for drill hole SR23-02.
Hole ID | From (m) | To (m) | Min | Description |
SR23-03 | 0.0 | 39.6 | Cape Storm Formation | |
39.6 | 54.9 | cc, py, chpy | cc veinlets with selvage chpy and py (0.5%) | |
54.9 | 68.6 | cc, chpy, sph, py | abundant cc veinlets with selvage chpy, sph and py (2%) | |
68.6 | 73.2 | cc, chpy, py | trace cc veinlets with selvage chpy and py (0.5%) | |
73.2 | 83.8 |