The geology is very reminiscent of the African Copperbelt and the Storm Copper Project
Aston Bay Holdings (TSX.V: BAY, FSE: 6AY, WKN: A2AUFP) has signed a letter agreement with Emerald Geological Services (EGS) under which Aston Bay Holdings will acquire the Epworth copper-silver-zinc-cobalt project in the Canadian province of Nunavut under an option agreement.
The option includes the right to acquire 80 per cent of the Epworth project if a total of three million Canadian dollars (CAD) is invested in the exploration of the property over a period of four years with no yearly minimums. A 74 kilometre trend of sediment-hosted, sheeted copper, silver, zinc and cobalt mineralisation runs through the project.
The Epworth project is located approximately 80 kilometres southeast of the village of Kugluktuk in the Kitikmeot region, close to historic copper showings and workings. The project is located outside of the environmentally sensitive areas of caribou migrations and calving. Tidewater is only about 70 kilometres to the north. A transporation corridor from the Izok Lake and Lupin deposits north toward the coast is also planned just to the east of the property. Until that is developed, logistical access to the project is by floatplane and helicopter from Kugluktuk and from the city of Yellowknife, 500 kilometres to the south.
The recent staking has significantly expanded the project, which originally comprised only 15 claims totalling 8,320 hectares, to include 51 claims totalling 71,134.86 hectares on a trend of approximately 74 by 14 kilometres.
The geology is very reminiscent of the African Copperbelt and the Strom Copper Project
Chalcocite boulders containing up to 61.2 per cent copper and 5,600 g/t silver were identified at surface in selected grab samples. In addition, several polymetallic trends have been recognised and localised by rock and soil sampling. Recent grab samples returned impressive metal grades of up to 37.8 per cent copper, 27.4 per cent zinc, 1,100 g/t silver, 3 g/t gold and 1,700 ppm cobalt.
The mineralisation of the project is thus very reminiscent of the deposits of the Central African Copper Belt and the Storm Copper Project in Nunavut, which Aston Bay Holdings is developing together with American West, both in terms of its grades and its potential extent.
Airborne electromagnetic geophysics and structural mapping are planned as the next development steps. They are scheduled to begin in the 2024 field season in preparation for the planned drilling. The necessary approvals are well advanced.
“We are very excited to have the option on the Epworth property,” said Thomas Ullrich, CEO of Aston Bay Holdings. “This is an impressive 74 kilometre trend of high-grade copper, silver and zinc mineralisation accompanied by gold, cobalt and lead. This mineralisation is typical of the Central African Copperbelt, which hosts several large, high-grade deposits. We have similar mineralisation at our Strom project and want to use the knowledge and experience we have gained there to make new discoveries at Epworth.”
Bruce MacLachlan of Emerald Geological Services added: “EGS is very pleased to be working with Aston Bay to advance the Epworth property as we believe this largely unexplored sedimentary belt has the potential for large base metal deposits. We are pleased to be working with a company that shares our vision and has had success in similar geological environments in Nunavut.”
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