Resource update before the end of the year?
At the Cinook deposit of the Storm Copper Project on Somerset Island in the Canadian province of Nunavut, American West Metals and Aston Bay Holdings (TSX.V: BAY, FSE: 6AY, WKN: A2AUUP) were able to further expand the mineralisation. Numerous drill holes intersected high copper content between 2.6 and 3.1 per cent at shallow depths of between 29 and 43 metres.
The aim of the drilling is to further expand the known deposits, paving the way for the expansion definition of the initial resource. The two partners were particularly successful at the Chinook deposit. Here, drill hole SR24-068 intersected a total of 42.7 metres with an average of 3.1% copper and 4.0 g/t silver. The mineralisation started right at the surface and included a 1.5-metre interval at a depth of 25.9 metres in which the copper content rose to 7.0% and the silver content to 60 g/t.
Drill holes SR24-080 and SR24-081 were also very successful. The former intersected a total of 35.1 metres averaging 2.7% copper and 5.8 g/t silver from 22.9 metres downhole. This included two high-grade mineralised zones of 7.3% copper and 15.3 g/t silver over 9.2 metres from 27.4 metres depth and 3.9% copper and 5.5 g/t silver over 3.1 metres from 38.1 metres depth.
In contrast, drill hole SR24-081 intersected 2.6% copper and 4.3 g/t silver over 29 metres. This mineralisation also started at surface and included two higher grade intervals of 11.1% copper and 1.5 g/t silver over 3.1 metres from 1.5 metres depth and 4.8% copper and 5.7 g/t silver over 4.6 metres from 21.6 metres depth.
Studies are already addressing further questions regarding production.
The partners were also successful at the Cyclone deposit. Here, drill hole SR24-117 intersected 16.8 metres of 1.0% copper and 4.0 g/t silver. The ore starts at a depth of 15.2 metres and then continues for 33.5 metres with a copper grade of 1.5% and a silver grade of 8.5 g/t. From a depth of 54.9 metres, the copper grade increases to 6.9% over 3.1 metres, while the silver grade increases to a high of 23.0 g/t.
Some of the holes drilled at Cyclone are still to be evaluated by the laboratory. Aston Bay Holdings expects these results in the next two to four weeks. These results are also eagerly awaited, as the results so far are very encouraging. Not only do they indicate high copper contents, but the impression is also being confirmed that the mineralisation occurs very close to the surface and is therefore easily accessible.
This is a very important advantage, especially considering the location of the site, which is very far north in the Arctic, and the closely related question of how the ore processing and transport could possibly be managed. It is encouraging to note that, despite the new finds, the deposit remains open down dip and along strike.
Open-pit mining therefore remains an option for Storm and detailed studies to evaluate possible mining and development scenarios are underway. Field drilling for the 2024 season has now been completed on site on Somerset Island. The evaluation of the drill cores in the laboratory will probably continue into November and the first results of the currently prepared studies, including a first update of the resource estimate, can already be expected for the last two months of the year and the beginning of 2025.
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