An updated mineral resource estimate is now available for the Storm Copper Project on Somerset Island in the Canadian province of Nunavut. It is based on the Cyclone, Chinook, Corona, Cirrus, Lightning Ridge, and Thunder deposits. Together with its partner American West Metals, which holds an 80% stake in the project, Aston Bay Holdings (TSX.V: BAY, FSE: 6AY, WKN: A2AUFP) now has 8.2 million tons of rock with an average grade of 1.47% copper and 4.5 g/t silver in the indicated category at Storm. Combined, this results in a resource of 266.3 million pounds (121,000 tons) of copper and 1.185 million ounces of silver.
In addition, there is an inferred mineral resource of 3.3 million tons of rock with an average grade of 1.30% copper and 3.1 g/t silver. This yields an additional 95.4 million pounds or 43,000 tons of copper and 333,600 ounces of silver. The new study on the size of the mineral resource was prepared by the independent consulting firm P Mining Consultants Inc.
With a view to future mining of the ore bodies, it is of great importance that over 90% of the copper and silver identified in the resource is encountered near the surface. This allows for cost-effective open-pit mining. From a metallurgical perspective, it is significant that the resource consists of 100% fresh, chalcocite-dominated copper sulfide.
Aston Bay Holdings and American West Have a World-Class Asset with Storm
Metallurgical tests conducted with this material in the past have shown that there is excellent processing potential and that sorting is also not a major challenge. Aston Bay’s CEO Thomas Ullrich therefore sees his assessment confirmed that the Storm Copper Project has the potential to be a world-class asset.
This positive assessment is supported not only by the reported resource but primarily by the still significant growth and expansion opportunities. All six deposits in the resource remain open and offer strong potential for rapid expansion of the mineral resource inventory.
New Deposits Likely to Expand the Resource Soon
The focus of both partners is on Cyclone Deeps, a discovery made last year. Cyclone Deeps is a Cyclone-style mineralization located immediately south and down-faulted from the existing Cyclone deposit. Here, 1.2% copper over a length of ten meters was encountered at a depth of 311 meters in drill hole ST24-01 last fall.
Another high-grade copper discovery not yet integrated into the resource is The Gap. On this deposit, drill hole SR24-003 intersected 2.3% copper over a length of 20 meters in the summer of 2024. Unlike Cyclone Deeps, this ore body starts very close to the surface at just 38 meters depth, and over a length of eight meters, the copper content even increases to 5.3%.
Both deposits have been developed by American West to the point where targeted definition drilling can now delineate a resource here as well. The Storm project is also not lacking in new targets, as the recognized copper belt extends over a length of 110 kilometers. Priority targets to be explored in the coming months include the Tempest, Tornado, Blizzard, and Seabreeze prospects. Near-surface copper-zinc gossans have already been identified on these through aerial reconnaissance and ground surveys.
What has been indicated by the drilling successes of recent years is now confirmed by the reported new resource: Storm is a copper project of the highest caliber. It is extremely large, developable, and due to the near-surface location of the ore bodies, it can also be developed very easily and cost-effectively in open-pit mining.
