Success also on the Cyclone Deposit

On the Chinook deposit of the Storm copper project in the Canadian province of Nunavut, Aston Bay (TSX.V: BAY, FSE: 6AY, WKN: A2AUFP) and partner American West Metals have further expanded the mineralization. Several boreholes intersected 29 to 43-meter-long sections with high copper grades between 2.6 and 3.1 percent at shallow depths.

The drilling aims to further expand the known deposits and is thus paving the way for the extension of the existing resource, which already stands at 205,000 tons of contained metal. The two partners were particularly successful on the Chinook deposit. Here, borehole SR24-068 intersected a total of 42.7 meters averaging 3.1% copper and 4.0 g/t silver. The mineralization begins right at the surface and includes a 1.5-meter section at a depth of 25.9 meters where the copper content rises to 7.0% and the silver content to 60 g/t.

Boreholes SR24-080 and SR24-081 were also very successful. The former intersected a total of 35.1 meters averaging 2.7% copper and 5.8 g/t silver from a depth of 22.9 meters. This included two high-grade mineralized zones with 7.3% copper and 15.3 g/t silver over 9.2 meters from 27.4 meters depth and 3.9% copper and 5.5 g/t silver over 3.1 meters from 38.1 meters depth.

In borehole SR24-081, 2.6% copper and 4.3 g/t silver were intersected over 29 meters. This mineralization also began right at the surface and contained two higher-grade sections of 11.1% copper and 1.5 g/t silver over 3.1 meters from 1.5 meters depth, as well as 4.8% copper and 5.7 g/t silver over 4.6 meters at a depth of 21.6 meters.

Studies are Already Addressing Further Questions Regarding Production

The partners were also successful on the Cyclone deposit. Here, borehole SR24-117 intersected 16.8 meters with 1.0% copper and 4.0 g/t silver. The ore begins at a depth of 15.2 meters and then continues over 33.5 meters length with a copper content of 1.5% and a silver content of 8.5 g/t. From a depth of 54.9 meters, the copper content increases to 6.9% over 3.1 meters, while the silver content rises to a high 23.0 g/t.

Some of the holes drilled on Cyclone still need to be evaluated by the laboratory. Aston Bay Holdings expects these results in the next two to four weeks. These results can also be eagerly anticipated, as the results so far are very encouraging. They not only indicate high copper grades, but also reinforce the impression that the mineralizations occur very close to the surface and are therefore easily accessible.

This is a very big advantage, especially considering the location far in the Arctic north and the closely related question of how the processing of the ores and their transport might be accomplished. It remains encouraging that, regardless of the new discoveries, the deposit continues to be considered open down-dip and along strike.

A potential open-pit mine therefore remains an option for Storm, and detailed studies to evaluate possible mining and development scenarios are underway. On-site on Somerset Island, drilling for the 2024 season has now been completed. The evaluation of the drill cores in the laboratory is expected to continue until November, and initial results of the studies currently being prepared can be expected for the last two months of the year and the beginning of 2025, including the update of the resource estimate.