Aston Bay Holdings Ltd. has reported new near-surface copper intercepts from recent RC drilling at the Storm Copper Project on Somerset Island, Nunavut. These findings, achieved under a joint venture with American West Metals, suggest the possibility of expanding the mineral resource beyond the current conceptual pit walls. The drilling also reached the Deep Cirrus target, where copper sulphide mineralization and favorable stratigraphy were intersected, marking a significant step forward in the project's exploration phase.
The company is awaiting final results from the MobileMT geophysical survey, which are expected to provide further guidance for exploration at depth. This survey could unlock new opportunities for discovering additional mineral resources, reinforcing the project's potential as a significant copper deposit. The Storm Copper Project, located in a region known for its rich mineral deposits, is a key asset for Aston Bay Holdings and its joint venture partners, American West Metals Limited and Tornado Metals Ltd.
Under the terms of their 20/80 unincorporated joint venture, Aston Bay holds a free carried interest until American West makes a decision to mine, following the completion of a bankable feasibility study. This arrangement ensures that American West is solely responsible for funding the joint venture until such a decision is made. Aston Bay's interest in the Storm Project property could convert into a 2% net smelter returns royalty if its stake is diluted below 10%, providing a safeguard for its investment.
The latest developments at the Storm Copper Project highlight the ongoing efforts to explore and develop high-grade critical and precious metal deposits in North America. With the potential to expand the mineral resource and the anticipation of further geophysical survey results, Aston Bay Holdings and its partners are poised to make significant strides in the mining sector. For more information on Aston Bay Holdings and its projects, visit https://ibn.fm/yLDOP.
