Aston Bay (TSX.V: BAY) (OTCQB: ATBHF) today presented preliminary interpretation of the initial results from geophysical activities currently underway at the Storm Copper Project on Somerset Island, Nunavut. The program is being conducted by the operator of the project, American West Metals Limited. America West has completed the required expenditures to earn an undivided 80% interest in the project and will be solely responsible for funding the program. “It is very encouraging to see geophysics identify new targets at Storm,” said Thomas Ullrich, CEO of Aston Bay. “Moving Loop EM anomalies have demonstrated a very strong correlation with high-grade copper mineralization, so these are high-priority drill targets. This initial phase of geophysics is designed to be effective in the shallow subsurface, less than 200 metres depth, well within reach of the RC drill rigs on site. The ongoing drilling will aim to test these targets in the coming weeks and over the summer program.”
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About Aston Bay Holdings Ltd.
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The company is led by CEO Thomas Ullrich with exploration in Virginia directed by the company’s advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area. The company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, “American West”) have agreed to form a 20/80 unincorporated joint venture and enter into a joint venture agreement in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under such agreement, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.
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