Aston Bay Holdings Ltd.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
80 Richmond Street, Suite 303 Toronto, Ontario Canada M5H 2A4 |
| Tel No.： | 647-821-1337 |
| Web Site： | astonbayholdings.com |
| E-mail： | thomas.ullrich@astonbayholdings.com |
| Contact Person： | Thomas Ullrich |
| Position： | CEO |
| Traded Market： | TSX-V | OTCQB |
| Traded Symbol： | BAY | ATBHF |
| Outstanding Shares： | ~252.95 million |
| 52 Week High： | $ 0.16 |
| 52 Week Low： | $ 0.05 |
| Present Price： | Click Here |
Aston Bay is focused on exploring for gold and copper in North America. The Company is partnered with ASX-listed American West Metals (ASX: AW1) in an 80/20 (AW1/BAY) unincorporated joint venture to advance the high-grade Storm Copper Project in Nunavut (Canada). The Company intends to repeat this success with its recently signed high-grade copper-silver-cobalt Epworth Property, also in Nunavut. Both properties can potentially host large, high-grade precious and critical metal deposits similar to those in the Central African Copper Belt. The Company has also made two discoveries in Virginia USA: a high-grade orogenic-style gold vein and potentially large high-grade Cu-Zn-Co mineralization in a prospective but underexplored belt.
Nunavut Property, Nunavut, Canada
(Storm Copper Project and Seal Zinc Deposit)
The Nunavut property is located 112 km south of the community of Resolute Bay, Nunavut on western Somerset Island. The property is adjacent to tidewater on Aston Bay, has good access to shipping lanes, and the landscape provides favorable conditions for development of roads and a protected deep-water port. Exploration is supported through excellent infrastructure in the nearby hamlet of Resolute Bay.
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares. The property comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m @ 2.5% Cu from surface and 56.3m @ 3.1% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m @ 10.6% Zn, 28.7g/t Ag from 51.8m and 22.3m @ 23.0% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu, and up to 32% Cu in gossans.
The Nunavut property is now the subject of an 80/20 unincorporated joint venture with American West, with two pathways to growth:
- Development of high-grade copper at surface (41m @ 4.2% copper): beneficiation tests yield 53.9% copper for a direct shipping product; excellent ESG qualities; actively advancing toward near-term production; delineation drilling underway; maiden resource estimate in 2024
- Significant potential discovery: Regional-scale (>2,000 sq. km) copper system; Central African Copper Belt-style sediment hosted copper mineralization discovered at depth in 2023
- No required expenditures until bankable feasibility study, near-term revenue with significant discovery upside
- Validation of business model: a win in progress
- Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing. (See news release dated August 22, 2024)
- Excellent news flow Q2 through Q4 2024 and into 2025
Epworth Copper-Silver-Zinc-Cobalt Project, Nunavut, Canada
Aston Bay has an option agreement with Emerald Geological Services whereby Aston Bay can earn an 80% undivided interest in the Epworth Property by spending a minimum of $3 million on qualifying exploration expenditures over a four-year period. (See news release dated April 24, 2024)
- The Epworth property is located approximately 80 km southeast of Kugluktuk region of Nunavut
- Over 74-kilometre long trend of sediment hosted style stratiform copper, silver, zinc and cobalt mineralization
- Mineralization at Epworth is similar in style to the mineralization in deposits of the Central African Copper Belt and the Storm Copper Project
- Chalcocite boulders at surface yield up to 61.2% Cu along with 5,600 g/t Ag in select grab samples from over 300 historic samples
- Recent prospecting rock grab samples yielded over 37.8% Cu, 27.4% Zn, 1,100 g/t Ag, 3.0 g/t Au and 1,700 ppm Co
- Community meetings in Kugluktuk planned
- Airborne geophysics, structural mapping, and sampling to define drill targets
- Permits in hand for an initial phase of modern drilling (See news release dated June 27, 2024)
On August 29, 2024, Aston Bay announced initiation of airborne MobileMT Geophysical Survey and expanded claims holdings at the Epworth Project.
- Property-wide 8,105 line-kilometre (line-km) helicopter-borne MobileMT electromagnetic geophysical survey is underway to identify copper exploration targets and delineate regional and property-scale structures
- 9 claims added for an additional 11,900 hectares (ha) (119 square kilometres (sq. km)) to claims package now totaling 89,000 ha (890 sq. km)
- Prospecting, sampling and mapping program now complete
- Nearly 400 grab rock samples and 44 lake sediment samples collected for assay, 50 samples for petrological study
Virginia Copper-Zinc-Gold Projects, Virginia, USA
Aston Bay has two new discoveries in underexplored belt:
Buckingham Gold Vein Discovery – New Discovery
- High-grade, steeply dipping orogenic-style gold vein
- 35.61 g/t Au over 2.03m
- 24.73 g/t Au over 3.57m including 62.51 g/t Au over 1.39m
- 125m strike length, 2km untested, open at depth
- Soil sampling underway, 2024 drilling planned
Cu-Zn-Co Sedimentary Exhalative (SEDEX)/BHT/ Volcanogenic Massive Sulfide (VMS) Belt
- VMS, SEDEX, and BHT type prospects over a 100km long trend:
- 2.77% Cu, 0.94% Zn over 5m
- 1.17% Cu, 5.23% Zn over 2.25m
- Up to 0.24% cobalt
- New discovery: Cu-Zn SEDEX mineralization and large size (1.3 sq. km) confirmed in belt
- Negotiations advanced for additional SEDEX properties: the hunt is on for size and grade
Thomas Ullrich, Chief Executive Officer and Director
Over 30 years of experience in mineral exploration and geoscience
Former Chief Geologist North America for Antofagasta Minerals
Former Senior Geologist for Almaden Minerals; on the Ixtaca Ag-Au deposit discovery team
Director for Aurania Resources
Dr. Elizabeth Turner, Advisor
Expert on sedimentary-rock hosted ore systems in northern Canada and Central African Copper Belt including both the Kipushi deposit and Kamoa-Kakula Cu deposits
Donald Taylor, Advisor, Virginia Properties (US)
Over 30 years of mineral exploration experience
Founder, Jack’s Fork Exploration, vendor of the Virginia exploration assets
2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit
CEO of Titan Mining
Director of Solaris Resources
Lamont Leatherman, Advisor
Over 30 years of experience in the district, including several discoveries, two currently in development
Former Senior Geologist of Jack’s Fork Exploration
Jessie Liu-Ernsting, Director
Experience in both the private and public sectors of the mining industry
Board member, Young Mining Professionals Toronto
CSC and CPIR Certified
Jeff Wilson, Director
25 years experience in the mining industry, engineered successful buy-outs with Aquiline Resources (Pan American), Silver Quest Resources (New Gold)
Currently President & CEO of Precipitate Gold Corp.
Mark Pryor, Director
Over 40-year record of successfully advancing multiple precious metal, copper, coal, REE and Li projects
Currently Executive Vice President of the Exploration Division at The Electrum Group based in Denver
Gary O’Connor, Director
Over 40 years experience as a mineral exploration and development professional
Former CEO of Moneta Gold, former VP of Dundee Resources, former District Exploration Manager of Freeport-McMoRan
On October 30, 2024, Aston Bay Holdings Ltd. provided an update on diamond drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented :
"It is encouraging to receive confirmation of our geological model with the drill bit. Drilled to test stratigraphy and structure in a little-explored area, ST24-02 encountered a significant amount of sediment-hosted style copper mineralization. While the mineralization at this location is spread out over a wide interval, it nevertheless highlights the pervasive nature of the mineralizing process at Storm and points to the potential where the copper budget of these pervasive fluids can be concentrated in higher-grade zones as in the near-surface copper deposits currently being defined at Storm.
"Our third deep drill hole remains only partially completed due to drilling difficulties at the end of the season. Drilling in the frozen Arctic ground requires salt to be added to the drilling fluid to prevent freezing. Before reaching the target, the drill intercepted a fractured zone, resulting in the loss of the drilling fluid. Unfortunately, it was too late in the season to resupply the salt and other drilling additives necessary to continue the hole this year.
"The targeted anomaly exhibits characteristics of both fault-hosted "Chinook-style" and stratiform-hosted "Cyclone-style" mineralization, making it a very compelling target. I eagerly look forward to completing this drill hole early next year."
On October 22, 2024, Aston Bay Holdings Ltd. has received the initial $1-million (U.S.) ($1.38-million (Canadian)) in financing as part of an agreement with the company's joint venture partner, American West Metals Ltd., and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund LP, whereby Taurus will provide financing of up to $12.5-million (U.S.) ($17.3-million (Canadian)) under a royalty package for the Storm copper project.
Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm project property, with Aston Bay maintaining a free-carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20 per cent of the financing from the royalty package ($3.46-million (Canadian)) with no use of proceeds restriction. Thomas Ullrich, chief executive officer of Aston Bay, commented:
"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm project by such a well-respected international mining royalty company is a strong endorsement of the potential of the project.
"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm copper project. American West continues to actively advance the project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to 12 months.
"This could bring an additional $2-million to Aston Bay for a potential total of $3.46-million non-dilutive funds to advance our other critical minerals and gold exploration projects."
On October 17, 2024, Aston Bay Holdings Ltd. provided an update on drilling activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The exploration program is being conducted by American West Metals Limited ("American West"), the Project operator. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study. It drilled 42.7m @ 3.1% copper from the surface at the Storm Project, Nunavut, Canada.
Thomas Ullrich, Chief Executive Officer of Aston Bay,commented: "Storm continues to deliver impressive results from the delineation drilling program conducted by our partners American West. Long intercepts of high-grade copper mineralization from the surface bode well for potential development at the project. We look forward to more drill results in the coming weeks as we work toward calculating the maiden resource for Storm."
September 27, 2024, Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada
https://astonbayholdings.com/news/aston-bay-report-22.9m-8.5-cu-intersected-at-the-storm/
September 20, 2024, Aston Bay and American West Metals Thick High-Grade Copper in Deep Drilling at the Storm Project, Nunavut, Canada. Large Copper System at Depth Confirmed by Assays With up to 3.7% Copper.
https://astonbayholdings.com/news/thick-high-grade-copper-in-deep-drilling-at-storm/
September 3, 2024, Aston Bay and American West Metals Announce 13% Copper in Assays at the Cyclone Deposit and a New Copper Discovery at the Storm Project, Nunavut, Canada
August 29, 2024, Aston Bay Announces Initiation of Airborne MobileMT Geophysical Survey and Expanded Claims Holdings at the Epworth Project, Nunavut, Canada
August 22, 2024, Large-Scale Copper Targets at Depth Take Shape at the Storm Project, Nunavut, Canada. Diamond drilling intersects new zones of copper at depth as the deep search EM survey identifies a 1,300m x 500m anomaly for drill testing.