Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) has reported new near-surface copper intercepts from recent RC drilling at the Storm Copper Project on Somerset Island, Nunavut. This development, under a joint venture with American West Metals, highlights several intersections lying outside the current conceptual pit walls, suggesting a potential to expand the mineral resource. The drilling also reached the Deep Cirrus target, intersecting copper sulphide mineralization and favorable stratigraphy, marking a significant step forward in the project's exploration phase.
The anticipation of final results from the MobileMT geophysical survey is high, as these are expected to guide further exploration at depth. This survey could unlock new opportunities for discovering additional mineral resources, reinforcing the project's viability and future prospects. The Storm Copper Project, along with the Cu-Ag-Zn-Co Epworth Property, represents Aston Bay's commitment to exploring high-grade critical and precious metal deposits in North America.
Under the terms of the joint venture with American West Metals Limited and its subsidiary, Tornado Metals Ltd., Aston Bay holds a 20% free carried interest until a decision to mine is made upon completion of a bankable feasibility study. This arrangement ensures that American West will solely fund the joint venture until such a decision, after which Aston Bay's interest could be converted into a 2% net smelter returns royalty if diluted below 10%.
For investors and stakeholders in the mining sector, these developments at the Storm Copper Project are a clear indicator of Aston Bay's progress and the potential for significant mineral resource expansion. The implications of these findings extend beyond the immediate project, contributing to the broader discourse on sustainable and efficient mining practices in North America. Further details on the project and updates can be found at https://ibn.fm/yLDOP.
