Aston Bay Holdings (TSXV: BAY; OTCQB: ATBHF) announced it filed a new technical report titled "Initial Mineral Resource Estimate and Technical Report on the Storm Copper Project, Aston Bay Property, Somerset Island, Nunavut, Canada" and dated effective February 7, 2025. Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in North America. The technical report was issued under national instrument 43-101 (NI 43-101).
The report details an initial mineral resource estimate (MRE) for the near-surface mineralization (<120 metres ("m") depth) at the Storm copper project on Somerset Island in Nunavut. The MRE includes six near-surface copper (-silver) deposits within the greater Storm copper area: Cyclone, Chinook, Corona, Cirrus, Lightning Ridge and Thunder.
The company released the following highlights for Storm Copper’s initial MRE: Indicated mineral resources: 8.2 million tonnes at an average grade of 1.47% copper (Cu) and 4.5 g/t silver (Ag), containing 266.3 million pounds (Mlbs) (121,000 tonnes) of copper and 1.185 million ounces of silver, inferred mineral resources: 3.3 million tonnes at an average grade of 1.30% copper and 3.1 g/t silver, containing 95.4 Mlbs (43,000 tonnes) of copper and 333,600 ounces of silver, low-cost development potential: Near-surface mineral resources accessed primarily with open-pit mining, accounting for over 90% of contained metal in the MRE, 100% of MRE consists of fresh, chalcocite-dominant copper sulphide with metallurgical test work, which confirms excellent beneficiation potential, including sorting.
The MRE and report in this announcement were prepared by P&E Mining Consultants at the request of Aston Bay, independently of American West.
Thomas Ullrich, Chief Executive Officer of Aston Bay, commented: "The filing of this initial mineral resource estimate marks a significant milestone for Aston Bay and the Storm copper project. The results confirm the presence of a substantial, high-grade, near-surface copper resource with compelling development potential. Importantly, with all six deposits remaining open and multiple new discoveries made in 2024, we believe we are just scratching the surface of what Storm can deliver,”
"Building on this strong foundation, the company plans to release a preliminary economic assessment in Q3 2025 to further demonstrate the potential of the project. We recently announced a strategic partnership and funding package covering up to 80% of the initial capital for the development of Storm. This is a strong validation of the project and highlights a low-risk pathway to potential development. We look forward to continuing to advance Storm alongside our partners at American West."
More information is posted on www.AstonBayHoldings.com.
May 2, 2025
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