Aston inks potential exploration deal with BHP

BHP Billiton’s (NYSE: BHP; LON: BLT) Canadian subsidiary has signed a letter of intent to fund exploration on Aston Bay Holdings’ (TSXV: BAY) Storm copper property in Somerset Island, Nunavut. Aston’s CEO Benjamin Cox says the partnership demonstrates the potential of the Storm project on the 2,595 km² property, which also hosts the Seal zinc-silver project. Under the terms of the preliminary deal, BHP could earn a 75% in the property by spending at least $40 million on exploration within nine years. That includes a minimum of $2.5 million within two years of signing a definitive deal. Once finalized, Aston will receive $325,000 and will not need to spend on exploration for four years. The two companies anticipate concluding the deal in the second quarter. The partnership will greatly benefit the Vancouver-based junior explorer, which has done as much as it could with its limited funds on the large property in the current market downturn. Read the complete article at NorthernMiner.com/news/aston-deal-with-bhp