1 week Ago By [email protected] (MENAFN)
( MENAFN - Investor Brand Network) Aston Bay (TSX.V: BAY) (OTCQB: ATBHF) , a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits, recently released an update on its Storm Copper Project, located on Somerset Island, Nunavut. According to to a recent article featuring the company, the 2024 deep-drilling campaign intends to test key geological targets at Storm as well as the potential for new zones of copper mineralization at the Deep Copper Horizon location, which was discovered in 2023.
“It is encouraging to receive confirmation of our geological model with the drill bit,” Aston Bay CEO Thomas Ullrich was quoted as saying.“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.
” To view the full article, visit 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 currently exploring the Storm Project property and Cu-Ag-Zn-Co Epworth property in Nunavut, as well as the high-grade Buckingham Gold Vein and critical metals prospects in central Virginia.
The company is also in advanced stages of negotiation on other lands with high-grade copper potential in North America. The company and its joint venture partners, American West Metals Limited and its wholly owned subsidiary, Tornado Metals Ltd. (collectively,“American West”), formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit.
Under the unincorporated joint venture, 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%. Further details are available on the company's website at .
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