Aston Bay Holdings (TSXV: BAY) and American West Metals Limited have released new data showcasing exceptional copper intersections from their joint Storm Copper Project located on Somerset Island, Nunavut, Canada. With drilling results from the Chinook and Cyclone deposits, the latest figures reaffirm the potential for substantial copper production from near-surface intervals, furthering the project’s promise in an industry starved for new copper discoveries.
The recent delineation drilling campaign at the Chinook Deposit has yielded promising results, with thick and high-grade copper intervals starting from the surface. Drill hole SR24-068 intercepted 42.7 meters of copper grading 3.1% from the surface, including a 1.5-meter interval with 7.1% copper and 60 grams per tonne (g/t) of silver at a depth of 25.9 meters.
Other significant findings from Chinook include drill hole SR24-080, which intersected 35.1 meters at 2.7% copper, 5.8 g/t silver starting from 22.9 meters, and SR24-081 with 29 meters at 2.6% copper and 4.3 g/t silver from the surface.
“The 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,” said Thomas Ullrich, CEO of Aston Bay.
The Cyclone Deposit, another key part of the Storm Project, also delivered high-grade results. Drill hole SR24-117 intersected two copper-rich zones, including 16.8 meters at 1% copper and 33.5 meters at 1.5% copper and 8.5 g/t silver. Within this, a 3.1-meter interval registered an impressive 6.9% copper and 23 g/t silver at 54.9 meters.
According to the companies, the mineralization at Cyclone, hosted within the fractured dolomite of the Allen Bay Formation, shows continuity in grade and thickness, with further potential to expand the deposit.
Aston Bay and American West Metals are partners in a 20/80 unincorporated joint venture for the Storm Project, with American West leading the operations. Under the agreement, Aston Bay retains a free-carried interest until a decision to mine is made, pending a completed bankable feasibility study.
The drilling program is part of a broader effort to develop a maiden resource estimate for the Storm Project, which is expected to be released by the end of 2024.
These discoveries come at a crucial time for the global copper market. Copper is an essential metal in the transition to renewable energy and electric vehicle (EV) technologies, but supply has struggled to keep pace with demand.
The International Copper Study Group (ICSG) recently reported a projected global copper deficit, which is likely to widen as nations push for more electrification and decarbonization effortsgoing drilling efforts at Storm are expected to continue revealing the project’s full potential.
Assays for remaining drill holes from the 2024 program are anticipated in the coming weeks, with further exploration planned for 2025.
Aston Bay last traded at $0.10 on the TSX Venture.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
