Aston Bay Holdings has been conducting exploration activities at the Storm project, located on Somerset Island, Nunavut, in partnership with American West Metals Ltd., since entering into an option agreement in March 2021.
On August 2nd, Aston Bay Holdings (TSX-V: BAY, OTC: ATBHF) announced significant copper sulphide mineralization intercepts at their Storm copper project.
The news sent the stock soaring over 700% in two weeks, from 0.04 to hit a high of 0.34/share.
Two initial diamond drill holes (ST23-01 and ST23-02) have yielded thick intervals of visual copper sulphides. Notably, chalcocite, a high-value copper mineral, has been found, indicating potential for a valuable resource.
The discovery shares characteristics with major sediment-hosted copper systems globally, such as those in the Kalahari copper belt and Central African copper belt.
In drill hole ST23-01, 30.5 meters of breccia-style visual copper sulphides were found in shallow copper mineralization zones.
ST23-02 intersected an impressive 37 meters of breccia-style copper sulphides.
The two drill holes, 680 meters apart, indicate the potential for a substantial copper deposit.
This discovery aligns with a gravity anomaly over five kilometers long and up to one kilometer wide.
Mineralization was found at the top of a modelled gravity anomaly, demonstrating the effectiveness of this technique for exploration targeting.
Numerous gravity targets similar to those intersected remain untested by drilling, suggesting the possibility of a regional-scale copper system.
Ongoing diamond drilling is planned on high-priority copper targets, with assay results expected in the coming weeks.
– Reverse circulation resource definition drilling is underway on near-surface copper targets
– Environmental baseline surveys will commence soon.
The Storm project’s history includes high-grade copper mineralization discoveries dating back to the mid-1990s.
The presence of valuable copper minerals, including chalcocite, suggests the potential for a valuable resource. Ongoing drilling and exploration activities will be closely monitored for further developments. This discovery positions Aston Bay as an emerging player in the copper exploration sector.
As at September 5th, Aston Bay’s market capitalization stands at $38 million CAD.[Note: Investors should perform their due diligence and consult financial experts before making investment decisions based on this information. This report is for informational purposes only and not a solicitation to buy or sell. We are not financial advisors and hold no shares of Aston Bay Holdings. Hot Stocks Review was not compensated to write or post this article. Read our Disclaimer here]