Aston Bay (TSX.V: BAY) (OTCQB: ATBHF) announced final results from the MMT geophysical survey at the Storm Copper Project on Somerset Island, Nunavut, operated by American West Metals under a 20/80 joint venture. CEO Thomas Ullrich said the survey revealed large conductive anomalies consistent with high-grade zones at the Cyclone Deposit, suggesting potential copper sulphide mineralization. He added that permitting, economic studies and feasibility work continue to advance Storm toward a potential mining operation, positioning the project to benefit from strong copper demand driven by electrification, renewable energy and infrastructure growth.
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About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade critical and precious metal deposits in North America. The Company is exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut.
The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, “American West”), have 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 a decision is made. After such a decision, 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%.
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