Aston Bay Holdings (TSXV:BAY) and American West Metals have announced progress in their ongoing drilling activities at the Storm Copper Project on Somerset Island, Nunavut. The two companies, which have formed a 20/80 unincorporated joint venture to manage the project, are advancing toward a crucial phase in the exploration program. With Aston Bay retaining a free carried interest until a mining decision is made following a bankable feasibility study, the project continues to show promising results.

Thomas Ullrich, Chief Executive Officer of Aston Bay, commented in a press release: “It is encouraging once again to report excellent results from the ongoing drilling at Storm. The assays match the visual estimates previously reported by the on-site geologists, confirming excellent continuity of mineralization within the known zones as well as expanding those zones with step-out intercepts. The very large but little explored Central Graben holds considerable upside for potential new discoveries. The stratigraphic layer that hosts the copper mineralization outcropping at Storm is hidden beneath barren cover rock in the graben, and the faults that define the graben are the same plumbing system for the copper-bearing fluids that we believe cause the mineralization we see at the surface elsewhere. All the pieces are in place for potential additional mineralization, and it is all within reach of geophysics and the drill.”

The drilling program at Storm has now completed 100 reverse circulation (RC) drill holes and 12 diamond drill holes, totaling over 15,500 meters during 2024. This marks a substantial advancement toward the planned 20,000 meters of drilling for the year. The first batch of assays from the summer phase of the drilling program has been received, focusing on the Cyclone and Chinook Deposits, with more results expected in the coming weeks.

Operations are ongoing with two RC rigs and one diamond drill rig currently active at the site. The RC drill rigs are focusing on resource delineation and exploration activities, particularly at the Cyclone Deposit, while also extending drilling to the regional targets, including the Tempest Prospect. Meanwhile, the diamond drill rig has started deep exploration drilling, targeting a potentially extensive copper horizon at depth. Previous drilling in these areas has intersected copper grades up to 2.7% Cu, indicating the potential for significant discoveries.

The discovery of copper mineralization at deeper levels could be a game-changer for the Storm Project. It suggests not only the possibility of new copper-bearing horizons but also the potential for significant lateral extensions of known deposits. The results from the Cyclone Deposit, in particular, are promising, with assays confirming thick, near-surface bodies of copper sulfide mineralization.

The Cyclone Deposit’s drilling program aims to expand and infill an upcoming maiden mineral resource estimate, currently under construction to CIM standards. The assay results received so far indicate consistent copper grades, underscoring the high-grade mineralization’s lateral continuity. Moreover, significant thicknesses of copper mineralization, exceeding 1% Cu, have been intersected outside the previously known zones, suggesting substantial resource expansion potential to the southwest of the deposit.

The mineralization observed in these drill holes is characterized by intense vein- and fracture-style copper sulfide deposits within the fractured dolomite of the Allen Bay Formation. Chalcocite is the dominant copper sulfide mineral, with minor amounts of bornite and chalcopyrite present on the margins and within veins. The continuity of this mineralization, particularly within drill holes SR24-011 and SR24-021, is a positive indicator for potential resource growth in the Cyclone area.

One drill hole of particular interest, SR24-009, was drilled approximately 80 meters southwest of the Cyclone Deposit, reaching a downhole depth of 120.4 meters. This hole intersected a total of 39.7 meters of chalcopyrite-dominant mineralization, with a particularly intense zone averaging 6.4% Cu over 1.6 meters. This drill hole has highlighted the potential for additional copper mineralization to the southwest of Cyclone and in other underexplored areas of the Central Graben.

The Central Graben, which features large fault blocks of prospective rock displaced downward relative to the surrounding areas, remains scarcely explored. The faults within this block either host or are closely associated with the majority of the copper mineralization at Storm. With the Allen Bay stratigraphic horizon covered by barren Douro formation at the surface, there is significant potential for concealed copper mineralization at depth within the Central Graben.

As the 2024 drill program progresses, the results continue to affirm the high-grade nature of the copper deposits at Storm, while also pointing to substantial untapped potential in underexplored areas. The ongoing exploration and assay analysis will be crucial in shaping the future of the Storm Copper Project, potentially paving the way for further resource expansion and development in Nunavut.