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Associated Press
2 days ago
- Business
- Associated Press
Aston Bay and American West Metals Announce Drilling Preparations Underway at the Storm Project, Nunavut, Canada
Camp opening and logistics have commenced with geophysics and drilling to follow in the coming weeks Highlights: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulfides. Portable XRF is used as an aid in the determination of mineral type and abundance during the geological logging process. TORONTO, ON / ACCESS Newswire / June 12, 2025 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ('Aston Bay' or the 'Company') is pleased to announce the commencement of activities at the Storm Copper Project ('Storm' or the 'Project') on Somerset Island, Nunavut. American West Metals Limited ('American West'), the Project operator, is conducting the exploration program. Aston Bay and American West have formed a 20/80 unincorporated joint venture with respect to the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine is made upon completion of a bankable feasibility study. Thomas Ullrich, Chief Executive Officer of Aston Bay, commented: 'We are excited to begin another field season at Storm. The reverse circulation drill rig will work on adding to the resource and target near-surface exploration targets, while the diamond drill rig will focus on the deeper exploratory holes. 'In addition to the compelling targets generated in previous geophysical programs, we are very excited to be flying a comprehensive MobileMT survey at Storm. This is the same survey that has successfully delineated large conductive targets at our Epworth property. The significant contrast in the conductive properties of the mineralized rock versus the host rock at Storm is ideal for MobileMT, and its utilization of natural-source energy from within the Earth should help define deeper targets that may have eluded previous methods. These new targets will be ready for drilling this season. 'Investors can also look forward to the completion of a Preliminary Economic Analysis for the near-surface mineralization at Storm, currently underway. We are also working up drill targets for our Epworth copper project, also in Nunavut, for a potential late-season drill program.' Figure 1: A photo of interpreted copper sulfides/oxides (green) on the surface at the Chinook Deposit, Storm Project, Nunavut. The material has not been assayed. INITIAL DIAMOND DRILL PLAN The first diamond drill targets to be tested in the Storm MRE area are Cirrus Deeps and Cyclone Deeps (Figure 2). The drilling aims to follow up earlier intersections of high-grade copper mineralization and build evidence for the large-scale copper potential at depth, which could rapidly expand the copper endowment within the Storm MRE area. Subsequent diamond drilling will continue to test high-priority geophysical anomalies and regional exploration targets. These will include the Tornado, Blizzard, Midway areas and any new targets defined by the upcoming MMT survey. Figure 2: Plan view of the Storm area showing the high-priority (initial drilling) areas with potential for further growth of copper mineralization based on drilling, geochemical sampling and geophysics, overlaying copper deposit outlines, and topography. Cirrus Deeps Diamond drill hole ST24-03 was designed to target a 1,300m x 500m MLEM anomaly (Figure 3 & 5) which is bounded by a series of large EM plates (approximately 350m to top, conductance ~40-60 siemens, moderate ~40-60° S/SW dip, striking ~WNW-ESE) at its northern edge. The EM anomalies are located below the Cirrus Deposit and the Gap high-grade copper prospect, and are interpreted to be proximal to the Southern Graben Fault. This location in the Allen Bay Formation immediately below the Cape Storm Formation is the same stratigraphic location as Cyclone. In addition to the potential for flat-lying stratigraphic mineralization like Cyclone, the target is located along a fault zone similar to the well-mineralized Chinook Deposit. These anomalies may indicate a considerable, connected accumulation of copper within the Central Graben area. Similar EM targets drilled elsewhere in the Storm copper belt have been confirmed as high-grade copper mineralization. Figure 3: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. The planned drill hole depth is 650-700m. ST24-03 has currently been drilled to a downhole depth of 414m (planned depth of 600-700m) and intersected several zones of fracturing and sporadic copper sulfides (Figure 3) in the upper portion of the hole, with increased fracturing at depth. Fracturing and voids in the rock are positive indications since permeability and open spaces are required for efficient mineralization in the sediment hosted copper model. The drill hole will be the first diamond hole completed in the 2025 drill program. Cyclone Deeps High-grade copper mineralization has been discovered at depth, offset to the south of the Cyclone Deposit (Figure 4). The Cyclone Deeps intersection of 10m @ 1.2% Cu (drill hole ST24-01) displays a typical sediment hosted copper mineralogical profile with a high-grade core of native copper and chalcocite (including 3m @ 2.2% Cu) with peripheral chalcopyrite and other less copper-rich sulfide minerals. The copper mineralization is hosted near the top of a thick sequence of fractured dolomudstone of the Allen Bay Formation. The Allen Bay is the main host of the known copper mineralization within the Storm area, and the stratigraphic position near the top of the formation also hosts Cyclone, the largest deposit discovered to date. This mineralization may represent the offset southern portion of the faulted Cyclone Deposit and presents an exceptional opportunity to add significant volume to the current resources. This prospective horizon extends for over 5km in the immediate Storm area. Figure 4: Schematic geological section at 464730E. The mineralization intersected by ST24-01 is immediately below the Cape Storm Formation, similar to the Cyclone Deposit. INITIAL REVERSE CIRCULATION DRILL PLAN Reverse Circulation ('RC') drilling will be used to test near-surface (<250m depth) resource upgrade, resource expansion, and exploration targets. The first phase of drilling will commence at the Thunder, Lightning Ridge, and Corona Deposits before moving on to The Gap, Squall and Hailstorm Prospects (Figure 2). All of these opportunities have the potential to add significant mineral resources to the Storm Project, with high-grade mineralization similar to the known deposits already discovered. Subsequent RC drilling will aim to test other nearby and regional exploration targets, which include the Tornado and Blizzard areas, and numerous untested geochemical, Electromagnetic (EM) and Induced Polarization (IP) anomalies. The Gap Prospect is a 500m-long zone located between the Corona and Cirrus Copper Deposits (Figure 2), where multiple drill holes have intersected high-grade copper sulfides (including 1.5m @ 4.4% Cu, 9.8g/t Ag from 39m, and 2m @ 2.5% Cu from 74m downhole in AB18-09, and 20m @ 2.3% Cu, 3.3g/t Ag (Including 8m @ 5.3% Cu, 6.4g/t Ag) from 28m in SR24-003. The Squall and Hailstorm Prospects are located immediately south of the southern graben fault and collectively extend 1.8km northwest along strike of the Corona Deposit (see Figure 2). Drilling at Squall during the 2024 season intercepted 1.5m @ 2.36% Cu, 5.0g/t Ag from 181.4m (SR24-108) at the end of the hole, whilst surface geochemistry at Hailstorm has identified a 250m x 250m copper anomaly that remains open to the south (Figure 5). Figure 5: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide) and returned a laboratory assay grade of >50% Cu, 61g/t Ag (Sample Y007193, 50% Cu is the upper limit of the assay technique used). Mobile Magneto-Telluric (MobileMT) Survey A regional-scale MobileMT survey is planned to cover the Storm and wider exploration areas during the 2025 program (Figure 6). MMT utilizes natural source energy to capture a broader range of EM frequencies than the techniques used at Storm to date. The survey is designed to show a greater contrast between the host rocks and potential accumulations of conductive material (i.e. metalliferous sulfide) with improved spatial and depth resolution. This is potentially very useful in delineating deeper (>200m) occurrences of copper sulfide at Storm, where the resistive host rocks cause a decreased signal-to-noise ratio and decreased confidence in interpretation with depth in the historical geophysics. The initial MobileMT survey will be completed over the Midway-Storm-Tornado area as an orientation survey to determine the response of the known deposits before extending the survey into more regional areas. The survey will begin in the coming week, allowing results to inform drill targeting and prioritization this season. Figure 6: Proposed MobileMT survey showing the planned Phase 1 and Phase 2 survey lines, overlaying topography, and regional geology. FORWARD PROGRAM Qualified Person Michael Dufresne, is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this press release. QA/QC Protocols The analytical work reported herein was performed by ALS Global ('ALS'), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Samples were subject to 33 element geochemistry by four-acid digestion and inductively coupled plasma atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and other elements (ALS Method ME-ICP61a). Overlimit values for copper (>10%) and were analyzed via four-acid digestion and ICP-AES (ALS Method Cu-OG62). Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. No significant QA/QC issues were detected during review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. 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 currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals 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'), 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 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%. FORWARD-LOOKING STATEMENTS Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statement', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information contact: Thomas Ullrich, Chief Executive Officer [email protected] (416) 456-3516 Sofia Harquail, IR and Corporate Development [email protected] (647) 821-1337 SOURCE: Aston Bay Holdings Ltd. press release
Associated Press
18-04-2025
- Business
- Associated Press
Aston Bay Files Technical Report for Storm Copper Project Initial Mineral Resource Estimate
TORONTO, ON / ACCESS Newswire / April 17, 2025 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ('Aston Bay' or the 'Company') is pleased to announce that a new National Instrument 43-101 ('NI 43-101") Technical Report titled 'Initial Mineral Resource Estimate and Technical Report on the Storm Copper Project, Aston Bay Property, Somerset Island, Nunavut, Canada' and dated effective February 7, 2025 (the 'Report'), has been filed under the Company's SEDAR+ profile ( ). The Report details an initial Mineral Resource Estimate ('MRE') for the near-surface mineralization (<120 metres ('m') depth) at the Storm Copper Project ('Storm' or the 'Project') on Somerset Island, Nunavut (see Aston Bay news release dated March 3, 2025 - Aston Bay Announces Initial Mineral Resource Estimate for Near-Surface Mineralization at the Storm Copper Project, Nunavut, Canada ). The MRE includes six near-surface copper (-silver) deposits within the greater Storm Copper area: Cyclone, Chinook, Corona, Cirrus, Lightning Ridge and Thunder. Storm Copper Initial Mineral Resource Estimate Key Highlights The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West Metals Limited ('American West'), the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a Feasibility Study. The MRE and Report in this announcement were prepared by P&E Mining Consultants Inc. ('P&E') at the request of Aston Bay, independently of American West. Thomas Ullrich, Chief Executive Officer of Aston Bay, commented: 'The filing of this initial Mineral Resource Estimate marks a significant milestone for Aston Bay and the Storm Copper Project. The results confirm the presence of a substantial, high-grade, near-surface copper resource with compelling development potential. Importantly, with all six deposits remaining open and multiple new discoveries made in 2024, we believe we are just scratching the surface of what Storm can deliver. 'Building on this strong foundation, the Company plans to release a Preliminary Economic Assessment in Q3 2025 to further demonstrate the potential of the Project. We recently announced a strategic partnership and funding package covering up to 80% of the initial capital for the development of Storm. This is a strong validation of the Project and highlights a low-risk pathway to potential development1. We look forward to continuing to advance Storm alongside our partners at American West.' This announcement and the Mineral Resource Estimate for the Storm Project contained in it have been prepared solely by Aston Bay based on relevant available information and have not been reviewed or approved by American West, Aston Bay's Storm joint venture partner. American West is the manager of the Storm Joint Venture and holds the majority 80% joint venture interest. Whilst the information in this announcement pertaining to the estimation and reporting of the Mineral Resources has been reviewed and approved by a Qualified Person and the Mineral Resource estimate has been independently reviewed, the Company considers that it is possible that in preparing any future Mineral Resource Estimate or Mineral Reserve Estimate for the Storm Project, American West may adopt different interpretations, assumptions, parameters or plans, or make different judgements, to those used or made by Aston Bay in the Mineral Resource Estimate contained in this announcement. Table 1: Indicated and Inferred Mineral Resource Estimate (Effective Date February 7, 2025(1-9)) Notes: The Project also includes the Seal Zinc Deposit, which is located 28 km northwest of the Storm Copper MRE deposits on the northern shore of Aston Bay. The Seal Zinc Deposit hosts current Inferred Mineral Resources of 1.006 million tonnes at an average grade of 10.24% zinc (Zn) and 46.5 g/t Ag, containing 103,000 tonnes of zinc and 1,505,000 ounces of silver. A cut-off of 4.0% zinc equivalent (ZnEq) was applied, using the formula ZnEq% = Zn% + (Ag g/t / 39). The Seal Zinc Deposit MRE was prepared by P&E, with an effective date of October 6, 2017. A supporting Technical Report titled, 'Initial Mineral Resource Estimate and Technical Report for the Seal Zinc Deposit, Aston Bay Property, Somerset Island, Nunavut,' was also prepared by P&E and is available under the Company's SEDAR+ profile ( ). Storm Copper Mineral Resource Estimation and Classification Methodology Ordinary Kriging with locally varying anisotropy was used to estimate copper and silver grades within a 5.0 m (X) by 5.0 m (Y) by 2.5 m (Z) block model. The grade estimation process considered capped drill hole composites to ensure appropriate representation of shorter high-grade assays. Two distinct mineralization styles have been identified at the Storm Copper Project: horizontal, strata-bound mineralization and steeply dipping, structurally controlled mineralization. Certain zones within the project exhibit both styles. Indicated Mineral Resource block grade interpolation requires data from at least three drill holes within a search ellipse of 75 m by 75 m by 10 m for stratigraphic and mixed mineralization zones, and 35 m by 25 m by 10 m for structural mineralization zones. Inferred Mineral Resource grade interpolation requires data from at least two drill holes within a search ellipse of 120 m by 120 m by 10 m for stratigraphic mineralization, 85 m by 60 m by 10 m for structural mineralization, and 90 m by 90 m by 10 m for mixed mineralization zones. Only composites within a given grade estimation domain were used within that domain. Measured Mineral Resources have not yet been defined. Further drilling is recommended to improve geological understanding and refine mineralization controls at the Storm Copper Project. Additional metallurgical testing across multiple zones will also be essential to characterize the metallurgical properties of the different mineralized areas. The Storm MRE tonnage constrained to conceptual open pits and undergrounds represents 56% of the mineralized block model. As potential prices of copper and/or the metallurgical, mining, processing or other costs change, the other 44% of the model not currently contained within the conceptual open pits or undergrounds represents a target for future exploration. Sampling and Quality Assurance/Quality Control The analytical work reported herein was performed by ALS Global ('ALS'), Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Aston Bay Holdings Ltd., American West Metals Limited, and the QP. Samples were subject to 33-element geochemistry by four-acid digestion and inductively coupled plasma-atomic emission spectroscopy (ICP-AES) to determine concentrations of copper, silver, lead, zinc, and many other elements (ALS Method ME-ICP61a). Overlimit analyses for copper were re-assayed using an ore-grade four-acid digestion with an ICP finish. Aston Bay Holdings Ltd. and American West Metals Limited followed industry standard procedures for the work carried out on the Storm Project, incorporating a quality assurance/quality control (QA/QC) program. Blank, duplicate, and certified reference materials (CRM) were inserted into the sample sequence and sent to the laboratory for analysis. QA/QC samples represented approximately 13% of all analytical samples. CRMs and blanks were inserted at a rate of one QAQC sample per 10 samples, and duplicates were collected at a rate of three per 100 samples. No significant QA/QC issues were detected during the review of the data. Aston Bay Holdings Ltd. and American West Metals Limited are not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. Qualified Person The Storm Copper Initial MRE was completed by Yungang Wu, of P&E Mining Consultants Inc. Mr. Wu is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects and is independent of the Company. Mr. Wu has reviewed and verified the technical data disclosed in this news release related to the MRE. Michael Dufresne, is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this press release. 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 currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals 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'), 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 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%. FORWARD-LOOKING STATEMENTS Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statement', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information contact: Thomas Ullrich, Chief Executive Officer [email protected] (416) 456-3516 Sofia Harquail, IR and Corporate Development [email protected] (647) 821-1337 1For additional information on the strategic partnership and funding package, please refer to Aston Bay news release dated . SOURCE: Aston Bay Holdings Ltd. press release
Associated Press
09-04-2025
- Business
- Associated Press
Aston Bay Announces Strategic Partnership for the Storm Copper Project, Nunavut, Canada
Offtake and funding deal to advance development and exploration activities TORONTO, ON / ACCESS Newswire / April 9, 2025 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ('Aston Bay' or the 'Company') is pleased to announce that its Storm Copper Project ('Storm' or the 'Project') joint venture partners American West Metals Ltd ('American West') has entered into a strategic partnership and funding agreement with Ocean Partners Holdings Ltd ('Ocean Partners' or 'OP') for the development of Storm including financing of up to 80% of the initial capital for development of the Project. In addition, Taurus Mining Royalty has agreed to advance the second tranche of the Royalty payment (see June 24, 2024, Aston Bay news release). The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West, the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a bankable feasibility study. Highlights: Strategic Partnership with Ocean Partners. Aston Bay's joint venture partner, American West Metals, has entered into a partnership and funding agreement with Ocean Partners Holdings Ltd - a global metal trading, technical advisory, and financing company - for the development of the Storm Copper Project. Terms of the binding heads of agreement include: Project Financing - OP will provide up to 80% of initial capital for the development of the Project via a senior secured loan facility, subject to a bankable feasibility study and formal documentation Offtake - OP will enter into a binding offtake agreement ('Offtake Agreement') which secures OP 100% of the offtake of copper and silver products from the Project for the near-surface copper mineralization at Storm; subject to this agreement, OP will subscribe to a US$2m financing in American West Technical and copper market advisory. The American West/OP strategic alliance will work together to optimise and advance the development activities to define the best outcomes for the Project US$3.5m Royalty funding brought forward. Taurus Mining Royalty has agreed to advance the US$3.5m second tranche of the Royalty payment, with payments to be made this month. Aston Bay will be allocated 20% of the funding from the royalty payment (C$0.996 million) with no restriction on the use of proceeds. The remainder of the royalty payment is allocated to American West to advance the Storm Project. Thomas Ullrich, Chief Executive Officer of Aston Bay, commented: 'We are thrilled to announce this strategic partnership and funding package for the Storm Copper Project. Ocean Partners is an experienced global leader in ore-sorting and direct shipping ore ('DSO') copper project development; they bring both funding and the technical know-how to advance the project. The partnership speaks to the quality of the project and the American West/Aston Bay joint venture team, validation of the Project, and highlights a low-risk pathway to potential development. 'Taurus' release of the second tranche of the royalty payment also speaks to their strong belief in the development and growth potential at Storm. The funding from both Ocean Partners and Taurus will be used by American West in a dual strategy of aggressive exploration coupled with project development during 2025. This is a significant milestone for the Project and Aston Bay.' About Ocean Partners Ocean Partners offers a complete range of trading services for miners, smelters, refiners, and metal consumers around the world. Working closely with global partners, Ocean Partners offer customized risk management solutions while linking clients to unique market opportunities. Ocean Partners operates worldwide via strategic offices, agencies, and partnerships. The Ocean Partners team has extensive backgrounds in mining, geology, metallurgy, and finance which includes significant experience within the DSO markets. Strategic Partnership Key Terms The American West/Ocean Partners strategic partnership represents a significant step in securing the future of Storm and highlights the Project's position as an emerging potential producer of high-quality copper and silver raw materials. The long-term agreement with OP follows an extensive due diligence process and further highlights Storm as a viable, low-risk, highly ESG-credentialed copper-silver growth story. OP has a successful track record of funding base metals projects utilizing ore-sorting to produce a commercial DSO product, which will be valuable to enhancing the technical aspects of the development work at Storm. The key terms of the Ocean Partners binding Heads of Agreement are set out below: US$2 million Private Placement in American West Funds will be advanced to American West for the issue of ordinary shares subject to certain terms and conditions. Project Debt Financing Ocean Partners will work together with American West to arrange funding for the development of the Storm Project. OP will provide up to 80% of the initial development capital for the Storm Copper Project subject to, amongst other things, the delivery of a bankable feasibility study and American West making a final investment decision in respect of the Project. . Ocean Partners are granted exclusive right to 100% of copper and silver products from the near-surface copper mineralization at Storm as currently outlined by American West. American West and Ocean Partners will work together to optimise the economics and product specifications for the Project. Pricing for the offtake will be based on market terms usual for transactions of this type. The offtake agreement recognizes the high quality of the proposed Storm copper-silver products and OP's belief in the development potential of the Project. Royalty Payment Tranche Brought Forward Taurus has agreed to advance the second tranche of the US$12.5 million royalty package entered into in 2024. No further conditions are required to be met for the second tranche to be paid. The amount of US$3.5m will now be advanced by Taurus this month, with American West to receive US$2.8m and Aston Bay Holdings US$0.7m with no use of proceeds restriction for Aston Bay. For further details of the royalty package, see see June 24, 2024, Aston Bay news release. Use of Funds The funds from the Royalty and Private Placement will be used explicitly for exploration and development activities at the Storm Copper Project, including: Exploration along the 110km copper belt, including the drilling of regional targets such as the Blizzard and Tornado Prospects. Expansion of the known resources. Resource definition at the Cirrus Deeps, Cyclone Deeps, The Gap, Hailstorm, Squall, and other high-grade copper Prospects. PFS activities, including further metallurgical testing and process optimization, geotechnical drilling, project engineering, and costing studies. Qualified Person Michael Dufresne, is a Qualified Person as defined by the NI 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this press release. 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 currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade precious and critical metals 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'), 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 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%. FORWARD-LOOKING STATEMENTS Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute 'forward-looking statement', which can be identified by the use of conditional or future tenses or by the use of such verbs as 'believe', 'expect', 'may', 'will', 'should', 'estimate', 'anticipate', 'project', 'plan', and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information contact: (647) 821-1337
