Gravity surveys to play an important role in on-going project exploration
Vancouver, British Columbia – May 28 2015 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce the results of a newly discovered historical ground survey (circa 1999) that strengthens the Company’s enthusiasm towards exploring the SE Anomaly at the Company’s Storm Project. The ground survey improves the prospectivity of the kilometre-scale target with a coincident gravity high over the southern third of the SE Anomaly. This is highly suggestive of a large target that is drill-ready.
“The combination of geochem data, gravity data, electromagnetic data and historic drilling encountering high-grade copper sulphides, reinforces the potential for a large sedimentary-hosted copper target at the Storm Project. The discovery of a compelling gravity anomaly also underscores the value of our on-going investigation and evaluation of the extensive historical database that the Company acquired from Teck. This also makes a stronger case for a larger gravity survey on the property to identify other potential targets within this basin scale system”, commented Benjamin Cox, President and CEO of Aston Bay.
Exhibit 1: SE Anomaly Comparison (VTEM vs Gravity) – Coincident Anomalies Suggestive of Large Prospective Target
Over the past several months Aston Bay’s technical team and external consultants have undertaken a review of the Storm database to gain further insight into the untested anomalies identified in the 2011 Versatile Time Domain Electromagnetic (VTEM) survey. The work had been leading to the implementation of gravity surveys in conjunction with ground electromagnetic surveys in the next phase of exploration. The retrieval and analysis of the historical data from the 1999 survey indicates that the broader application of gravity surveys will contribute to the evaluation of the known zones of mineralization as well as untested airborne conductivity anomalies. In addition, it is envisioned that the unexplored areas of the property may be explored more effectively with combined airborne gravity and time domain electromagnetic surveys.
Aston Bay is focused on exploring Storm for high-grade sedimentary hosted copper mineralization. The project is being advanced on two fronts; an assessment of the known high-grade mineralization with a view to expansion of these zones along strike and at depth as well as testing high potential exploration targets. The Company has assembled a large, basin-scale land package; thus, the discrimination and prioritization of the numerous targets identified on the project is a key step in a systematic exploration program culminating with exploration drilling.
Exhibit 2: Storm Copper Target Map
The drill-ready SE Anomaly is oval in shape with approximate dimensions of 4.0km x 1.5km, and is characterised by a VTEM conductivity anomaly at depth coincident with elevated levels of copper in the rocks and soils at surface. In addition, the SE Anomaly is located along the structural system that hosts mineralization identified in previous drilling (see news release dated January 18, 2015 – link to release).
The gravity survey data was discovered in an in-depth review of the historical geophysical data collected on the property. The survey was conducted in 1999 by Quantec IP Incorporated on behalf of Teck, and has never before been released to the public. The data was acquired from Teck Metals Ltd. (“Teck”) through a Data License Agreement on the Storm and Seal Projects (see Aston Bay news release dated January 9, 2013). The data and accompanying survey report was subjected to an independent review by APEX Geoscience Ltd., which confirmed the quality and veracity of the data.
Aston Bay is currently planning the 2015 exploration program and sealift for the Storm Copper Project. All necessary permits to conduct a comprehensive exploration program that includes drilling have been obtained by the relevant regulatory bodies. The full scope and budget for the 2015 field program are dependent upon financing and will be released to the public in due course.
The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101 and a consultant to Aston Bay.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 641,415 acre (259,570 hectares) Aston Bay Property located on northwest Somerset Island, Nunavut. The Property hosts the Storm Copper and Seal Zinc prospects where historic drilling has confirmed the presence of sediment hosted copper and zinc mineralization. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).
On behalf of the Board of Directors,
Benjamin Cox, Chief Executive Officer
Telephone: (360) 262-6969
For further information about Aston Bay Holdings Ltd. or this news release, please visit our website at www.astonbayholdings.com.
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This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. In the event that management’s beliefs, estimates or opinions, or other factors, should change, the Company undertakes no obligation to update these forward-looking statements, except as required by law.
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