Vancouver, British Columbia – March 3, 2016 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that the Company has been granted prospecting permits that encompass the new Hurricane Target on Somerset Island, Nunavut.
The Hurricane Target Area is a broad 10 km north-south by 2 km east-west L-shaped GEOTEM(R) anomaly interpreted as a conductive body with a strong central core rooted in a bedrock source, possibly related to sulphide mineralization. Hurricane was selected as a favourable target for follow-up work by Noranda Inc. in 2000, including reconnaissance ground electromagnetic and gravity surveys.
Six new prospecting permits, covering a combined area of 135,546 hectares (ha), were granted to Aston Bay on February 1, 2016 for a term of five years, of which the Company was officially notified on February 24, 2016. This acquisition has increased the overall Aston Bay land package to 395,118 ha (976,357 acres). The area covered by the six new prospecting permits, including the Hurricane Target, are covered by the Area of Interest in the Company’s Letter of Intent (“LOI”) with BHP Billiton.
“We are pleased to have added this land package to our extensive land position on Somerset Island,” said Thomas Ullrich, Chief Operating Officer and Executive VP of Exploration of Aston Bay. “This further consolidates the exploration district, and the identification of high-priority early-stage exploration targets illustrates an early benefit of our partnership with BHP Billiton.”
Hurricane is located 38 km south of the main Storm Copper showings, and 18 km north-northwest of the Typhoon Zinc showing (see map of location).
The Hurricane Area was identified as a priority target from the 2015 reinterpretation of the historical geophysical data acquired from Teck Resources Limited in 2012. The GEOTEM(R) survey was flown in April 2000 by Fugro Airborne Surveys, on behalf of Noranda Inc. GEOTEM(R) is a fixed-wing time-domain electromagnetic and magnetic survey. A total of 3,620 line-km of data were collected on lines spaced 250 to 300 metres apart. The survey initially identified 29 anomalies of interest, including the Hurricane Target.
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., a director of and consultant to the Company and the Qualified Person as defined by NI 43-101.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company which holds the mineral rights to the 976,357-acre (395,118-hectare) 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.
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.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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