Virginia Properties

“The high-quality Virginia dataset and projects identified at the Blue Ridge Project have highlighted a very prospective base and precious metal terrane that remains under explored. Based on the early drill success within the terrane there are high expectations for a significant discovery. Current plans by Aston Bay are to follow up on that early success as well as expand exploration to investigate the numerous targets already generated.” Don Taylor

Aston Bay Advisor

Virginia Properties

 

Buckingham Gold Property

Overview: 4,953 acres surrounding the recent discovery of gold in quartz veins and disseminated gold mineralization associated with sericite-quartz-pyrite alteration, where recent drilling by Aston Bay has intersected significant gold mineralization, including 35.61 g/t Au over 2.03m and 24.73 g/t Au over 3.57m including 62.51 g/t Au over 1.39m core length.

Historical Work Done

The previous program, completed by previous owner, consisted of three holes on the Buckingham Property, all of which intersected significant gold, including 15.57 g/t Au over 4.1m and 11.69 g/t Au over 3.1m. In addition to gold-bearing quartz veining, the previous drilling intersected a zone of sericite-pyrite alteration yielding 0.4 g/t Au over 24m including 0.71 g/t Au over 13.72m (all historic intercepts are core intervals, i.e., not true width; see March 4, 2019 Aston Bay press release).

Drill Results from Aston Bay’s April 2019 Drill Program:

Six large diameter (HQ) drill holes totaling 878 metres (m) completed, with all six drill holes intersected significant near-surface gold mineralization, either in quartz veins or in wider zones of sericite-quartz-pyrite alteration (see Table 1 below).

                         

                                                                                                                                                    Figure 1: Drill hole locations with significant gold intercepts, Buckingham Gold Project, Virginia.

These drill holes intersected significant gold mineralization in quartz veins, including 35.61 g/t Au over 2.03m in hole BUCK19-001, 20.44 g/t over 3.30m and 34.25g/t over 0.5m in hole BUCK19-003, and in hole BUCK19-004 24.73 g/t over 3.57m including 62.51 g/t over 1.39m. BUCK19-005 intercepted two broad zones of gold mineralization associated with sericite-quartz-pyrite alteration: 2.16 g/t Au over 18.07m including 17.45 g/t Au over 1.57m and 1.90 g/t Au over 22.22m including 19.30 g/t Au over 1.5m. This hole is a 40 m step-out along strike from previous drilling. All mineralized intercepts are located below sub-cropping quartz containing visible gold that have yielded up to 701 g/t Au (20.4 ounces Au per short ton) in surface grab samples.

The current drill program was designed to test along strike and down dip from the northwest-southeast trending area of boulders and sub-crop of quartz veining, as well as test for zones of gold-bearing alteration. The drill hole locations with significant gold intercepts are illustrated in Figure 1; a longitudinal cross section is presented in Figure 2. 

 

                                               

Figure 2: Longitudinal cross section with significant gold intercepts, Buckingham Gold Project, Virginia. 

Red triangles represent subcropping surface quartz vein containing visible gold. View looking northeast.

Visible gold from the 2019 Spring Drill program at our Buckingham Gold Project. Higher grade intercept of gold in a dark quartz-pyrite stringer within a wider zone of disseminated quartz-pyrite-sericite mineralization in BUCK19-05 (1.25m@17.45g/t Au within 14.43m@2.16g/t Au, estimated true width). This is the western edge of the drilling, and we intersected two zones of similar width, grade and style of mineralization in this hole.

New Quartz Veins Discovery – Nov. 2019

In the course of sampling a new zone of outcropping quartz veining totaling 500 metres (m) in length was discovered three kilometres (km) east-northeast (ENE) of the main Buckingham vein where recent drilling has intersected significant gold mineralization. Panning for heavy minerals in the small tributaries draining the newly discovered quartz vein zone yielded multiple placer gold grains (see Figure 1).  Rock grab and chip samples have been collected from the newly discovered quartz veined outcrop, with assays pending.

Highlights:

  • 1,203 soil samples collected covering an area of 8.5km2.
  • New zone of outcropping quartz veins exposed over approximately 500m of strike length discovered 3km ENE of the previously drilled main Buckingham gold-bearing quartz vein.
  • Multiple placer gold flakes were identified in panned alluvial gravels adjacent to the newly discovered quartz veins.  

This initial soil sampling program at the Buckingham Gold Property comprised 1,203 soil samples at a sample spacing of 25m to 50m along lines separated by 100m to 500m. Approximately 31 linear kilometres of sample lines were sampled covering a total area of approximately 8.5km2. Analytical results are expected in early 2020 followed by further field work to extend the sampled area and to follow up on anomalies resulting from this initial phase of sampling.

Prospecting efforts in the course of soil sampling discovered a significant zone of float and outcropping quartz veins located approximately 3km ENE of the gold-bearing Buckingham vein drilled by the company earlier this year (see June 27, 2019 Aston Bay release). These newly discovered quartz veins range from float blocks to outcrop.  The veins commonly comprise white to grey crystalline quartz, are massive to strongly fractured, and contain trace to 1% sulfides (chalcopyrite and pyrite) as disseminations and stringers.  Furthermore, moderately to strongly oxidized brown to red oxide coatings occur locally, characteristic of the main Buckingham quartz vein. The newly discovered quartz vein float and outcrops occur along a nearly 500m long trend.

Visible particulate (placer) gold grains were also recovered from adjacent streams in hand-panned alluvial gravels. These are the first rock, stream and soil samples collected in this new area.

Virginia Gold-Pyrite Belt Properties

Overview: 4,399 acres surrounding historic gold production in the Virginia Gold-Pyrite Belt representing significant along strike and down-dip brownfields gold exploration potential.

Polymetallic Au-Cu-Zn Properties

Overview: 1,713 acres surrounding a recently discovered trend of polymetallic VMS and/or SEDEX-BHT-style mineralization.

Exploration History of the Area

Geological investigations by BHP Minerals (BHP) and joint venture partner, Cominco American Inc (CAI) in 1995 identified a geologic terrane in the Lynchburg area as a prospective belt with largely unrecognized potential for sediment-hosted base metal massive sulfide and/or gold deposits. Regional geological mapping and geochemical sampling confirmed the potential and led to land acquisition, detailed sampling, limited surface diamond drilling and an airborne geophysical survey. Exploration by BHP and CAI ended in 2000 and the total expenditures by BHP and CAI are estimated at US $4.5M.

Don Taylor, through privately-held Jack’s Fork Exploration Inc. (JFE), continued with exploration, constructing a database of the available historic geological, geochemical and geophysical data and conducted significant additional work on the ground. JFE’s total expenditures was approximately US$3M, with work including reconnaissance and project-area geological work including mapping, rock and soil sampling, and ground geophysics since 2008.

Through the purchase of JFE), led by award-wining geologist Don Taylor, Aston Bay owns exclusive rights to an integrated geophysical, geochemical and geological dataset over the Blue Ridge Project area located in central Virginia, USA. The Blue Ridge Project is located within a copper-lead-zinc-gold-silver (Cu-Pb-Zn-Au-Ag) mineralized sedimentary and volcanic belt prospective for sedimentary exhalative (SEDEX) or Broken Hill (BHT) type deposits. Correlative rock units in adjacent states of North Carolina and Tennessee host historic mineralized deposits including Ducktown, Ore Knob, Gossan Lead and Haile.

Don Taylor, CEO of JFE, has joined the Aston Bay team in the position of Technical Advisor and will be directing exploration for the Blue Ridge Project. Mr. Taylor was COO of Arizona Mining Inc. and the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.

 

The comprehensive Blue Ridge Project dataset includes:

  • airborne EM/Mag survey covering approximately 50km x 100km (500,000 hectares or over 1.2 million acres).
  • regional stream sediment survey coincident to the AEM survey, including:
    • traditional -80 mesh survey samples analyzed for 31 elements, and
    • heavy mineral concentrate sampling identifying specific minerals of interest
  • multi-element soil grids over select targets
  • drill hole database:
    • assay data from multiple historical drill holes at area gold prospects
    • archival drill core and multi-element geochemical data from 20 diamond drill holes at area Cu-Zn-Pb prospects

 

The Blue Ridge Project has numerous strengths that will be accretive to Aston Bay, including:

  • near term discovery potential
  • a target- and data-rich, under-explored project with drill-ready targets and access to a very large land position
  • significant recent and historical drill intercepts with limited follow-up
  • numerous base metal and gold prospects identified through geophysics, geology & geochemistry
  • year-round access and well-developed infrastructure allow for steady news flow
  • private land leases in advanced stages of negotiation, and
  • well-established mining law and permitting process

 

 

Geology and Mineralization

Past exploration efforts were focused on the discovery of sedimentary-hosted Cu-Zn-Pb-Ag deposits of the sedimentary exhalative (SEDEX) or Broken Hill (BHT) type.

Historic exploration for such deposits has been limited due to rare bedrock exposure (typically ≤1%) and extensive saprolite development. Modern exploration occurred only in the middle to late 1990’s when BHP and later joint venture partner CAI, identified the south-central section of the Blue Ridge terrane as permissive to host significant massive sulfide deposits of these types.

BHP and CAI drilled 11 core holes on area properties; nine of the 11 historic holes intersected notable amounts of disseminated, vein-type, and massive base metal mineralization within marbles and schists over short sections. Significant highlights from that drilling include;

  • 2.77% Cu, 0.94% Zn, 0.54% Pb, and 8.2 ppm Ag over 16.4 feet, and
  • 1.17% Cu, 5.23% Zn, 0.90% Pb, and 21.3 ppm Ag over 7.4 feet in separate holes.

The historic drilling results indicate that the stratigraphy in the project area contains mineralization consistent with the SEDEX/BHT type and the potential to host significant and economic Cu-Zn-Pb-Ag deposits of this type.

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Qualified Person Statement:

Michael Dufresne, M.Sc. P.Geol., Consultant and Chief Geologist of Aston Bay Holdings is the “Qualified Person” as defined by National Instrument 43-101. Mr. Dufresne has supervised the preparation of the technical information contained on this website and materials herein as they relate to the Storm Copper and Seal Zinc projects.

As per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Andrew Turner, P.Geol., a consultant to Aston Bay, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities.”

© 2019, Aston Bay Holdings Ltd. All Rights Reserved. Not a solicitation to sell securities. Information herein may contain “forward-looking statements” and is not NI 43-101 compliant.

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